The Latin America, Middle East and Africa Energy Efficient Motor Market would witness market growth of 11.2% CAGR during the forecast period (2023-2029).
One of the most important business strategies manufacturers in the market employ to serve their consumers and develop the market is manufacturing locally to decrease operational costs. Recently, medicine has gained access to some of the market's most significant benefits. As a result, the most significant market participants are supporting research and development projects to boost market demand.
Various application areas in the agriculture sector utilize energy efficient motors, including irrigation, material handling, ventilation, grain handling, aeration, and conditioning. Motors are among the most energy-intensive farm devices. A significant percentage of the regional energy consumption on farms is attributable to motors used in the agricultural sector. In addition, the energy-saving solutions apply to all segments of the agricultural industry, such as dairies and livestock producers, crop farmers, nurseries, and food processors. This would boost the market's growth during the forecast period.
Governments can establish minimum energy efficiency standards for motors, mandating that manufacturers produce motors that meet or exceed these standards. These standards can propel the market and increase their availability. In addition, the government provides education and outreach programs that promote awareness regarding the advantages of energy efficient motors and how they can be integrated into various industries.
Electric vehicles are crucial. Qatar is acting swiftly to encourage the adoption of EVs and lower its carbon emissions as both the demand for them globally and the amount of government support and incentives for their rise. To make the transition to a greener, more sustainable economy, Qatar recently announced sustainability goals and targets for renewable energy that begin as early as 2022. The rise of the market in LAMEA will be fueled by the growth of the EV sector as a result of the government's initiatives and incentives to promote the adoption of energy motors, the usage of energy efficient motors to satisfy environmental standards and minimize the use of oil for transportation.
The Brazil market dominated the LAMEA Energy Efficient Motor Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $1,213.3 Million by 2029. The Argentina market is exhibiting a CAGR of 11.8% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 10.9% during (2023 - 2029).
Based on Application, the market is segmented into HVAC & Pumps, Fans, Compressors, Refrigeration and Material Handling & Material Processing. Based on Efficiency Level, the market is segmented into IE3, IE2, IE1, IE4 and IE5. Based on Power Output Rating, the market is segmented into <1KW, 1 - 2.2 KW, 2.2 - 375 KW and >375 KW. Based on Type, the market is segmented into AC Motors and DC Motors. Based on End User, the market is segmented into Industrial, Commercial, Residential, Automotive, Agriculture and Aerospace & Defense. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Energy Efficient Motor Market is Projected to reach USD 64 Billion by 2029, at a CAGR of 7.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Toshiba Corporation, Rockwell Automation, Inc., Nidec Corporation, WEG Equipamentos Eletricos SA, Mitsubishi Electric Corporation, Havells India Ltd., CG Power & Industrial Solutions Ltd. (Murugappa Group) and Kirloskar Brothers Limited (Kirloskar Group)
By Application
By Efficiency Level
By Power Output Rating
By Type
By End User
By Country
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