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The inverter duty motor market size is forecast to increase by USD 2.07 billion at a CAGR of 8.5% between 2023 and 2028. The market is experiencing significant growth due to the increasing demand for energy-efficient equipment and the expanding market for variable frequency drives (VFDs). The energy savings and improved operational efficiency offered by inverter duty motors make them an attractive option for various industries, particularly in sectors such as manufacturing, construction, and power generation. However, the high cost of installation remains a challenge for market growth. Despite this, the market is expected to continue expanding as the benefits of using inverter duty motors become more widely recognized and the cost of VFDs continues to decrease. The growing trend towards automation and Industry 4.0 initiatives is also expected to drive demand for inverter duty motors, as they are essential components in many industrial automation systems. Overall, the market is poised for steady growth, driven by these key trends and challenges.
The market is witnessing significant growth due to the industrialization, commercialization, and urbanization trends across various sectors. The oil and gas sector, manufacturing capacity expansion in metal and mining, and the increasing adoption of energy-efficient motors in construction material production are key drivers for the market. Technology development and collaborations in motor control technologies, such as variable frequency drives and industrial automation, are also contributing to the market growth. Moreover, the increasing focus on energy efficiency and environmental sustainability is driving the demand for inverter duty motors in renewable energy applications, electric vehicles, HVAC systems, and infrastructure development. The Internet of Things (IoT) is further revolutionizing the market by enabling remote monitoring and control of motor performance, ensuring optimal energy usage and reducing maintenance costs. Aluminum and cast iron, along with laminated steel, are the most commonly used materials for manufacturing inverter duty motors due to their durability and cost-effectiveness. The market is expected to continue its growth trajectory as these trends persist and technology advancements continue to drive efficiency and sustainability in motor applications.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The pumps segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth due to the industrialization, commercialization, and urbanization trends driving the need for energy-efficient technologies. Technology development, collaborations, and the increasing adoption of energy-efficient motors in various industries, including electric vehicles, construction materials such as cast iron, laminated steel, and aluminum, pumps, fans, conveyors, chemicals, metal and mining, industrial automation, renewable energy, HVAC systems, infrastructure development, and the Internet of Things, are key factors fueling market growth.
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The pumps segment was the largest segment and valued at USD 1.28 billion in 2018. Advanced motor technologies, motor control systems, digital technologies, and smart manufacturing are also contributing to energy efficiency and cost sensitivity. However, reliability concerns and standardization are critical issues that need to be addressed. In addition, regulations and safety standards related to energy consumption, carbon emissions, and environmental sustainability are increasingly stringent, further driving the demand for inverter duty motors in manufacturing, HVAC, pumping, and other applications. Hence, such factors are fuelling the growth of this segment during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market is experiencing significant growth due to the industrialization, commercialization, and urbanization trends worldwide. Technology development, collaborations, and the increasing focus on energy efficiency are key drivers. Energy-efficient motors are increasingly being adopted in various sectors, including electric vehicles, construction materials like cast iron, laminated steel, and aluminum, pumps, fans, conveyors, chemicals, metal and mining, industrial automation, renewable energy, HVAC systems, and infrastructure development. Hence, such factors are driving the market in North America during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing need for energy-efficient equipment is notably driving the market growth. The global market is experiencing significant growth due to the increasing focus on automation and robotics in various industries. High-efficiency motors, which are a key component of renewable energy systems and electric motors, are increasingly being adopted to promote energy conservation and reduce operational costs.
Regulations on industrial energy consumption are compelling operators to implement energy-efficient equipment to meet the stringent energy efficiency standards and mandates. For instance, the EU Energy Efficiency Directive 2012/27/EU (EU EED) requires all large enterprises in the European Union to comply with energy audit obligations and adopt energy-efficient technologies. Thus, such factors are driving the growth of the market during the forecast period.
Growing market of variable frequency drives is the key trend in the market. Inverter duty motors, also known as variable frequency drive (VFD) integrated motors, play a pivotal role in automation and robotics industries by offering high-efficiency solutions for mechanical applications. These motors, when used with VFDs, enable precise speed control, even with varying motor loads.
This results in substantial energy savings, making them an attractive choice for industries focusing on energy conservation and renewable energy systems. Compared to servo and stepper motors, inverter duty motors are cost-effective. Their ability to adjust motor speed by controlling the voltage input offers significant advantages, particularly in applications where continuous full load operation is not required. Thus, such trends will shape the growth of the market during the forecast period.
High cost of installation is the major challenge that affects the growth of the market. The market is experiencing significant growth due to the increasing adoption of automation and robotics in various industries. High-efficiency motors, a key component of these applications, are increasingly being used in conjunction with renewable energy systems to promote energy conservation. Electric motors, a significant consumer of electricity, are a major focus in this context.
However, the integration of variable frequency drives (VFDs) in these systems presents challenges. Overvoltage and under voltage issues with respect to VFDs can lead to inappropriate power supply, affecting their performance. Harmonic mitigation devices are employed to address this issue, but they increase the size and overall cost of the drives. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers vector duty motors which are designed specifically for adjustable speed applications in a standard NEMA Frame motor.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the industrialization, commercialization, and urbanization trends across the globe. The increasing adoption of technology development and collaborations in various sectors such as energy-efficient motors for electric vehicles, construction materials, pumps, fans, conveyors, chemicals, metal and mining, industrial automation, renewable energy, HVAC systems, infrastructure development, and the Internet of Things (IoT), is driving the market's growth. Advanced motor technologies, motor control technologies, and energy efficiency are key factors influencing the market's expansion. Moreover, the increasing focus on environmental sustainability, cost sensitivity, reliability concerns, standardization, smart manufacturing, energy consumption, and motor control systems in emerging economies is further fueling the market's growth. The manufacturing sector, particularly in HVAC, pumping, and digital technologies, is a significant consumer of inverter duty motors. Renewable energy and infrastructure development are also major contributors to the market's growth. The need for energy efficiency, carbon emissions reduction, and regulations and safety standards compliance are key factors influencing the market's trajectory. The use of cast iron, laminated steel, and aluminum in motor manufacturing is expected to continue, with a shift towards advanced materials for improved performance and efficiency.
Market Scope |
|
Report Coverage |
Details |
Page number |
140 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.5% |
Market growth 2024-2028 |
USD 2.07 billion |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
7.7 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Adlee Powertronic Co. Ltd., Bison Gear And Engineering Corp., Bodine Electric Co., Havells India Ltd., Megha Roto Tech Pvt. Ltd., Nidec Corp., Nord Gear Ltd., North American Electric Inc., Regal Rexnord Corp., Rockwell Automation Inc., Siemens AG, and WEG S.A |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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