Growing urbanization and recent infrastructure developments are likely to drive the global inverter duty motor market between 2018 and 2026. With the rising use of inverter duty motors, extraction of oil and gas has become simpler, helping companies to achieve cost-effective results. In addition to this, inverter duty motors help to improve operational efficiency, thereby making it imperative for oil & gas firms to invest in these products. These motors help to maintain variations in high voltage produced by variable frequency drives or VFDs by running at slow speeds without overheating. Moreover. the major difference between general-purpose motors and inverter duty motors is that the latter can withstand higher voltage spikes without overheating or insulation failing.
Fortune Business Insights offers a detailed overview of the global inverter duty motor market in a report, titled “Inverter Duty Motor Market Size, Share and Global Trend By Construction Material (Laminated Steel, Cast Iron, Aluminium), By Standard (IEEE Standard, Nema Standard, Others), By Application (Pumps, Fans, Conveyors, Extruder, Others), By End User (Chemicals, Oil & Gas, Metal & Mining, Paper & Pulp, Food & Beverage, Others) and Geography Forecast Till 2026.” The report aims to offer a detailed overview of the global inverter duty motor market with a detailed segmentation as per application, end-users, construction material, standard, and geography. Furthermore, the report provides insights into the competitive landscape by throwing light on leading companies operating in this market.The market witnesses’ different growth opportunities and trends which will help our readers to stay up-to-date.
As per the report, some of the leading players operating in the global inverter duty motor market include:
• Wilson Electric
• Adlee Powertronic Co. Ltd
• WEG SA
• Nord Drivesystems
• Crompton Greaves Limited
• Bison Gear and Engineering Corporation
• Rockwell Automation Inc
• Regal Beloit Corporation
• Nidec Corporation
• ABB Ltd
• Havells India Ltd
• Siemens AG
High Demand from the Metal & Mining Sector to Propel Growth in Asia Pacific
The market in Asia Pacific stood at USD 1.33 million in 2018 and is predicted to witness high demand during the forecast period owing to the rapid industrialization and urbanization. The growing demand for energy-efficient motors from the metal & mining sector will enable healthy growth of the market in Asia Pacific, “states our lead analysts at Fortune Businesses Insights.” According to the World Investment Report 2018, the developing economies had poised a growth in foreign direct investment worth USD 671 billion in the year 2017. In addition, the surge in the automotive industry will have a positive impact on the inverter duty motor market trends in Asia pacific
Introduction of IE3 Levels by EU to Stoke Demand for Inverter Duty Motors
Among regions, North America is anticipated to lead the global inverter duty motor market in the foreseeable future. The growth is primarily attributable to the presence of unconventional and large oil & gas industry. Following this, stringent regulations on motor-efficiency are also expected to enable growth in the market. Owing to technological developments across industries, manufacturers have upgraded their inverter duty motors in terms of capacity, aiding the inverter duty motor market growth in North America.
The market in Europe is projected to exhibit growth at a considerable rate by 2026. European Union passed a regulation which says, “Electric motors have to mandatorily meet the IE3 efficiency levels and if they fail to do so, then these motors need to be equipped with variable speed drive.” This shows that the demand for inverter duty motors will increase as these systems help to maintain minimum efficiency levels. Presence of large industrial base in developed countries such as Germany, the U.K, and France is expected to further drive the market growth in this region.
The rising focus on infrastructure development across manufacturing industries is the primary factor responsible for driving the market in Asia Pacific. Other regions such as the Middle East & Africa and Latin America are expected to show enormous potential for the market over the projected horizon.