Low Voltage Motors Market – Key Insights
- Global low voltage motors market grew at a significant CAGR of 7.6% during 2012-2016, owing to their highly efficient and cost-effective operation which also meet high safety standards.
- In 2018, the global market of low voltage motors is likely to surpass a value of US$ 25 billion and expand at 8.8% in 2019 through 2018. Escalating need for cost efficient source of energy remains a primary factor influencing the use of low voltage motors in numerous industries.
- APEJ will continue to be the largest market for low voltage motors and is expected to contribute a revenue of more than US$ 14 billion by 2022-end.
- APEJ is also anticipated to remain the fastest growing region in the low voltage motors industry, registering a robust CAGR of 10.1% during 2017-2022.
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What are Growth Driving Factors of Low Voltage Motors Market?
- Rapid industrialization in various regions across the globe is one of the macroeconomic factors driving the low voltage motors market. These motors not only provide protection to thermal overload but also help counter the load variability issues, thereby reducing the chances of equipment failure.
- Low voltage motors are gaining widespread adoption for their ability to control tasks, measure electric current, ensure stability and energy efficiency, and deliver precision through speed. This, in turn, is likely to contribute to global expansion of low voltage motors market.
- With penetration of innovative technologies in various fields, manufacturers of low voltage motors are focusing on incorporation of intelligent technology and smart sensors in their products which may positively impact the growth of low voltage motors industry. Moreover, many manufacturing companies are spending on high quality low voltage motors to enhance their production process in an energy efficient manner.
- The use of smart sensors in low voltage motors enables end users to monitor and record accurate measurement of different parameters of the motor, and this trend is foreseen to gain high traction in the global market in the coming years.
- Integration of smart technology into these motors also reflects favorably on reducing downtime, extending motor lifetime, and cutting energy consumption which may increase their demand and eventually strengthen the low voltage motors market.
- Growing industrialization and related activities had led to generation of wastewater across the globe. Treatment of such wastewater is likely to boost the growth of low voltage motors market. In addition, rising need to retrofit, upgrade, and replace the equipment for wastewater treatment is foreseen to trigger the demand for low voltage motors in large number of industries.
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What are the Challenges Deterring the Expansion of Low Voltage Motors Market?
- Low voltage motors are susceptible to corrosion and overheating. In addition, these motors are not relevant for heavy applications which require an output of 400 kW and upwards. Such factors are likely to restrict their demand and create a hindrance in the growth of low voltage motors market.
- Due to low voltage, it is impossible to use smaller cables in these motors which significantly increases the costs of distribution cables. This is anticipated to be one of the restraining factors of the low voltage motors market.
Low Voltage Motors Market – Competitive Landscape
- In March 2019, ABB, a leading player in low voltage motors market won a contract to supply a comprehensive power and propulsion package for the construction of China’s first home-built cruise ship. The 323-meter vessel will feature ABB’s Azipod® steerable propulsion systems and due for delivery in 2023.
- In March 2019, Siemens AG and State Power Investment Corporation Limited (SPIC) signed a strategic partnership agreement to expand their cooperation in power generation in addition to previously agreed technology collaboration between the company and China’ s United Heavy-duty Gas Turbine Company (UGTC).
- WEG introduced a new line of motors in March 2019, specifically designed for mining and cement industries which require reliable and tough machinery. According to company, the ‘M Mining’ motors incorporate a brand new system of brushes and slip rings along with special features, enabling them to work under severe and harsh area applications.
Other leading players participating in the low voltage motors market include TECO E&M, Shangdong Huali, Hyosung Corporation, GE, Regal Beloit, Hyundai Heavy Industries, TOSHIBA, Nidec Corporation, Leroy Somer, LEZ Ruselprom, and Fuji Electrics.
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IE4 Premium Motors to Gain Speedy Momentum in Low Voltage Motors Market
Although IE2 efficiency class motors continue to lead the low voltage motors market, IE4 premium motors are likely to gain robust adoption, owing to their high efficiency. These class of motors are marketed as “Supreme Premium Efficiency” motors to industrial machinery market. IE4 motors offer number of advantages to end-use industries including lower operating temperatures, longer service life, and high energy savings which help reduce greenhouse gas of CO2 emissions.
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 recent report published by Fact.MR on low voltage motors market is a result of a thorough and extensive research methodology. The actionable and detailed insights into global low voltage motors market are obtained through a two-step research process involving primary as well as secondary resources. The secondary research was conducted by particularly studying trade journals, paid resources, and other associated publications relevant to low voltage motors market. The primary research, on the other hand, involved interviewing industry experts. Along with a historical analysis, results from these processes were triangulated to determine the accurate and complete forecast of global low voltage motors market for the period between 2017 and 2022.
A recent Fact.MR report on low voltage motors market offers an elaborate and thorough analysis of the market performance for the assessment period between 2017 and 2022, and provides valuable information on future direction of low voltage motors market. Qualitative as well as quantitative analysis of macroeconomic and industry specific factors of low voltage motors market are mentioned in the report. In addition, it covers a detailed opportunity assessment of the low voltage motors market along with comprehensive insights into its competitive scenario.
Chapter 1 – Global Low Voltage Motors Market – Executive Summary
The Fact.MR report on low voltage motors market commences with an executive summary which covers brief yet affluent information regarding the global market of low voltage motors. It mainly includes all the key market highlights in terms of facts and figures.
Chapter 2 – Global Low Voltage Motors Market – Overview
In this chapter, the report introduces the market including concrete definition of low voltage motors. It also lists and assesses drivers, restrains, and trends impacting the growth of low voltage motors market. In addition, all the industry specific factors influencing the expansion of low voltage motors market have been analyzed in this section of the report. Further, it provide a thorough analysis of the cost structure, pricing, supply chain, and raw material sourcing.
Chapter 3 – Global Low Voltage Motors Market Analysis and Forecast by Efficiency Class
The chapter provides a detailed breakdown of low voltage motors market on the basis of efficiency class which includes IE 1, IE 2, IE 3, IE 4, DC, and others. Historical analysis and forecast data of each efficiency class have been provided in the report along with revenue and market share comparison by region.
Chapter 4 – Global Low Voltage Motors Market Analysis and Forecast by Sector
Under this chapter, a thorough analysis of the low voltage motors market based on different sectors has been covered. The chapter sheds light on the low voltage motors market performance on the basis of sector such as commercial HVAC, mining, F&B manufacturing, utilities, and others. It also includes a historical data and forecast of each sector during the 2017-2022 period.
Chapter 5 – Global Low Voltage Motors Market Analysis and Forecast by Application
This chapter offers all-inclusive insights into various applications of low voltage motors including extruders, conveyors, compressors, crushers, pumps & fans, and others. In addition to historical analysis and forecast data of each application, the report provides segmental revenue and market share comparison by region.
Chapter 6 – Global Low Voltage Motors Market Analysis and Forecast by Capacity
Under the chapter, the report covers detailed breakdown of global low voltage motors market on the basis of capacity including > 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.
Chapter 7 – Global Low Voltage Motors Market Analysis and Forecast by Region
The chapter provides a comprehensive assessment of the low voltage motors market across six key regions including Europe, Latin America, North America, APEJ, Japan, and MEA. All the key trends influencing sales of low voltage motors across these regions have been thoroughly analyzed and provided in this chapter.
Chapter 8 – North America Low Voltage Motors Market Analysis and Forecast, By Country, 2012-2022
The chapter begins with a brief introduction of the low voltage motors market prevalent in North America. The following sections of the report offer a detailed analysis and forecast of the North America low voltage motors market across two developed countries – the U.S. and Canada. A market attractiveness analysis has also been included in the report.
Chapter 9 – Latin America Low Voltage Motors Market Analysis and Forecast, By Country, 2012-2022
This chapter includes a comprehensive analysis of different key trends impacting low voltage motors market in different countries of Latin America including Argentina, Mexico, and Brazil. It also offers a historical analysis of the low voltage lasers market along with an assessment of market performance in these countries.
Chapter 10 – Europe Low Voltage Motors Market Analysis and Forecast, By Country, 2012-2022
Under the chapter, a complete forecast of the low voltage motors market prevalent in the European countries has been provided. A thorough analysis of key trends favoring the growth of low voltage motors market in Europe has also been included in the chapter. In addition, it covers a thorough historical analysis and forecast data of the Europe low voltage motors market based on country, efficiency class, sector, application, and capacity.
Chapter 11 – Japan Low Voltage Motors Market Analysis and Forecast, By Country, 2012-2022
A detailed analysis of the low voltage motors market prevalent in Japan has been provided in this chapter. All the key factors impacting low voltage motors market performance in the country have been identified and analyzed in this section of the report.
Chapter 12 – APEJ Low Voltage Motors Market Analysis and Forecast, By Country, 2012-2022
Under this chapter, the report offers a comprehensive assessment of the low voltage motors market prevalent in APEJ. A historical analysis and forecast data of the performance of APEJ low voltage motors market have been covered in the chapter.
Chapter 13 – MEA Low Voltage Motors Market Analysis and Forecast, By Country, 2012-2022
The chapter provides a detailed analysis of the low voltage motors market in Middle East & Africa. The Fact.MR report analyzes the MEA low voltage motors market on the basis of country, efficiency class, sector, application, and capacity.
Chapter 14 – Global Low Voltage Motors Market – Company Profiles
All the key players participating in the low voltage motors market are identified and included in the chapter. A detailed profile of each player sheds light on their product portfolios, notable business developments, strategies, weaknesses, strengths, market presence, and global footprint.
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