The entire of process of heating, ventilating, and air conditioning is denoted by an acronym HVAC. HVAC (Heating, Ventilation and Air Conditioning) is the technique of monitoring and controlling vehicular and indoor environments. Global HVAC Motors Market Research Report: Information by Type (Condenser Fan Motors, Blower Motors, Cooling Tower Motors), Application (Heating, Ventilation, Cooling Equipment), End-Use (Residential, Commercial, Industrial) and Region– Forecast till 2023
HVAC Motors Market Scope
The global HVAC motors market 2020 can advance at a rate of 6.90% over the forecast period, which is between 2018 and 2023, states 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.
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Leading Companies:
- Honeywell International Inc. (US),
- Siemens (Germany),
- Ingersoll-Rand Plc, (Ireland),
- GE (US),
- Mitsubishi Electric (Japan),
- Danfoss (Denmark),
- Hitachi (Japan),
- Johnson Controls (US),
- ABB (Switzerland),
- Regal Beloit Corporation (US),
- Bosch Rexroth (Germany),
- LG Electronics (South Korea),
- WEG (Brazil)
Growth Drivers and Top Challenges
HVAC motors are being continuously subjected to innovation within adaptive liquid management solutions. For instance, Danfoss recently developed Danfoss CO2 Adaptive Liquid Management (CALM) solution that is used in cold rooms. Besides this, most of the companies in the HVAC motor market are busy with R&D activities to combine adaptive liquid control case controller algorithm with liquid ejector to use the evaporator surface within display cases. These kinds of efforts by players can induce rapid market expansion in the following years.
Many of the manufacturers are concentrating on higher energy efficiency as well as energy savings in CO2 refrigeration. They are striving to bolster their credibility by promoting the benefits of using climate-friendly refrigerants among customers. Adaptive liquid management is fast emerging as the next-gen energy savings technology, boosting the market growth in the process.
Circuit board stators have been introduced in HVAC motors that provide superior durability as well as enhanced performance in IoT implementations. Efforts are being made by manufacturers to transform the weight as well as the size of HVAC motors. A large number of startups are trying to tap opportunities in electric motor technology with high potential in HVAC applications. With the automotive industry dominating the HVAC motor market, in terms of both volume and value, startups are garnering expertise in an attempt to bring down the complexity as well as the size of electric powertrains, which is deemed to benefit the market in the years to come.
HVAC Motors Market Trends
Virtual reality or VR has managed to create quite a stir within the HVAC motor market, given the emergence of on-demand training course catalogs. Companies in the market are gaining a competitive edge over their rivals by deploying trained HVAC professionals. Individuals are able to achieve worksite skills with the use of these online courses. This trend is gaining a lot of steam and can soon be quite prevalent in the market during the review period.
HVAC Motors Industry Segmentation
The global HVAC motors industry has been carefully analyzed in the MRFR report, with the main segments identified as type, application, and end-use.
The types of HVAC motors are Condenser Fan Motors, Blower Motors, Cooling Tower Motors, and others.
The applications of HVAC motors are ventilation equipment, cooling equipment, and heating equipment. Within the segment of heating equipment, heat pumps can lead the market, on account of their appealing capabilities like performing space-cooling as well as heating functions, in addition to the ability to heat water. In the ventilation equipment segment, the air handling category accounts for the largest share in the market, because of the ambient air drawn by these types of motors.
End-use segments in the market are industrial, residential, and commercial.
Regional Insight
HVAC motors market forecast by MRFR highlights the primary regions like Asia Pacific (APAC), Europe, North America, the Middle East & Africa (MEA), and South America.
In 2017, APAC can accumulate a significant portion of the global HVAC motors market, making it the most profitable region. Most of the regional market share belongs to China, thanks to the numerous beneficial government policies that boost the product sale. Citing a reference, the Ministry of Housing and Urban-Rural Development of P.R. (MOHURD) in China has formulated specific standards as well as protocols that pertain to the construction policies with respect to HVAC motor installations in the country.
The United States (U.S.) stands one of the leading markets for HVAC motors in North America, exhibiting a high potential to offer growth opportunities to the leading players. Many of the companies in the region are aware of the streamlining product safety standards as well as building codes that facilitate the safe use of refrigerants available in the market.
The European market for HVAC motors has noted tremendous technological advancements in the last couple of years. Further, mounting awareness among end-user verticals with regard to eco-friendly living have propelled the popularity of those products that are backed by electric motors, like electric machineries, electric cars and others. These products make extensive use of HVAC motors, thus promoting market growth in the region.
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