HVAC Motors Market worth USD 21.33 billion by 2027, registering a CAGR of 6.90% – Report by Market Research Future (MRFR)
/EIN News/ — New York, July 26, 2021 (GLOBE NEWSWIRE) — HVAC Motors Market: Overview: According to a comprehensive research report from Market Research Future (MRFR), “HVAC Motors Market: Research report, type, application, end use and region – forecast to 2027” the market size is expected to be worth USD 21.33 billion by 2027, growing at a CAGR of 6.90% during the forecast period (2021 – 2027). The market was valued at USD 12.65 billion in 2020.
Need for HVAC systems to minimize energy consumption
The increasing need for HVAC systems to minimize energy consumption, as well as the implementation of various government regulations and policies to conserve energy, are expected to drive the global growth of the HVAC motor market. In addition, increased industrialization and rising GDP, especially in China and India, offer numerous prospects for the global HVAC motor market. In addition, governments around the world are working to reduce energy consumption in businesses and households by encouraging people to adopt energy-saving practices. HVAC motors are a suitable alternative to save energy by improving machine efficiency, which is driving the global market for HVAC motors.
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The list of key companies in the global HVAC Motors Market is –
- ROAD (Brazil)
- Regal Beloit Corporation (US)
- Johnson Controls (US)
- Honeywell International Inc. (US)
- Ingersoll-Rand Plc (Ireland)
- Mitsubishi Electric (Japan)
- Danfoss (Denmark)
- LG Electronics (South Korea)
- ABB (Switzerland)
- Siemens (Germany)
- Hitachi (Japan)
- Bosch Rexroth (Germany)
- GE (US)
Expansion of the construction industry
The global HVAC motor industry is predicted to grow at a rapid pace during the forecast period, reflecting the growing construction industry across the globe. Furthermore, the expansion of the global market can be attributed to increased investment in infrastructure and the use of energy-efficient products. According to the International Energy Agency, investment in energy-efficient appliances grew 9% in 2016 and is expected to reach $231 billion by 2020. China had the highest growth rate in the market at 24%. Investments in the development of energy-efficient devices and their application in end-user industries such as oil and gas and power generation have supported the growth of the global HVAC motor market.
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Increasing demand from the automotive sector
One of the major factors driving the demand for HVAC motors worldwide is the increase in the demand for effective machine control in the automotive sector due to the significant purchase of effective HVAC motors. In addition, HVAC motors are commonly used in automobiles to transport HVAC systems in a vehicle, primarily for defrosting windows, balancing interior temperature, and cooling the engine, which are all important components of automobiles. In addition, the increased development and production of passenger cars around the world is increasing the need for HVAC motors as these motors are used in automobiles in various common equipment such as air conditioners and fan motors. HVAC motors are increasingly being used in a wide variety of applications, including motor vehicles, industrial equipment, and heating, ventilation and cooling systems. The high cost of energy-structured HVAC motors is a major barrier to the HVAC motor market.
The global HVAC motor industry is segmented on the basis of type, application and end use.
On the basis of application, the global HVAC motor market is classified into heating equipment, ventilation equipment, and refrigeration equipment. The heat pump sub-segment of the heating equipment segment is expected to dominate the market due to its growing capabilities, including space cooling and heating functions, as well as the ability to heat water. The air handling sub-segment of the ventilation equipment segment is expected to dominate the market, due to the ambient air drawn in these engines. Other advantages of air handling equipment include reduced cross-contamination, a simple and safer muffler for controlling air, small size and portability.
On the basis of type, the global HVAC motor market is segmented into condenser fan motors, blower motors, and cooling tower motors.
Based on the type of end use, the global HVAC motor market is segmented into residential, commercial, and industrial.
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North America has the largest share of the global market
North America is expected to have the greatest value and volume in HVAC motor market share. The United States, as one of the most important countries in North America, has the potential to provide revenue prospects for HVAC equipment manufacturers. In contrast, lower GWP (Global Warming Potential) refrigerants can cause inflammation, slowing down market growth. As a result, companies in the United States are raising awareness about simplifying product safety requirements and building regulations to ensure the safe use of newly released refrigerants.
Europe and Asia-Pacific to take second place
One of the key drivers for this type of development is the expanding infrastructure framework. Due to growing infrastructure development in the region, Europe and Asia-Pacific are expected to be the second largest regions in the HVAC motor market. HVAC motors are in high demand in North America, Europe and Asia-Pacific due to their different applications.
Segmentation of the market covered in the study:
Information by type (condenser fan motors, fan motors, cooling tower motors), application (heating, ventilation, cooling equipment), end use (residential, commercial, industrial), and region (North America, South America, Europe, Asia-Pacific, and Middle East and Africa)
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