NEWARK, Del, Feb. 15, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the global inverter duty motor market is anticipated to reach a valuation of US$ 4.7 Billion in 2024, driven by expansion of renewable energy installations. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 12.1% between 2024 and 2034, and reaching a total valuation of US$ 14.7 Billion by 2034.
A major factor contributing to the growth of the market is the continuous advancements in material science and motor design technologies, which enable the development of lighter, more compact, and high performance inverter duty motors. The motors offer improved power density, efficiency, and durability, meeting the evolving requirements of diverse applications and industries.
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Collaborations between motor manufacturers, technology providers, and industry stakeholders facilitate the development of integrated solutions tailored to specific applications and market segments. Strategic partnerships enable knowledge sharing, technology transfer, and access to new markets, fostering innovation and growth in the inverter duty motor market.
The ongoing electrification of industrial processes, driven by factors such as environmental regulations and cost savings, creates demand for inverter duty motors. The motors enable precise control and optimization of various manufacturing processes, leading to improved efficiency and productivity.
Key Takeaways from the Market Study:
- Global inverter duty motor market was valued at US$ 4.1 Billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 15.1%.
- The market in Japan is expected to expand at a CAGR of 13.8% through 2034.
- By application, the pumps segment to account for a CAGR of 11.6% through 2034.
- The absolute dollar growth of the market is projected to reach a value of US$ 10.0 Billion during the forecast period.
- The market in the United Kingdom is expected to expand at a CAGR of 13.5% through 2034.
“There is a growing need for inverter duty motors capable of handling higher voltage and current requirements, with the increasing adoption of inverter technology in high power applications such as oil and gas extraction, mining, and marine propulsion systems. Manufacturers are developing motors with enhanced power ratings and robust construction to meet these demands,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
Prominent players in the inverter duty motor market are:
- Regal Beloit Corporation
- ABB
- Siemens
- GE
- Nidec Motor Corporation
- Havells India Ltd.
- Rockwell Automation
- Adlee Powertronic Co. Ltd.
- Bison Gear & Engineering
- North American Electric Inc.
- Nanyang Harward Ex Machinery and Electronics Co. Ltd.
- Fukuta Elec & Mach. Co. Ltd.
Company Portfolio:
- GE, a leading conglomerate, manufactures a variety of products including inverter duty motors. The inverter duty motors of the company are designed to meet the demanding requirements of modern industrial applications. The motors offer superior performance, robust construction, and compatibility with variable frequency drives, enabling efficient and reliable operation in challenging environments.
- Nidec Motor Corporation specializes in the manufacturing of electric motors and related products. Their portfolio encompasses inverter duty motors engineered to deliver high torque and precise control when operated with variable frequency drives. The inverter duty motors by Nidec are recognized for their performance, reliability, and suitability for diverse industrial applications.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global inverter duty motor market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the inverter duty motor market, the market is segmented on the basis of construction material (laminated steel, cast iron, aluminum), application (pumps, fans, conveyors, extruders, others), and end user (chemicals, oil and gas, metal and mining, paper and pulp, food and beverage, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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Inverter Duty Motor Market Segmentation Analysis:
By Construction Material:
- Laminated Steel
- Cast Iron
- Aluminum
By Application:
- Pumps
- Fans
- Conveyors
- Extruders
- Others
By End User:
- Chemicals
- Oil and Gas
- Metal and Mining
- Paper and Pulp
- Food and Beverage
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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