HVAC Motors Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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Request Now !Heating, ventilation, and air conditioning (HVAC) motor is designed to ensure that HVAC units function smoothly without any noise within HVAC systems. These motors are commonly used in condensing units, air circulators, air coolers, and roof ventilators. In addition, these engines are used to meet air conditioner requirements for commercial buildings, air conditioning, ventilation requirements, and heating needs. Moreover, the indoor air quality is improved with the deployment of HVAC systems, which further fuel the demand for HVAC motors. In addition, the other factors that are expected to drive the growth of the global HVAC motors market include surge in demand for HVAC systems to reduce energy consumption along with the implementation of multiple government regulations and policies to conserve energy. HVAC engines are specifically designed for moisture and high humidity conditions, serving the need for specific uses, such as belted or drive shaft chilling/cooling towers.
Market scope and structure analysis
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast unit | Value (USD) |
Segments covered | Type, Application, End User, and Region |
Regions covered | North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia and the Rest of LAMEA) |
Companies covered | WEG (Brazil), Regal Beloit Corporation (U.S.), Honeywell International Inc. (U.S.), Ingersoll-Rand Plc, (Ireland), Johnson Controls (U.S.), Mitsubishi Electric (Japan), Danfoss (Denmark), Hitachi (Japan), LG Electronics (South Korea), and ABB (Switzerland) |
Key drivers of global HVAC motors market
Owing to the comprehensive endorsement of efficient HVAC motors, rise in demand for productive machine control in the automobile industry is one of the key factors, which is anticipated to augment the demand for HVAC motors worldwide. In addition, HVAC motors are widely used in automobiles to sustain HVAC systems in vehicles, such as window defrosting, internal temperature regulation, as well as engine cooling. Furthermore, rise in production of automobile components, globally, is anticipated to augment the demand for HVAC motors, as these motors are applicable in multiple vehicles and in some automotive applications such as fan motors and air conditioning blowers.
Market scenario: opportunities and challenges
Increase use of HVAC motors can be witnessed in a variety of applications such as motor vehicles, industrial machinery, HVAC systems, aerospace & transport, household appliances, and other commercial applications. Temperature variations can lead to significant performance shortfall; thus, to ensure ideal atmospheric conditions in industrial installations or operations, the deployment of HVAC motors is necessary, which, in turn, augments the adoption of HVAC motors. To ensure system reliability and food safety, market players are bolstering their credibility in the market for HVAC motors by making consumers aware to turn toward eco-friendly refrigerant. Producers are developing circuit board stator, which can be used in HVAC motors so that in IoT implementation it provides superior durability along with enhanced performance. However, substantially higher initial investment in energy- efficient HVAC engines is a major restraint of the market.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the global HVAC motors market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the output from residential to industrial sector. Moreover, companies are dealing with missing sales and disrupted supply chains as production activities are shutdown. Furthermore, the outbreak of this pandemic situation is likely to slow down the world’s economic development. With the slowdown in the economic growth, the HVAC motors market is anticipated to witness negative impacts.
Key segments covered
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Key benefits of the report
- This study presents the analytical depiction of the global HVAC motors industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global HVAC motors market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global HVAC motors market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global HVAC motors market research report:
- Which are the leading market players active in the HVAC motors market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
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