Low Voltage Motors Market Key Facts and Forecast Predictions Presented Until 2022

Posted on 2019-10-09 by Mark Hub in Automotive // 0 Comments

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.

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.

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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.

Additional Insights

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.

Research Methodology

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.

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About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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