The global inverter duty motors market is projected to grow at a CAGR of 9.6% during 2016–2021, to reach a value of USD 4.08 Billion by 2021. This growth is attributed to increasing demand for energy efficiency, energy density of motors, and growing urbanization leading to infrastructural growth across the globe.
The inverter duty motors market, by application, in this report, has been divided into pumps, fans, extruders, conveyers, and others. Others include cranes & hoists, winders, and mixers. The pumps segment is estimated to dominate the inverter duty motors market during the forecast period. The major factors driving the growth of this market include higher energy efficiency and superior energy density offered by inverter duty motors. This comparison is in regard to general purpose motors with inverter duty motors.
On the basis of end-user industry, the report segments the inverter duty motors market into chemicals and oil & gas, metals & mining, pulp & paper, food & beverage, and others. Others include pharma, textile processing, and cement industries. Meanwhile, the global inverter duty motors market is expected to register a substantial growth rate during the forecast period. The European market is forecast to lead in terms of growth rate during the forecast period. This growth can be attributed to government initiatives to achieve higher energy-efficiency targets and regulation of industrial motors applications, which oblige to use standard-specific inverter duty motors in variable speed applications.
In this report, the inverter duty motors market has been analyzed with respect to four regions, namely, North America, Europe, Asia-Pacific, and Rest of the World. Rest of the World includes South America, the Middle East, and Africa regions. North America is expected to dominate the global inverter duty motors market owing to its large unconventional oil & gas industry base, and stringent motor efficiency regulations in the region.
The ecosystem of the global inverter duty motors market starts with suppliers of basic components such as construction material, winding wires, frames, and electric connections, among others. The manufactured parts are then assembled by the OEMs to form an inverter duty motor, which is then tested. After this stage, distribution comes next in which majority of the production is directed toward end-users.
The leading players in the inverter duty motors market, namely, ABB Ltd. (Switzerland), Nidec Corporation (Japan), Regal Beloit Corporation (U.S.), Rockwell Corporation (U.S.), Siemens AG (Germany), General Electric (U.S.), WEG SA (Brazil), Crompton Greaves (India), and Havells India Ltd. (India).