Low Voltage Motors Market to Record 1.5x Revenue Growth through 2022, Finds Fact.MR Study
Published : 27 Mar 2019 Industry: Automotive
According to recent report by Fact.MR, the global low voltage motors market was estimated to surpass a value of US$ 25 billion in 2018. Growth of the low voltage motors market can be primarily attributed to incessant rise in the need for cost efficient energy source in number of industries. To meet the escalating demand for consumer and capital goods, manufacturers across the globe are continuously focusing on adopting innovative technologies to improve their production. Emerging trends of incorporating intelligent technology and smart sensors in low voltage motors is likely to gain traction in the coming years.
Low Voltage Motors Market Growth Underpinned by Rising Demand in Mining Industry and Wastewater Treatment
In order to enhance the performance and production rates, manufacturers of low voltage motors industry are incorporating sector specific features in their products. Low voltage motors with features such as flameproof, corrosion-resistant, and moisture-resistant are gaining traction in the mining industry, and significantly contributing to revenue maximization of low voltage motors market.
Increase in the demand for wastewater treatment on the account of rising industrial activities is foreseen to be highly impactful on the growth of low voltage motors market. With surging need to retrofit or replace equipment for wastewater treatment in various industries, the global low voltage motors market is likely to witness a significant growth in the foreseeable future. Moreover, several industries are increasingly adopting the low voltage motors for their ability to provide protection against thermal overload and counter variability issues in current loads.
APEJ Leads Gains in Low Voltage Motors Market
Asia Pacific Excluding Japan is anticipated to retain its leading position in the low voltage motors industry, on the back of rapid growth in industrialization including automotive and electronics sectors. In 2018, APEJ low voltage motors market exceeded an estimated value of US$ 9.5 billion, growing at 9.9% in 2019 through 2018. In addition, stringent government regulations regarding motor efficiency and retrofitting and replacing aging equipment are expected to reflect favorably on the growth of low voltage motors market in the region.
Premium IE4 Low Voltage Motors to Witness Robust Demand
Marketed as “Supreme Premium Efficiency” motors, demand for IE4 low voltage motors are expected to increase in the coming years, owing to their high efficiency and other advantages such as lower operating temperatures, higher energy savings, and longer service life.
However, sales of IE2 efficiency class motors will continue to surge in the global low voltage motors market, contributing a revenue of more than US$ 9 billion in 2018. Escalating demand for efficient energy source in number of industries such as utilities, mining, and food & beverage manufacturing has been largely influencing the growth of IE2 low voltage motors market.
Pumps & Fans Remains Leading Application of Low Voltage Motors
The Fact.MR study finds that pumps & fans will continue to hold relatively high revenue share in the low voltage motors market. Attributes such as better insulation, long bearing life, and low heat output are expected to influence the adoption of low voltage motors for pumps & fans.
F&B manufacturing sector is estimated to emerge as fastest growing segment, registering the highest CAGR in low voltage motors market during 2017-2022 period. Further, commercial HVAC and other sectors will continue to complement the growth of low voltage motors market, with both representing a significantly high revenue share.
The Fact.MR report highlights detailed profiles of the leading players in the low voltage motors market. Some of them include ABB, WEG, Siemens AG, TECO E&M, Shangdong Huali, Hyosung Corporation, GE, Regal Beloit, Hyundai Heavy Industries, TOSHIBA, Nidec Corporation, Leroy Somer, LEZ Ruselprom, and Fuji Electrics.