ID: MRFR/E&P/6270-HCR | February 2021 | Region: Global | 111 pages
HVAC Motors Market is projected to be worth USD 21.2 billion by 2027, registering a CAGR of 8.02% during the forecast period (2021 - 2027), The market was valued at USD 12.65 billion in 2020.
HVAC motors are designed with balanced rotors to reduce vibrations and promote noiseless operations. These motors generally have a power rating ranging between 0.18 kW and 75 kW. Additionally, the horsepower of these motors might range from 0.25 HP to 100 HP. These motors are majorly used in heavy duty industrial and commercial end-use industries. Within these end-use industries, these motors are used in ventilators, direct drive and belted fans, exhaust fans, air conditioning units, unit heaters, and refrigeration condensers, among others. Additionally, these motors are also used in variable torque electronic controls, which are ultimately used to conserve electricity.
The increasing demand for HVAC systems to reduce energy consumption and the introduction of various government regulations and policies for conserving energy are some of the factors that are expected to drive the global HVAC motors market. Additionally, the rapid industrialization and growing GDP, especially in China and India, are present various opportunities for 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 saving energy by increasing the efficiency of the machines, which drives the global HVAC motors market.
The global HVAC motors market is expected to grow at a high rate during the forecast period, mainly due to the stringent regulations regarding energy efficiency. Many key players have started developing motors, which are technologically advanced and provide high energy-efficiency. For instance, in 2017, ABB set a record in energy efficiency by developing a 44 MW 6-pole synchronous motor, which has an efficiency level higher than 98.9 %. Moreover, policymakers also have taken the initiative to identify opportunities for the increased use of high energy motors. In line with this, some of the policies such as minimum standards and motor labeling schemes, have already been introduced in many countries. Apart from this, many energy audit schemes and capacity development programs have been introduced to improve motor efficiencies. All these factors are expected to drive the global HVAC motors market during the forecast period.
Some of the key players in the global HVAC motors market are WEG (Brazil), Regal Beloit Corporation (US), Honeywell International Inc. (US), Ingersoll-Rand Plc, (Ireland), Johnson Controls (US), Mitsubishi Electric (Japan), Danfoss (Denmark), Hitachi (Japan), LG Electronics (South Korea), ABB (Switzerland), Siemens (Germany), Bosch Rexroth (Germany), and GE (US), among others.
The global HVAC motors market has been segmented based on type, application, and end-use. On the basis of application, the market has been classified into heating equipment, ventilation equipment, and cooling equipment. Within the heating equipment segment, the heat pumps sub segment is likely to dominate the market, owing to their evolving capabilities including performing both, space-cooling and heating functions, along with the ability to heat water. Within the ventilation equipment segment, the air handling subsegment is expected to dominate the market, mainly due to the ambient air that these motors draw. Various other advantages of air handling units include restriction in cross contamination, simple and safer damper for regulating air, minimal space, and portability.
Global HVAC Motors Market
The global HVAC motors market is expected to witness a high growth rate during the forecast period, owing to the growing construction sector, across the globe. Additionally, the growth of the global market can be attributed to the growing investments in infrastructure and the utilization of energy efficient products. According to the International Energy Agency, in 2016, investments in energy efficient appliances grew by 9% and is expected to reach USD 231 billion by 2020. China held the highest growth rate of the market at 24%. Investments in the development of energy efficient appliances and their use in end-use industries, such as oil & gas and power generation, has helped increase the growth of the global HVAC motors market.
|CAGR||8.02% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||WEG (Brazil), Regal Beloit Corporation (US), Honeywell International Inc. (US), Ingersoll-Rand Plc, (Ireland), Johnson Controls (US), Mitsubishi Electric (Japan), Danfoss (Denmark), Hitachi (Japan), LG Electronics (South Korea), ABB (Switzerland), Siemens (Germany), Bosch Rexroth (Germany), and GE (US)|
|Key Market Opportunities||Increasing investment in construction sector|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The increasing demand for HVAC systems and the introduction of various government regulations and policies for conserving energy are the factors to drive the global HVAC motors market.
The type and application are the segments.
The market will be gaining 6.90% CAGR.
Regal Beloit Corporation (US), WEG (Brazil), Ingersoll-Rand Plc, (Ireland), Johnson Controls (US), Honeywell International Inc. (US) are the key competitors of the market.
The market’s forecast is till 2023.