HVAC motors Market Report Overview
The global HVAC motors market is expected to exhibit a robust 6.90% CAGR over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR). The report examines the global HVAC motors market in detail in order to profile its leading drivers and restraints, major segments, and dominant market players. The growing demand for HVAC systems in residential buildings and the growing demand for environmentally viable HVAC systems are pinpointed as the major drivers for the global HVAC motors market.
HVAC motors are crucial in ensuring smooth and noiseless operation of HVAC units. The design of HVAC motors is intended to reduce vibrations and provide noise-free operation. The widespread demand for HVAC systems is likely to be the major driver for the HVAC motors market over the forecast period. HVAC systems are becoming increasingly popular in Asia Pacific, where the consumers are enjoying rising levels of disposable income and prosperity, leading to increasing purchases of HVAC systems. The growing industrial sector around the world is also likely to drive the demand from the global HVAC motors market over the forecast period, as HVAC motors are crucial in ensuring ideal atmospheric conditions in industrial setups where temperature fluctuations can result in significant performance deficits.
The growing demand for environmentally sound and sustainable HVAC systems is likely to drive significant product innovation in the global HVAC motors market over the forecast period. HVAC motors are crucial in ensuring an HVAC system’s adherence to environmental regulations, as malfunctions in HVAC motors can result in major overuse of power, harmful emissions, and other problems.
Competitive Analysis:
Leading players in the global HVAC motors market include GE, Bosch Rexroth, Siemens, ABB, LG Electronics, Hitachi, Danfoss, Mitsubishi Electric, Johnson Controls, Ingersoll-Rand plc, Honeywell International Inc., Regal Beloit Corporation, and WEG.
In May 2019, ABB announced the appointment of UK-based Betech as its first authorized UK provider of NEMA low-voltage motors.
Segmentation:
The global HVAC motors market is segmented on the basis of type, application, end use, and region.
By type, the global HVAC motors market is segmented into condenser fan motors, blower motors, cooling tower motors, and others. The condenser fan motors segment is likely to dominate the global HVAC motors market over the forecast period due to their widespread demand, which is a result of them being usable in any type of mounting.
By application, the global HVAC motors market is segmented into heating equipment, ventilation equipment, and cooling equipment.
By end use, the global HVAC motors market is segmented into commercial, residential, and industrial.
Regional Analysis:
Asia Pacific held the largest share in the HVAC motors Market Report in 2017 and is likely to retain the lead over the forecast period due to the growing production of HVAC units in leading electronics producing countries such as China, South Korea, Taiwan, and Japan. China is the largest regional market within Asia Pacific and is likely to remain in the same position over the forecast period.
The growing residential construction and infrastructure construction activities in Asia Pacific are expected to provide increased scope for the HVAC motors market over the forecast period. Due to the rapid rate of urbanization in Asia Pacific countries, the demand for urban household appliances has shot up dramatically over the last few years. The increasing disposable income of consumers in countries such as India, China, Indonesia, Malaysia, Taiwan, Japan, Australia, and South Korea has also been instrumental in driving the HVAC motors market in the region. Many countries in Asia Pacific have announced major infrastructure construction projects in recent years, which are likely to further the cause of the HVAC motors market in the region over the forecast period.
Europe and North America are also major regional segments of the global HVAC motors market and are likely to exhibit steady growth over the forecast period due to the growing demand for environmentally sound HVAC products. The growing demand for HVAC units for data center cooling operations is also likely to be a major driver for the HVAC motors market over the forecast period.
The Middle East, Latin America, and Africa are not likely to feature prominently in the global HVAC motors market over the forecast period, due to the low disposable incomes of consumers in these regions, which keeps them from purchasing technologically advanced HVAC units. However, growing urbanization and the growth of the industrial sector could provide some opportunities for the HVAC motors market in these regions over the forecast period.
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