Yahoo Finance HVAC Motors Market worth USD 21.33 billion by 2027, registering a CAGR of 6.90% - Report by Market Research Future (MRFR)
New York, July 26, 2021 (GLOBE NEWSWIRE) -- HVAC motors Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “HVAC motors Market Research Report, Type, Application, End-Use and Region - Forecast till 2027” the market size is projected to be worth USD 21.33 billion by 2027, registering 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 rising need for HVAC systems to minimize energy consumption, as well as the implementation of various government rules and policies to conserve energy, are projected to drive the worldwide HVAC motors market growth. Furthermore, increased industrialization and rising GDP, particularly in China and India, give numerous prospects for the worldwide HVAC motors market. Furthermore, governments around the world are working on lowering energy usage in enterprises and households by encouraging people to employ energy-saving practices. HVAC motors are an appropriate alternative for saving energy by enhancing machine efficiency, which drives the worldwide HVAC motors market.
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Key Players
List of key companies in the worldwide HVAC motors market are –
WEG (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)
Expanding Construction Sector
The global HVAC motors industry is predicted to grow at a rapid pace during the forecast period, owing to the expanding construction sector around the world. Furthermore, the global market's expansion can be ascribed to increased infrastructure investments and the use of energy-efficient products. According to the International Energy Agency, investments in energy-efficient appliances increased by 9% in 2016 and were predicted to reach USD 231 billion by 2020. China had the market's highest growth rate, at 24%. Investments in the development of energy-efficient appliances and their application in end-use industries like oil and gas and power generation have aided the worldwide HVAC motors market's growth.
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Increasing Demand from Automotive Sector
One of the primary factors driving up demand for HVAC motors globally is the increase in demand for effective machine control in the automotive sector as a result of the significant acquisition of effective HVAC motors. Furthermore, HVAC motors are commonly used in automobiles to carry HVAC systems in a vehicle, primarily for defrosting windows, balancing interior temperature, and cooling the engine, all of which are important components of automobiles. Furthermore, the increased development and production of passenger cars around the world is growing the need for HVAC motors because these motors are used in autos in various common equipment such as air conditioners and fan motors. HVAC motors are increasingly being used in a wide range of applications, including motor vehicles, industrial equipment, and heating, ventilation, and cooling systems. The high cost of energy structured HVAC motors is a significant impediment to the HVAC motors market.
Market Segmentation
The global HVAC motors industry has been segmented based on type, application, and end-use.
On the basis of application, the global HVAC motors market has been classified into heating equipment, ventilation equipment, and cooling equipment. The heat pumps subsegment of the heating equipment segment is expected to dominate the market due to its growing capabilities, which include space-cooling and heating functions, as well as the ability to heat water. The air handling subsegment of the ventilation equipment segment is predicted to dominate the market, owing to the ambient air these motors draw. Other advantages of air handling devices include reduced cross-contamination, a simple and safer damper for regulating air, a small size, and portability.
On the basis of type, the global HVAC motors market has been segmented into condenser fan motors, blower motors, and cooling tower motors.
On the basis of type end-use, the global HVAC motors market has been segmented into residential, commercial, and industrial.
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Regional Analysis
North America to Have the Greatest Share in the Global Market
North America is expected to have the greatest value and volume in the HVAC motor market share. The United States, as one of the major countries in North America, has the potential to provide revenue prospects for HVAC equipment manufacturers. Lower-GWP (Global Warming Potential) refrigerants, on the other hand, may cause inflammation, slowing market growth. As a result, corporations in the United States are raising awareness about simplifying product safety requirements and building codes to assure the safe use of newly released refrigerants.
Europe and the Asia Pacific to Capture the Second Spot
One of the primary factors for this type of development is the expanding infrastructure framework. Due to the region's expanding infrastructure development, Europe and the Asia Pacific are expected to be the second-largest regions in the HVAC motors market. HVAC motors are in high demand in North America, Europe, and the Asia Pacific due to their various applications.
Segmentation of Market covered in the research:
Information by Type (Condenser Fan Motors, Blower 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 & Africa)
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