The low voltage motors market is foreseen to embark on a robust growth trajectory, with an average Compound Annual Growth Rate (CAGR) of 5.2% anticipated within the forecast period spanning from 2022 to 2032. Projections indicate a commanding demand, reaching US$ 75 billion by 2032, as these energy-efficient marvels prepare to redefine industrial operations.
Operating at voltages below 1000V and exhibiting capacities of up to 1000 KW, low-voltage motors take a prominent role in advocating for energy conservation. Their exceptional efficiency, surpassing standard motors by 2% to 8%, not only promises substantial cost savings but also contributes significantly to the reduction of carbon footprint. As we conscientiously navigate toward a more sustainable future, these motors emerge as linchpins in the realm of energy conservation.
Engineered meticulously in alignment with the efficiency criteria outlined by the National Electric Manufacturers Association (NEMA), low-voltage motors demonstrate a commitment to excellence. By delivering consistent output while minimizing power consumption, these motors ensure that industries can achieve their production targets without undue inflation of energy costs.
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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 high-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 the rise in technological advancement, increasing demand for machinery across the world, and advantages offered by low voltage motors due to their efficient nature, the global low voltage motor market is anticipated to show robust growth during the forecast period. The growing consumption of low voltage motors by end-user industries will continue to drive the growth in the 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 the 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 the global low voltage motor market, especially due to the increasing demand for low voltage motors in countries like the US and Canada, during the forecast period.
Global Low Voltage Motor Market: Key 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.
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The report covers an 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
Global Low Voltage Motor Market: Market Segmentation
Product Type:
- IE1 Low-Voltage Motors
- IE2 Low-Voltage Motors
- IE3 Low-Voltage Motors
- IE4 Low-Voltage Motors
End-User Industries:
- 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
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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