Global HVAC motors Market Overview, Global Size, Business Opportunities 2023

Posted by Anvi on March 3rd, 2020

Global HVAC motors Market - Overview

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.

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.

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.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.