What is Global Hermetic Motors Market?
The Global Hermetic Motors Market is a vast and dynamic sector that plays a crucial role in the world economy. It refers to the global market of hermetically sealed motors, which are designed to prevent the ingress of air, gas, or moisture. These motors are typically used in applications where there is a high risk of contamination or where the motor needs to be completely isolated from its environment. The market value of these motors was estimated to be around US$ 1057 million in 2023. The demand for these motors is driven by their unique features such as high efficiency, reliability, and durability. They are used in a wide range of industries including oil and gas, chemical, pharmaceutical, food and beverage, and others. The market is characterized by the presence of several key players who are constantly innovating and introducing new products to meet the evolving needs of the customers.
Single Phase, Three-Phase in the Global Hermetic Motors Market:
The Global Hermetic Motors Market is segmented based on the type of phase into Single Phase and Three-Phase. Single Phase motors are commonly used in residential applications due to their simplicity and cost-effectiveness. They are ideal for applications that require less than 1 HP. On the other hand, Three-Phase motors are more complex and are typically used in commercial and industrial applications. They are more efficient, powerful, and reliable than Single Phase motors. The Three-Phase segment holds a major share of the market, accounting for over 70% of the total market. This is primarily due to the increasing industrialization and the growing demand for high-performance motors in various industries.
Residential, Commercial, Industrial in the Global Hermetic Motors Market:
The Global Hermetic Motors Market finds its application in various areas including Residential, Commercial, and Industrial sectors. In the Residential sector, these motors are used in air conditioning systems, refrigerators, and other household appliances. In the Commercial sector, they are used in HVAC systems, commercial refrigeration, and other commercial appliances. The Industrial sector uses these motors in various applications such as pumps, compressors, and other industrial machinery. The demand for these motors is expected to increase in the future due to the growing need for energy-efficient and reliable motors in these sectors.
Global Hermetic Motors Market Outlook:
Looking at the market outlook, the Global Hermetic Motors Market is expected to witness significant growth in the coming years. In 2023, the market was valued at US$ 1057 million and it is projected to reach US$ 1348.7 million by 2030, growing at a CAGR of 3.5% during the forecast period 2024-2030. The market is dominated by the top 3 manufacturers who hold a share of over 29%. The largest segment of the market is the Three-Phase product, which holds a share of over 70%. This growth is attributed to the increasing demand for these motors in various industries and the continuous innovations by the key players in the market.
| Report Metric | Details |
| Report Name | Hermetic Motors Market |
| Accounted market size in 2023 | US$ 1057 million |
| Forecasted market size in 2030 | US$ 1348.7 million |
| CAGR | 3.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Regal Beloit, Aichi Electric Co, Godrej, ABB, LG, Hidria, HBD Industries, Rockwell Automation, Chunin, Gmcc & Welling, Zhuhai Kaibang |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
