"Actionable Insights to Fuel Your Growth"
The global inverter duty motor market size was USD 3.43 billion in 2018 and is projected to reach USD 7.04 billion by 2026, exhibiting a CAGR of 9.5% during the forecast period.
The industrial sector plays a crucial role in the growth of the country’s economy, which helps to drive the overall country’s growth. The primary factors that are increasing industrialization and commercialization are growing per capita economy, urbanization, and development in technology. There has been an increase in competition from giant players to grab the market by incorporating various strategies, which comprises of new investments, partnerships & collaborations, mergers & acquisitions, and expansion of new projects. Additionally, growing awareness and demand for energy-efficient motors have also upsurged the demand for inverter duty motors. The government is focusing on formulating new policies and regulations which will support the inverter duty motor market growth. Advancement in technology, which tends to improve the efficiency and performance of inverter duty motor, also propels the demand for market during the projected period. Hence, growing demand from the industrial sector and increasing investments in the chemical and oil & gas sector is likely to boost the inverter duty motors market during the forecast period.
Asia-Pacific is one of the growing regions in every prospect owing to the growth in commercialization and the rising rate of urbanization. Investment in oil and gas sectors will fuel demand for motors, which in turn will, boost the market potential for inverter duty motor during the forecast period. According to the World Investment Report 2018, the developing economies had poised a growth in foreign direct investment worth USD 671 billion in the year 2017.
Request a sample to learn more about this report.
Additionally, an increase in urbanization & industrialization will fuel consumer demand, therefore aiding the inverter duty motors market revenue. Rising demand for energy-efficient motors to spur new opportunities for the market in Asia-Pacific. Growth in the automobile industry increased the demand for the market. For instance, Hero MotoCorp had planned to invest USD 387.9 million by 2021 to increase the production capacity in India, and in October 2018, Honda Motors Company had planned to set up its third manufacturing plant in India for launching hybrid and electric vehicles worth USD 1.31 billion. Hence, growing investments from the automotive industry and increasing trends in industrialization will help the inverter duty motor market to grow at a faster pace during the projected period.
“Increasing Urbanization & Industrialization Will Augment The Market Growth”
There has been a significant rise in the urbanization rate in the past few years; moreover, growing industrialization and huge investments in leveraging the performance of industries are the major factors attributed to the inverter duty motor market trends. The automotive and oil & gas industry also contributes to the growth of the market, such as the establishment of the manufacturing plant of electric vehicles and growing refineries and exploration activities. For instance, In April 2019, Nidec Corporation had planned to build a manufacturing industry worth USD 500 million to make motors for electric vehicles in Dalian, China. Hence, increased investment in industrialization would upsurge the demand for application of inverter duty motor during the forecast period.
“Rising Need for Energy Efficiency”
The industrial sector is one of the largest users of energy across the globe. As motors are major energy users, a wide span of energy-saving strategies such as the use of high-efficient motor, variable speed drive (VSD), and capacitor bank to improve the power factor is being deployed. Energy-efficient motors usually have higher service factors, lower waste heat output, longer insulation and bearing lives, and less vibration, which increases reliability. Hence, the rising need for the energy-efficient motor is the major driving factor fueling the demand for inverter duty motors, which leverages the market growth during the projected period. Companies are also investing huge sums into the development of energy-efficient motors, which will result in the increasing demand for inverter duty motors. Developing economies are the prominent countries indulged in adopting the energy-efficient motors which drive the market growth. Hence, the growing demand for energy-efficient motors will result in the increasing adoption of inverter duty motors, which would propel the demand for inverter duty motors during the forthcoming period.
To know how our report can help streamline your business, Speak to Analyst
“Cast Iron Segment to Hold Largest Share Fueled by Extensive Usage”
Based on construction material, the inverter duty motor market is segmented into laminated steel, cast iron, and aluminum. The cast iron segment is projected to generate the largest share for inverter duty motor globally owing to their casting properties such as high machinability, good wear resistance, and good vibration damping. The cast iron segment is also set to experience considerable growth in the forecast period due to their increasing application in chemical, textile, as well as the booming pharmaceutical sector. Laminated steel material is widely deployed due to its high mechanical strength and coefficient of thermal expansion. The aluminum segment holds an uptick in demand due to its economic feasibility in the industrial sector. Hence, it will propel the overall market during the forecast period.
“Increasing Deployment of Pumps in Various Industries Propels The Market Dynamics”
Based on application, the market is segmented into pumps, fans, conveyors, extruders, and others. The other segment includes elevators, industrial washing machines, mechanical works, textile plants, cars, and electric trolleys, and air treatment is leading in market share due to the increasing investment in industrial and commercial applications which drives the demand for inverter duty motor market. Besides, the rising deployment of inverter duty motor for pumps and fans applications in chemical processing, metal & mining, and food & beverage industry drives the market demand. The growth in the industrial sector emerges the need to drive the conveyors, which helps to increase the demand for inverter duty motor. Hence, growing investments in industries and replacement of standard motors with inverter duty motor accelerate the market demand during the projected period. Extruders are widely used in rubber, plastic, and food processing industry where manufacturers are focusing on reducing high energy costs, increasing output capacity, and reliability which drives the demand for inverter duty motor during the forecast period.
“Increasing Investments in Chemical and Petrochemical Industries Aids The Market Demand”
Based on end-user, the inverter duty motor market is grouped into chemicals, oil & gas, metal & mining, paper & pulp, food & beverage, and others. The oil & gas segment is leading the market in terms of share due to the increasing investment in production and exploration activities in the oil & gas sector. The petrochemical industry also explores a variety of chemical products such as polymers, fibers, and rubber, which requires a wide range of pumps and fans, thereby increases the demand for inverter duty motor. Industries such as metal & mining, paper & pulp, and other processing & manufacturing industries require constant torque throughout the whole speed range and continuous speed control which is achieved by deploying inverter duty motor. Hence, the growing prospects of industries helps to leverage the demand for inverter duty motors, which in turn drives the market demand during the projected period.
Asia Pacific is the fastest-growing region worldwide, in terms of building infrastructure, huge investments, and growing trend in industrialization. These factors aid the growth of the industrial and commercial sectors, which brings the demand for deploying inverter duty motors. China is continuously looking forward to increasing its significance in the global economy. China, Hong Kong, and Singapore are the major three countries that received the largest FDI investments as per the world investment report 2018. India and Japan have a growing potential owing to the expansion of the industrial sector and increasing chemicals operations, which are upholding the demand for inverter duty motors. The increasing rate of manufacturing, rising demand for energy-efficient motors, and increasing demand from the metal & mining sector are some of the significant factors that are attributable to the growth of the inverter duty motor market. According to the World Investment Report 2019, the oil & gas, chemicals, and mining industry has exhibited an upsurge in the greenfield projects. The transportation industry had showcased 1,018 greenfield projects in 2018, as compared to 936 projects in 2017.
Asia Pacific Inverter Duty Motor Market Size, 2018
To get more information on the regional analysis of this market, Request a sample
In North America, oil & gas, commercial and industrial sector holds a strong significance in the global market. Increasing investments and growing chemical & petrochemical industries drive the demand for market during the projected period. Companies are also expanding their product offerings in the diverse region and strengthening the products by adopting advanced technology across the globe. ABB, one of the leading competitor of electric motor and other components in the global market have announced to integrate the Baldor Electric Canada company into its global ABB brand namely, ABB Motor and Mechanical (Canada) Inc. as a part of its next-level strategy. This helped the company to build a potential competitor and streamline the product portfolio of the induction motor in the global market.
In Europe, the large oil & gas industry base, and stringent motor efficiency regulations are expected to boost the market growth during the projected period. Countries have also witnessed substantial growth in industrialization, which consequently contributes to the economic progress of the region, which in turn accelerates the demand for inverter duty motor market. The companies are strategically involved in adopting varied strategies to leverage the market potential in the global market. For instance, in March 2019, Mitsubishi Electric Automotive Czech s.r.o (MEAC), a subsidiary of Mitsubishi Electric Corporation had planned to construct a new plant in Slaný, the Czech Republic to increase its production of motor and inverter systems for electric vehicles which will spur the demand for inverter duty motor market in the forecast period.
In Latin America, Mexico has been drawing more investment for the industrial and commercial sectors, which, in turn, is helping to propel the demand for the inverter duty motor market during the forecast period in this region. Companies from Latin America are enhancing their significance in the market by developing new products and incorporating new technologies into the existing motors. For instance, in June 2019, Nidec Motor Corporation had launched a totally enclosed fan cooled, vertical hollow shaft inverter duty motors to cater to the increasing demand for variable speed motors which is used to drive vertical pumps in municipal and industrial applications. Additionally, Weg, specialized in electric motor manufacturers, acquired german company Antriebstechnik KATT Hessen GmbH, which enabled the company to expand its product offerings in the global market.
“Growing Investments by Leading Companies to Bolster Market Demand”
The inverter duty motor market is highly dominated by Regal Beloit Corporation, ABB, Siemens, GE, and Nidec Motor Corporation. Manufacturers are integrating inverter duty motors with advanced features, such as Baldor Electric Company, a part of the ABB Group had introduced a line of inverter-ready Super-E NEMA Premium motors with the AEGIS ring installed inside which are most preferred for metal processing, material handling, and other tough-duty applications. Hence, the growing development in technology is holding the market players at an edge of competition, which would accelerate the demand for inverter duty motors during the forecast period.
The increase in urbanization and industrialization will enhance the demand for the inverter duty motor market. Additionally, significant investments in the industrial sector will uphold the demand for inverter duty motors. Increase in demand for energy-efficient motors across all industries and technical advantages associated with inverter duty motor, which will bolster the demand for inverter duty motor in the global market. In the coming years, the global outlook for inverter duty motor seems to be more favorable as the leading players are making huge investments and incorporating new developments in technology, which is likely to drive the inverter duty motor market.
The report provides qualitative and quantitative insights on the market and a detailed analysis of the market size & growth rate for all possible segments in the market. The inverter duty motor market is segmented by construction material, application, end-user, and region. By construction material, the market is divided into laminated steel, cast iron, and aluminum. By application, it is categorized into pumps, fans, conveyors, extruders, and others. Based on end-user, the market is segmented into chemicals, oil & gas, metal & mining, paper & pulp, food & beverage, and others. Geographically, the global market has been analyzed into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
To gain extensive insights into the market, Request for Customization
Along with this, the report provides an elaborative analysis of the inverter duty motor market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments in this market, such as mergers & acquisitions, partnerships and collaborations, the regulatory scenario in crucial countries, macro and microeconomic factors, SWOT analysis, key industry trends, competitive landscape, and company profiles.
Value (USD Billion)
By Construction Material
Fortune Business Insights says that the market was valued at USD 3.43 billion in 2018.
The market is projected to reach USD 7.04 billion in 2026.
The global market is projected to grow at a compound annual growth rate (CAGR) of 9.5% in the forecast period.
The market in Asia-Pacific was valued at USD 1.33 billion in 2018.
Based on the application, the pumps segment will dominate the market during the forecast period.
This Market is growing significantly due to the increasing investments in urbanization and industrialization from Asia Pacific region. Also, the rising demand for energy-efficient motors in vertical industries is the major factor propelling the demand for this market. However, a decrease in FDI investments and the expensiveness of inverter duty motor may hinder the market growth during the forecast period.
Regal Beloit Corporation, ABB, Siemens, GE, and Nidec Motor Corporation are the top companies operating in this market.
Inverter duty motors are designed for variable speed applications with VFDs. It can withstand signal distortions and low rotational speeds without overheating. It is suitable for variable torque load over a wide speed range. Hence, it is preferred for applications in pumps, fans, conveyors, machine tools, extruders, and others.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry