Pumps Application to Dominate Global Energy Efficient Motor Market
Growing demand for efficient energy, reducing carbon dioxide emissions and increasing government support to drive global energy efficient motor market during forecast period According to TechSci Research report, “ Global Energy Efficient Motor Market By Installation Type, By Efficiency Level, By Motor Type, By Application, By End-User, By Region, Competition, Forecast & Opportunities, 2024 ” , global energy efficient motor market was valued at USD29 billion in 2018 and is estimated to witness a significant CAGR during the forecast period on account of increasing automation and robotics in the manufacturing sector, urgent need to diminish greenhouse effect and rising demand from HVAC and household applications. Moreover, increasing electric vehicle sales worldwide is expected to bolster the growth of global energy efficient motor market over the coming years. However, some of impending challenges confronting the market during the forecast period are high initial inv...