Global demand for low voltage motors is expected to be worth US$ 39.1 billion in 2022, rising at a CAGR of 6.7 percent to US$ 75 billion by 2032. Extensive industrialization in a range of areas, as well as the ability to reduce the likelihood of equipment failure, will create excellent opportunities for growth in the low-voltage motors business.
The low voltage motors are extensively being used in several industries such as mining, food & beverages, oil & gas, automotive, packaging, etc., driven by the profuse growth in industrialization and steadily rising demand for energy across the globe. These are the motors that run at voltages less than 1000 V and generate maximum power that aids to improve productivity, and quality and saving energy.
Various motor efficiency legislation adopted around the world is expected to boost the global low voltage motor market over the forecast period. Manufacturers are required to use more expensive and energy-efficient motors as a result of these laws.
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During the projected period, the worldwide low voltage market is expected to develop at a single-digit CAGR, with great potential in the next 4-5 years. To improve their production process, most manufacturers are increasingly focused on advanced technology and quality low voltage motors, which has resulted in an increase in demand for advanced low voltage motors.
Global Low Voltage Motor Market: Drivers & Restraints
With rise in technological advancement, increasing demand for machinery across the world and advantages offered by low voltage motors due to its efficient nature, the global low voltage motor market is anticipated to show the robust growth during the forecast period. The growing consumption of low voltage motors by end-user industries will continue to drive the growth in low voltage market over the forecast period.
In addition, stringent motor efficiency legislation and retrofits due to aging equipment are expected to impact the global low voltage motor market in a positive way.
Global Low Voltage Motor Market: Regional Outlook
Depending on geographic regions, the global low voltage motor market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2014, Asia Pacific dominated the global low voltage motor market owing to the growing consumption of low voltage motors by the automotive and electronics industry, in this region. In addition, China is the largest country market for low voltage motors in Asia Pacific and is poised to show strong opportunities for low voltage motors in near future. After Asia Pacific North America is projected to show vigorous growth in global low voltage motor market, especially due to the increasing demand of low voltage motors in countries like US and Canada, during the forecast period.
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Global Low Voltage Motor Market: Market Players
Some of the major players operating in the global low voltage motor market are ABB, TECO-Westinghouse Motor Company, Siemens, Hyosung Power and Industrial Systems Performance Group, Anhui Wannan Electric Machine, ATB Group, Leroy Somer, LEZ Ruselprom, Luan JiangHuai, NIDEC, Regal Beloit, Shandong Huali Electric Motor Group, GE Industrial, Toshiba International, WEG, VEM Group, etc.
The report covers exhaustive analysis on:
- Low Voltage Motor Market Segments
- Low Voltage Motor Market Dynamics
- Low Voltage Motor Market Size
- Low Voltage Motor Market Supply & Demand
- Low Voltage Motor Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Low Voltage Motor Technology
- Low Voltage Motor Market Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments Profiled in the Low-voltage Motor Industry Survey
- IE1 Low-Voltage Motors
- IE2 Low-Voltage Motors
- IE3 Low-Voltage Motors
- IE4 Low-Voltage Motors
- Low Voltage Motors for Food & Beverages
- Low Voltage Motors for Mining
- Low Voltage Motors for Automotive
- Low Voltage Motors for Electronics
- Low Voltage Motors for Textile
- Low Voltage Motors for Other End User Industries
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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