Inverter Duty Motors Market Worth 4.08 Billion USD by 2021

PUNE, India, May 27, 2016 /PRNewswire/ --

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.

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Browse 73 market data Tables with 52 Figures spread through 156 Pages and in-depth TOC on "Inverter Duty Motors Market Report"

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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.