Climate-friendly Refrigeration Technologies Bolster Credibility of Manufacturers in HVAC Motor Market
HVAC motors are witnessing innovation in adaptive liquid management solutions. For instance, Danfoss-a provider of energy efficient technologies, won the AHR Expo 2020 Innovation Award for developing the Danfoss CO2 Adaptive Liquid Management (CALM) solution for cold rooms. Companies in the HVAC motor market are increasing R&D to combine liquid ejector with adaptive liquid control case controller algorithm to efficiently utilize the evaporator surface in display cases.
The HVAC motor market is estimated to grow exponentially and reach a revenue of ~US$ 19.8 Bn by the end of 2027. This is evident since manufacturers are aiming toward greater energy efficiency and energy savings in CO2 refrigeration. Manufacturers are bolstering their credibility in the market for HVAC motors by assisting customers to turn toward climate-friendly refrigerants to ensure system reliability and food safety. Adaptive liquid management is growing popular as the next-gen energy savings technology.
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Cutting-edge HVAC Motors Gain Prominence in Enhanced IoT Connectivity
Companies in the HVAC motor market are increasing research to manufacture smaller and quieter motors. Ultra-high efficiency motors are generating incremental opportunities for manufacturers. As such, the HVAC motor market is expected to reach a production of ~10,100 units by 2027. Thus, ultra-high efficiency motors are being highly publicized, since these novel motors offer energy saving to customers. Lightweight HVAC motor is another key driver contributing to the growth of the HVAC motor market.
Manufacturers are introducing circuit board stator in HVAC motors so that motors offer superior durability and improved performance in IoT implementations. They are increasing R&D to transform the size and weight of HVAC motors. On the other hand, startups are tapping opportunities in the electric motor technology that has promising potential in HVAC applications. Since automotive industry is anticipated to dominate the HVAC motor market, in terms of value and volume, startups are gaining expertise to reduce the complexity and size of electric powertrains.
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VR in 3D Simulation Courses Creates Availability of Industry-ready HVAC Professionals
The HVAC motor market indicates positive growth in terms of volume, since the market is anticipated to progress at a volume CAGR of ~6% during the forecast period. Since companies want to revolutionize the weight and size of HVAC motors, there is a need for trained professionals in the highly competitive automotive, petrochemical, and agricultural sectors. Hence, companies are introducing online course catalogs to increase the availability of trained professionals. For instance, Interplay Learning – a company that offers online 3D simulation courses revealed their SkillMill™ Skilled Trades Course Catalog that gives HVAC professionals the accessibility to learn technical concepts on their mobile devices.
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Virtual reality (VR) is creating quite a stir in the HVAC motor market with the introduction of on-demand training course catalogs. Thus, companies can gain competitive edge over other companies by onboarding trained HVAC professionals. Individuals are gaining worksite skills with the help of these online courses.
Product Safety Standards and Building Codes Imply Safe Use of Low-GWP Refrigerants
The HVAC motor market is largely consolidated with leading players accounting for ~25%-35% of the total market share. This indicates that prominent and emerging players can pose as a tough competition to major players. However, manufactures need to tackle regulatory challenges to advance in the HVAC motor market.
For instance, North America is projected to dictate the highest value and volume in the market for HVAC motors. The U.S., being one of the major countries in North America has the potential to offer revenue opportunities to HVAC equipment companies. However, lower-GWP (Global Warming Potential) refrigerants possess risks of inflammation, which is likely to slow down market growth. Hence, companies in the U.S. are increasing awareness about streamlining product safety standards and building codes to ensure safe use of refrigerants that are introduced in the market. Analysts of Transparency Market Research (TMR) opine that strong sales are creating revenue streams for manufacturers, owing to unpredictable warm weather and favorable economic conditions.
HVAC Motor Market: Overview
- The global HVAC motor market is expected to register a CAGR of ~6% (volume) between 2019 and 2027. The market is projected to be driven by growing demand for HVAC motors in industries.
- Not only automotive, petrochemical, agriculture, and food & beverages, other end users such as power plants, mining, manufacturing, and marine are also expected to boost the HVAC motor market in the near future
- The global HVAC motor market is expected to reach ~US$ 19.8 Bn by 2027 from ~US$ 13.9 Bn in 2019
- North America holds major share of the HVAC motor market in terms of volume and is anticipated to dominate the HVAC motor market during the forecast period, followed by Europe
- North America remains the leading region in the HVAC motor market, with revenues in 2019 estimated at US$ 4,969.2 Mn
HVAC Motor Market: Definition
- The HVAC motor market report provides analysis of the global HVAC motor market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the HVAC motor market would help clients in understanding the adoption analysis of HVAC motors among different industries.
- HVAC motors are designed to ensure noiseless and smooth operation of HVAC units within HVAC systems. HVAC motors are commonly utilized in roof ventilators, air coolers, air circulators, and condensing units. Moreover, HVAC motors are utilized to cater to the requirements of residential heating, ventilation, air conditioning, and commercial building air conditioners. Other than providing people with comfort, they also help improve the indoor air quality.
Key Growth Drivers of HVAC Motor Market
- Rising production of automobiles
- The surge in demand for efficient machine control in the automotive industry, due to the extensive adoption of efficient HVAC motors is one of the important factors accelerating the demand for HVAC motors across the globe. Additionally, HVAC motors are widely used in automobiles to support HVAC systems in a vehicle, such as for defrosting the windows, regulation of internal temperature, as well as engine cooling which are main elements of automobiles. Furthermore, growing advancement and increasing production of passenger cars across the world is fueling the demand for HVAC motors, as these motors are used in automobiles in some common applications such as air conditioning blowers and fan motors.
- Increasing usage of HVAC motors in wide range of applications
- Increasing usage of HVAC motors is seen in a wide range of applications such as motor vehicles; industrial machinery; heating, ventilating, and cooling equipment (HVAC); aerospace & transportation; household appliances; and other commercial applications, to ensure ideal atmospheric conditions in industrial set ups or operations where temperature fluctuations can result in significant performance shortfalls.
- HVAC motors are mainly designed for wet, and high humidity environments that can meet the needs of common applications i.e. belted or drive shaft chiller /cooling towers, which further minimizes friction during operation and increases efficiency. HVAC motors are used in these applications to generate strain, substantial vibration, and heating during their performance, which could possibly have significant influence on electronic components.
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