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 variety of sectors, as well as the ability to reduce the likelihood of equipment failure, will provide excellent opportunities for growth in the low-voltage motors industry.
Low voltage motors are widely used in a variety of industries, including mining, food and beverage, oil and gas, automotive, and packaging, as a result of global industrialization and steadily rising energy demand.
These are the motors that operate at voltages less than 1000 V and produce maximum power, thereby improving productivity, quality, and energy savings. Various motor efficiency legislation enacted globally are expected to drive the global low voltage motor market during the forecast period. Manufacturers are required to use more expensive and energy-efficient motors under these laws.
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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 US and Canada, during the forecast period.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an 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.
By Segmentation:
On the basis of product type, the global low voltage motor market is segmented into four types
- IE1
- IE2
- IE3
- IE4
Based on end-use industry the global low voltage motor market is segmented into six types
- Automotive
- Mining
- Electronics
- Textile
- Food & Beverages
- Others
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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 positively.
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.
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