The global HVAC motors market is expected to exhibit a robust 6.90% CAGR over the forecast period from 2018 to 2023, according to the latest research report published by Market Research Future (MRFR). The report examines the global HVAC motors market in detail in order to profile its leading drivers and restraints, major segments, and dominant market players. The growing demand for HVAC systems in residential buildings and the growing demand for environmentally viable HVAC systems are pinpointed as the major drivers for the global HVAC motors market.
HVAC motors can be used in a variety of applications where highly reliable and efficient motors are required. These motors can be designed with different electrical starting arrangements and constructions according to customer requirements. These motors find applications in air curtains, condenser units, chiller units, exhaust fans, fan coil units, and blowers.
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HVAC motors are crucial in ensuring smooth and noiseless operation of HVAC units. The design of HVAC motors is intended to reduce vibrations and provide noise-free operation. The widespread demand for HVAC systems is likely to be the major driver for the HVAC motors market over the forecast period. HVAC systems are becoming increasingly popular in Asia Pacific, where the consumers are enjoying rising levels of disposable income and prosperity, leading to increasing purchases of HVAC systems. The growing industrial sector around the world is also likely to drive the demand from the global HVAC motors market over the forecast period, as HVAC motors are crucial in ensuring ideal atmospheric conditions in industrial setups where temperature fluctuations can result in significant performance deficits.
The growing demand for environmentally sound and sustainable HVAC systems is likely to drive significant product innovation in the global HVAC motors market over the forecast period. HVAC motors are crucial in ensuring an HVAC system’s adherence to environmental regulations, as malfunctions in HVAC motors can result in major overuse of power, harmful emissions, and other problems.
Global HVAC Motors Market Segmental Analysis
The global HVAC motors market is segmented on the basis of type, application, end use, and region.
By Type
- Condenser Fan Motors
- Blower Motors
- Cooling Tower Motors
- Others
By Application
- Heating Equipment
- Ventilation Equipment
- Cooling Equipment
By End-Use
- Commercial
- Residential
- Industrial
By Region
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Regional Analysis
Asia Pacific held the largest share in the global HVAC motors market in 2017 and is likely to retain the lead over the forecast period due to the growing production of HVAC units in leading electronics producing countries such as China, South Korea, Taiwan, and Japan. China is the largest regional market within Asia Pacific and is likely to remain in the same position over the forecast period.
The growing residential construction and infrastructure construction activities in Asia Pacific are expected to provide increased scope for the HVAC motors market over the forecast period. Due to the rapid rate of urbanization in Asia Pacific countries, the demand for urban household appliances has shot up dramatically over the last few years. The increasing disposable income of consumers in countries such as India, China, Indonesia, Malaysia, Taiwan, Japan, Australia, and South Korea has also been instrumental in driving the HVAC motors market in the region.
Europe and North America are also major regional segments of the global HVAC motors market and are likely to exhibit steady growth over the forecast period due to the growing demand for environmentally sound HVAC products.
The Middle East, Latin America, and Africa are not likely to feature prominently in the global HVAC motors market over the forecast period, due to the low disposable incomes of consumers in these regions, which keeps them from purchasing technologically advanced HVAC units.
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