Press release
Inverter Duty Motors Market Size To Grow At A CAGR Of 6% Between 2022 And 2027
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Inverter Duty Motors Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 6%
Inverter-duty motors can be much more expensive as compared to general-purpose motors. They are intended to hold much lower speeds with no overheating, and they are efficient in tolerating higher voltage spikes without their insulations failing. The budding demand and awareness for energy-efficient motors are further expected to fuel the market demand for inverter duty motors.
Geographically, the Asia Pacific region is projected to register growth in the inverter duty motors market share due to the surging industrialisation and rapid growth in the construction industry with high investment across the region. China is holding a significant share in the market as it receives huge FDI investments along with Hong Kong and Singapore which is further boosting the worldwide market.
Meanwhile, Japan and India have a rising potential because of the development of the industrial sector coupled with the surging chemical operation which is supporting the demand for the inverter duty motors market.
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Inverter Duty Motors Market Definition and Major Segments
The phrase 'inverter-duty' denotes a motor whose speed is managed by a variable frequency drive or inverter. Though both inverter-duty motors, as well as standard motors, are likely to operate under VFDs, the major variations lie in capability and construction. They are structured to endure extra heating caused by harmonics. The shaft-mounted fans are capable of providing adequate cooling air at lower speeds than required.
Breakup of the market by construction material:
• Cast Iron
• Aluminium
• Laminated Steel
Segmentation of the inverter duty motors market by standard:
• NEMA
• IEEE
• Others
Breakup of the market by application:
• Extruders
• Pumps
• Conveyors
• Fans
• Others
Segmentation of the market by end use:
• Metal and Mining
• Chemicals and Oil and Gas
• Paper and Pulp
• Food and Beverage
• Others
Breakup of the market by region:
• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa
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Inverter Duty Motors Market Trends
The global inverter duty motors market is expected to register substantial growth during the forecast period on account of the growing investment by major players and the alternative of regular engines with inverter duty motors along with the surging need for energy-efficient motors.
The primary driver of the market is the rising deployment of inverter duty motors for pump applications in the metal and mining, chemical manufacturing, and food and beverage industries. Moreover, the manufacturing industry is one of the main energy consumers globally.
A broad range of energy-saving techniques, like the usage of high-efficiency motors along with variable speed drives (VSD), and capacitor banks, to enhance the power, being proposed as motors are huge energy consumers. Features like lower waste-heat generation, better service, longer insulation, and bearing life, as well as less friction typically provide energy-efficient motors, which improves efficiency. The growing need for energy-efficient motors is therefore the major driving force behind the demand for inverter duty motors.
Prominent companies are progressively investing in the production of energy-efficient engines, which is further driving the inverter duty motors market. Based on end use, the chemical and oil and gas segment is expected to bolster the market growth of inverter duty motors. This is on account of the surging exploration and production activities in the oil and gas industry along with rising investment in petrochemical and chemical industries.
Key Market Players
The major players in the global inverter duty motors market report are
Rockwell Automation, Inc.
Regal Beloit Corporation
Nidec Motor Corporation
Havells India Ltd.
ABB Ltd.
Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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