PUNE, India --- The report "Inverter Duty Motors Market Report by Application, by End-User, by Standards, by Construction Material, and by Region (North America, Europe, Asia-Pacific, and Rest of the World) - Global forecasts to 2021" published by MarketsandMarkets, The market is expected to grow from an estimated USD 2.58 Billion in 2016 to USD 4.08 Billion by 2021, at a CAGR of 9.6% from 2016 to 2021.
Increasing need for motor efficiency, growing urbanization and infrastructure developments, and high demand for energy density of motors are driving the Inverter Duty Motors Market across the globe.
IEEE standards-based inverter duty motors accounted for the largest market share in 2015
Among different types of international standards, i.e., IEEE, NEMA, UL, and others, IEEE standards-based inverter duty motors accounted for the largest market share in 2015. IEEE specifies inverter duty motors standard under IEEE 841™-2009 standard. This standard implies that the motors should be built with NEMA MG1 compliance, and also should include typical features and testing of IEEE 841™-2009 standard. The additional reliability gained by these tests adds advantage to IEEE-based inverter duty motors over standard NEMA-based inverter duty motors. These motors are mostly used in the North American and European region.
Chemicals and oil & gas end-user segment is responsible for the highest demand of inverter duty motors globally
Upstream operations of the oil & gas industry, such as drilling, require constant torque and variable speed motor applications. Inverter duty motors are reliable and efficient for such operations. Due to widespread oil & gas operations across the globe, and increasing demand for reliability in operations, inverter duty motors are expected to cater the highest demand from this industry during the forecast period. Metal & mining is another segment contributing to the demand for inverter duty motors. In this segment, inverter duty motors find their utilization in crane & hoists, conveyors, and extruders applications.
North America is the dominant market for inverter duty motors
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.
To provide an in-depth understanding of the competitive landscape, the report includes profile of some of 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), among others. Dominant players are trying to penetrate developing economies and adopting various methods to grab the market share.
Market share analysis by revenue for key companies is included in the report. The scope accordingly aids market participants to identify high-growth markets and help managing key investment decisions. For this report, major players in the Inverter Duty Motors Market have been identified using various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing people. Based on this research, the market shares have been evaluated and validated.
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