2/5th of Low Voltage Motor Applications to Abound across Commercial HVAC Systems, Finds Fact.MR
Published : 16 Nov 2021 Industry: Automotive
Fact.MR’s newly published report establishes that the global low voltage motors market will surge at a CAGR of 6.8%, reaching US$ 70.6 Bn by the end of the 2021-2031 assessment period. Large-scale deployment across residential and commercial buildings in HVAC solutions has augmented demand to a large extent.
Historical evidence suggest that the market enjoyed an optimistic past. While the market expanded at around 5% CAGR from 2016 to 2020, a Y-o-Y increase of 8.8% was documented from 2018 to 2019. While prospects were temporarily down amidst the COVID-19 pandemic, given the contractions in the construction industry, sales have gradually recovered, presenting highly optimistic possibilities for the market in the forthcoming decade.
An increase in demand for electricity may result in low voltage. As a result of the high demand, the electric utility reduces the voltage supplemented into the system. A low voltage motor is an excellent solution for problems of both low- and high-power usage. Even though medium voltage drives are often chosen for their relatively lower costs, smaller footprint, and better availability, low voltage motors are often chosen due to their relatively lower current draw and lower energy usage.
Key Takeaways from the Market Study
- By efficiency class, IE 1 low voltage motors to incline at a CAGR of 5% through 2031
- Commercial HVAC applications of low voltage motors to comprise 45% of global market demand
- Pumps & fans expected to retain their top position, clocking a CAGR of 6% until 2031
- North America to register a CAGR of 5% for low voltage motors from 2021-2031
- Europe to experience heightened demand on back of surging construction industry, clocking a CAGR of 6%
- Asia to emerge as the fastest expanding low voltage motors landscape, progressing at a CAGR worth 7%
“Rapid urbanization has led to increased demand for residential and commercial grade infrastructure, most notably buildings, stimulating the need to deploy efficient HVAC systems, widening prospects for low voltage motors,” says the Fact.MR analyst.
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from products that are eco-friendly by nature.
- On August, 25th 2021, to expand its manufacturing capacity of low voltage motors, ABB recently added a manufacturing line in its Faridabad manufacturing plant. With the new line of development for customers operating in different industries such as food & beverage, water & wastewater, cement, metals and mining, HVAC, textiles, and rubber can get energy-efficient motors up to 55kW
- In March 2021, Siemens acquired an electrical equipment manufacturer C&S Electric after securing approval from the Competition Commission of India. The company acquired 99.22% equity shares in C&S Electric from its promoters for ?21 billion. Through this acquisition, the company plans to enter the Indian market and create a hub for exporting low-voltage products overseas
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the low voltage motors market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on efficiency class (IE1, IE 2, IE 3, IE 4, DC and others), sector (commercial HVAC, F&B manufacturing, mining, utilities and others), application (compressors, pumps & fans, conveyors, crushers, extruders, and others) and capacity (> 375 kW, 111-375 kW, 76-110 kW, 46-75 kW, 7.5-45 kW, 2.2-7.4 kW and 0.75-2.1 kW), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Automotive