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The global inverter duty motor market size is predicted to reach USD 7.04 billion by 2026. The rising demand for energy-efficient motors will be a vital factor in accelerating the market revenue in the forthcoming years, mentioned in a new report, titled “Inverter Duty Motor Market Size, Share & Industry Analysis, By Construction Material (Laminated Steel, Cast Iron, and Aluminium), By Application (Pumps, Fans, Conveyors, Extruders, and Others), By End-User (Chemicals, Oil & Gas, Metal & Mining, Paper & Pulp, Food & Beverage, and Others) and Regional Forecast, 2019-2026” The market size stood at USD 3.43 billion in 2018 and is predicted to exhibit a decent CAGR of 9.5% between 2019 to 2026
Expansion of Nidec Motor Corporations’ Operational Facility will Cater to Global Demand
Nidec Motor Corporations, a leading manufacturer of commercial, industrial, and appliance motors and controls, expanded its manufacturing facility in Monterrey, Mexico. The investment of $2.3 million will enlarge the facility by 60,000 square feet, and increase its production capacity along with improving operations. The expansion of Nidec Motor Corporation is likely to spur business opportunities for the inverter duty motor market in the foreseeable future owing to the increased capacity of the facility to produce extensively. The expansion will increase the facility’s operational capacity during a time of demand for NMC’s industrial motors. Furthermore, the company also believes that the new development will enhance the NMC’s World Motor® product line that offers severe-duty performance in both IEC and NEMA standards. In addition, This project is expected to support the additional growth of the market due to the rising production and improvement in efficiencies to cater to global customer needs.
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Increasing urbanization to Ease up Market Development
The surge in urbanization and industrialization has leveraged huge R&D investment in the development of innovative energy-efficient motors, which in turn will propel the growth of the market. The growth in the automotive and oil & gas industry will contribute positively to the inverter duty motor market trends during the forecast period. Furthermore, the establishment of electric vehicles manufacturing plants and rising exploration activities will uplift the inverter duty motor market share in the foreseeable future. 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. Moreover, the increasing application of inverter duty motor in chemical processing, metal & mining, and food & beverage industries will create lucrative sales opportunities for the market in the forthcoming years, “states our lead analysts at Fortune Business Insights.”
Robust Innovation in Motors by Key Players to Improve Growth Prospects
The rising focus of manufacturers towards the integration of inverter duty motors will augur well for the market. For instance, Baldor Electric Company, a part of the ABB Group, 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. Furthermore, the rising technological advancement will spur competition among leading market players, which, in turn, will boost the market growth during the forecast period.
Some of the Major Companies in the Inverter Duty Motor Market Include:
Further Report Findings:
The Global Inverter Duty Motor Market is Classified on the basis of:
Value (USD Billion)
By Construction Material