Hoist and Elevator Motors Market Trends

Growth Drivers

• Growing Demand for Green Buildings - There is a growing need for green buildings that use energy-efficient technologies, such as elevators and hoist motors, as awareness of the effects of climate change rises. Manufacturers who can provide motors with lower emissions and energy consumption will be in a good position to profit from this trend. The need for elevator motors is growing quickly in developing countries like India, China, and Southeast Asia because of the surge in infrastructure development, urbanization, and demand for high-power elevator motors in both residential and commercial buildings. In addition, makers of elevator motors are seeing profitable opportunities in the hoist and elevator motors market due to the growing need for modernization and repair of antiquated lift systems.
• Increasing Adoption of Permanent Magnet Motors - In the market for hoist and elevator motors, permanent magnet motors are becoming more and more popular because of their great efficiency, small size, and low maintenance needs. Consequently, producers are adding more and more of these motors to their range of products. The strongest traction motor type that is currently offered for sale is the permanent magnet motor. As a result, permanent magnet motor adoption is anticipated to rise across a range of industries due to the growing need for motors with improved operating efficiency. Furthermore, these motors are being considered for usage in HVAC systems by the commercial and residential sectors. As per a report, by 2025, the HVAC sector is predicted to expand by 11.6% with annual increases in global temperatures.
• Increase in Customization and Personalization - Customization and personalization are becoming more and more important in the hoist and elevator motors market, as manufacturers provide a greater array of features and alternatives to cater to the individual requirements of their clients. For instance, geared traction motors are frequently tailored to meet the unique load and speed specifications of a building. These motors are made to move elevators smoothly and effectively. Recently, Siemens has been consolidating its operations in the domains of medium-voltage converters, motor spindles, geared motors, and low-to-high voltage motors under this moniker. The portfolio comprises a wide range of service products in addition to creative solutions and digitization.

Challenges

• Growing Shift Towards Sustainability – The growing need for ecologically friendly and energy-efficient technologies is one of the main obstacles. Manufacturers must create motors with lower energy consumption and lower carbon emissions as consumer attitudes and legislation move towards sustainability. Therefore, this factor may hinder the growth of the hoist and elevator motors market.
• Higher Installation and Maintenance Costs may Hinder the Growth of the Market
• Stringent Regulations and Compliance Standards in the Construction and Elevator Industries may Hamper the Market Growth