Electric Motors Market to be Worth $254.1 Billion by 2031

According to the report of IEA, the residential, services, and transport industries consume about 34% of all electricity generated. The energy-saving potential within industries and utilities is immense, particularly within electric motor-driven systems. Roughly 70% of all electrical energy consumed by industry is attributed to the millions of electric motors installed worldwide, with several million more being added annually. These motors power a wide array of machinery, compressors, fans, pumps, and conveyors across virtually all industrial sectors. Among the most energy-intensive industries are cement, chemical, iron, and steel. Pumps and fans exhibit the greatest potential for energy conservation, making them prime targets for initiating energy-saving initiatives.