HVAC
Motors Market Analysis:
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.
Leading Players:
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 global HVAC motors market 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.
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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