Inverter Duty Motor Market to grow at a CAGR of 8.5% during 2024-2028
The Inverter Duty Motor Market is expected to grow at a CAGR of 8.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2074.9 million. In the realm of industrial automation, Variable Frequency Drives (VFDs) have emerged as a cost-effective solution for controlling induction motors in applications requiring variable speed mechanical activities. VFDs facilitate superior energy efficiency by adjusting the motor voltage according to the application's demands, enabling motor speed control and reducing energy consumption. Compared to servo and stepper motors, VFDs offer a more affordable investment. Moreover, their ability to manage variable motor loads effectively results in substantial energy savings, particularly in applications where continuous full load operation is not necessary.
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Technavio analysts predict that the Pumps subsegment will lead the Application segment during 2024 and 2028 The Inverter Duty Motor Market represents a significant business opportunity for manufacturers and suppliers due to the increasing demand for energy-efficient and cost-effective motor solutions. These motors, which utilize power electronics to control motor speed and torque, offer numerous advantages such as improved energy efficiency, enhanced system performance, and extended motor life. As industries continue to prioritize sustainability and cost savings, the Inverter Duty Motor Market is poised for robust growth.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing need for energy-efficient equipment
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The Inverter Duty Motor (IDM) market is witnessing significant growth due to the increasing focus on environmental sustainability and energy efficiency. IDMs, which use Motor Control Technologies like Variable Frequency Drives (VFDs), are essential components of HVAC Systems, Renewable Energy, Industrial Automation, and other infrastructure development projects. In the Metal and Mining industry, IDMs are widely used in Aluminum, Laminated Steel, and Cast Iron production, where energy efficiency is crucial. The Internet of Things (IoT) is revolutionizing the IDM market by enabling remote monitoring and control of motor operations, enhancing productivity and reducing energy consumption. The Gas and Oil sectors are also adopting IDMs for energy-efficient operations. Collaborations between industry leaders and technology developers are driving innovation in IDM manufacturing capacity and technology development. Urbanization and commercialization are further fueling the demand for IDMs in various sectors. The growing trend towards Electric Vehicles is also expected to boost the IDM market, as these vehicles require efficient motor systems for optimal performance. Overall, the IDM market is poised for robust growth, driven by infrastructure development, renewable energy, and the need for energy-efficient solutions in manufacturing and transportation.
The Inverter Duty Motor Market is a significant segment of the expansive Global Electrical Components and Equipment Market. This market encompasses organizations involved in the production of electric cables and wires, electrical components, and electrical equipment. According to Technavio, the Global Electrical Components and Equipment Market size is determined by the consolidated revenue generated by manufacturers of various sub-segments, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Furthermore, the market includes revenue from the renting and leasing of electrical components and equipment to diverse end-users, such as industrial, commercial, and residential sectors.
The Inverter Duty Motor Market is experiencing significant growth, fueled by the growing need for energy-efficient equipment. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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