HVAC motors Market Scenario
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. The COVID-19
Analysis on HVAC motors Market Report is
enduring an exacting period with its robust growth coming to an abrupt halt in
light of the COVID-19 pandemic.
The
increasing demand for HVAC systems to reduce energy consumption and government
regulations and policies for conserving energy are some of the factors driving
the global HVAC motors market. Additionally, rapid industrialization and
growing GDP, especially in China and India, are presenting several growth
opportunities to the global HVAC motors market. Moreover, governments across
the globe are focusing on reducing energy consumption in industries and
households by encouraging them to use energy-saving techniques. HVAC motors
offer an ideal solution for energy saving by increasing the efficiency of the
machines, thereby helping increase the growth of 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.
Asia-Pacific is estimated to be the fastest growing
market for HVAC motors.
Region wise, in 2017, Asia-Pacific held the largest
market share of the global HVAC motors market. It is also expected that the
region would continue to be the largest market during the forecast period. In
Asia-Pacific, China held the largest share in the HVAC motors market, owing to
several beneficial government policies. For instance, the Ministry of Housing
and Urban-Rural Development of P.R. China (MOHURD) implemented certain
standards and protocols related to construction policies regarding HVAC motor
installations.
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.
Global HVAC Motors Industry 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.
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