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.

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