The London Financial Times recently reported that the manufacturers of highly efficient electric motors are turning the nation's power and energy problems into an opportunity for growth.
Citing the California energy crisis as the catalyst, marketing and sales executives of electric motor companies are proclaiming the financial benefits of energy efficiency. To their potential customers, the appeal of a pricey but more efficient motor is its reduction in energy demand and manufacturing costs. The savings can be substantial given that monthly costs to run a motor for a large paper mill can run $4 million per month, according to the Times.
The US Department of Energy reports that two-thirds of all energy consumed in the industrial sector is attributed to electric motors. According to the Consortium for Energy Efficiency, industrial electric motor-driven systems represent the largest single category of electricity use in the country, consuming approximately 679 billion kWh annually, or 23 percent of all electricity in the United States.
The Times article presented the case of Milacron, a California-based machine tool manufacturer. The company has promoted its all-electric injection-molding machine for plastics over hydraulic molders. Not only has interest increased since the beginning of the California crisis, the company claims that by switching to its electric molding machines, the state's injection molding industry could save 768,000 MW of electricity, or roughly $42.3 million per year. The article also stated that despite a reduction of capital spending in industry, companies say business has held steady if not increased for energy efficient products.