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.
HVAC motors can be used in a variety of applications where highly reliable and efficient motors are required. These motors can be designed with different electrical starting arrangements and constructions according to customer requirements. These motors find applications in air curtains, condenser units, chiller units, exhaust fans, fan coil units, and blowers. Additionally, these motors are also used for variable torque electronic controls, which are ultimately used to conserve electricity.
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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 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.
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.. 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.
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.
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.
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