“Global Inverter Duty Motor Market to reach a market value of USD 9.7 Billion by 2031 growing at a CAGR of 9.4%”
The Global Inverter Duty Motor Market size is expected to reach $9.7 billion by 2031, rising at a market growth of 9.4% CAGR during the forecast period.
Asia-Pacific region is experiencing rapid industrialization, particularly in countries like China, India, and Vietnam. This growth drives the demand for advanced motor technologies, including these motors, to support modernized manufacturing and processing facilities. Consequently, the Asia Pacific region would acquire nearly 28% of the total market share by 2031.
The major strategies followed by the market participants are Product launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, Two news of any two random companies apart from leaders and key innovators. In May, 2024, ABB Group unveiled a new propulsion package for electric buses featuring the AMXE250 motor and HES580 inverter. The HES580, the first 3-level inverter for electric buses, offers up to 75% reduction in harmonic losses, improving energy efficiency and minimizing heat, advancing cleaner and more sustainable transportation. Moreover, in September, 2023, Nidec Motor unveiled the external sale of two new test benches: the TDAS-1202P for evaluating EV traction motor units and the TDAS-2032P for assessing E-Axle systems, which integrate a motor, gear, and inverter.
Based on the Analysis presented in the KBV Cardinal matrix; Siemens AG is the forerunner in the Market. In May, 2023, Siemens AG unveiled the Sinamics S200, a versatile servo drive system ideal for standard applications across battery, electronics, and other industries. It features a precise servo drive, robust motors, and user-friendly cables, delivering high dynamic performance for applications needing precise speed and torque control, like battery manufacturing. Companies such as Rockwell Automation, Inc. ABB Group, Mitsubishi Electric Corporation are some of the key innovators in Market.
In critical applications, such as those in aerospace, defense, medical equipment, and high-stakes industrial processes, any downtime can have severe consequences. Furthermore, in sectors like aerospace and defense, stringent safety and compliance standards are in place. Thus, increased focus on reliability in critical application is driving the growth of the market.
Governments and regulatory bodies worldwide are implementing stringent energy efficiency standards and regulations to combat climate change and reduce energy consumption. These motors help lower energy consumption, reducing greenhouse gas emissions. This aligns with global efforts to decrease carbon footprints and supports environmental sustainability goals. Hence, the growing emphasis on energy efficiency propels the market’s growth.
These motors are designed with advanced features to handle variable speeds and torque requirements when paired with variable frequency drives (VFDs). In addition, while these motors offer long-term energy savings and operational efficiencies, the initial costs can result in a longer payback period. In conclusion, high initial costs are hampering the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
Based on material, the market is divided into laminated steel, cast iron, and aluminum. The cast iron segment attained 39% revenue share in the market in 2023. Cast iron is known for its high tensile strength and durability, making it suitable for structural components of these motors that require robust performance.
By industry vertical, the market is divided into chemicals, oil & gas, metal & mining, paper & pulp, food & beverage, and others. The metal & mining segment held 18% revenue share in the market in 2023. The smooth and controlled operation of these motors leads to quieter equipment. Reducing noise levels is beneficial in mining and metal processing operations, where high noise levels can concern worker comfort and compliance with regulations.
On the basis of application, the market is segmented into pumps, fans, conveyors, extruders, and others. In 2023, the fans segment attained 27% revenue share in the market. These motors offer precise control over fan speed and airflow, allowing for accurate adjustment based on system requirements. This precision is crucial for applications that need consistent and adjustable airflow.
Free Valuable Insights: Global Inverter Duty Motor Market size to reach USD 9.7 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 35% revenue share in the market in 2023. North America, especially the United States, has a well-established industrial and manufacturing sector that heavily relies on advanced motor technologies.
The Market is highly competitive, driven by increasing demand for energy-efficient solutions. Key players focus on innovation, expanding product portfolios, and strategic partnerships to gain market share. The market sees competition from both established manufacturers and emerging companies, intensifying the need for technological advancements and cost-effective offerings.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 4.8 Billion |
| Market size forecast in 2031 | USD 9.7 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.4% from 2024 to 2031 |
| Number of Pages | 268 |
| Number of Tables | 402 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Material, Industry Vertical, Application, Region |
| Country scope |
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| Companies Included | ABB Group, Siemens AG, Rockwell Automation, Inc., General Electric Company, Havells India Ltd., Toshiba International Corporation, Mitsubishi Electric Corporation, Nidec Motor Corporation, Regal Rexnord Corporation and Watertronics |
By Material
By Industry Vertical
By Application
By Geography
This Market size is expected to reach $9.7 billion by 2031.
Increased focus on reliability in critical application are driving the Market in coming years, however, Growing emphasis on energy efficiency restraints the growth of the Market.
ABB Group, Siemens AG, Rockwell Automation, Inc., General Electric Company, Havells India Ltd., Toshiba International Corporation, Mitsubishi Electric Corporation, Nidec Motor Corporation, Regal Rexnord Corporation and Watertronics
The expected CAGR of this Market is 9.4% from 2024 to 2031.
The Chemicals segment led the Market by Industry Vertical in 2023; thereby, achieving a market value of $2.1 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3.3 billion by 2031.
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![North America Inverter Duty Motor Market Size, Share [2031]](https://www.kbvresearch.com/upload/cover/north-america-inverter-duty-motor-market.jpg "North America Inverter Duty Motor Market Size, Share [2031]")
![Asia Pacific Inverter Duty Motor Market Size, Share [2031]](https://www.kbvresearch.com/upload/cover/asia-pacific-inverter-duty-motor-market.jpg "Asia Pacific Inverter Duty Motor Market Size, Share [2031]")
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