energy saving is not just a reason to replace, it should be your return on investment(ROI). Energy saving forms a part of the ROI but you still have to look at the investment necessary: new motor, new switchgear, new cables (maybe), new couplings (maybe), time for installation, downtime etc. Basically, the change from a 5.5kW motor to (maybe) a 4kW could actually cost you a lot more than the relatively minor savings you get by fitting a smaller motor.
Also, to use the well used saying, if it's not broke then don't try and fix it. Mybe if you had a problem with the motor then yes, look at it but I would still have my doubts personally if it would really bring savings going smaller on such a (relatively) small motor.