The global demand for low-voltage motors is anticipated to reach a value of US$ 39.1 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 6.7%, leading to a valuation of US$ 75 billion by 2032. The widespread industrialization across diverse sectors and the potential to minimize equipment failure risks are poised to create significant growth opportunities within the low-voltage motors sector.
Low-voltage motors find extensive application in various industries such as mining, food and beverage, oil and gas, automotive, packaging, and more. This trend is driven by the ongoing industrialization efforts and the continuous surge in global energy consumption. These motors operate at voltages below 1000 V while delivering optimal power output, thereby facilitating enhanced production, quality, and energy efficiency.
The implementation of diverse motor efficiency regulations on a global scale is projected to propel the expansion of the worldwide low-voltage motor market throughout the forecast period. These regulations mandate manufacturers to adopt costlier yet energy-efficient motor options, thus contributing to the advancement of the industry.
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During the projected period, the worldwide low voltage market is expected to develop at a single-digit CAGR, with great potential in the next 4-5 years. To improve their production process, most manufacturers are increasingly focused on advanced technology and high-quality low-voltage motors, which has resulted in an increase in demand for advanced low-voltage motors.
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 in a positive way.
Global Low Voltage Motor Market: 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 the US and Canada, during the forecast period.
Global Low Voltage Motor Market: 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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The report covers an exhaustive analysis on:
- Low Voltage Motor Market Segments
- Low Voltage Motor Market Dynamics
- Low Voltage Motor Market Size
- Low Voltage Motor Market Supply & Demand
- Low Voltage Motor Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Low Voltage Motor Technology
- Low Voltage Motor Market Value Chain
Global Low Voltage Motor Market: Market Segmentation
Product Type:
- IE1 Low-Voltage Motors
- IE2 Low-Voltage Motors
- IE3 Low-Voltage Motors
- IE4 Low-Voltage Motors
End-User Industries:
- Low Voltage Motors for Food & Beverages
- Low Voltage Motors for Mining
- Low Voltage Motors for Automotive
- Low Voltage Motors for Electronics
- Low Voltage Motors for Textile
- Low Voltage Motors for Other End User Industries
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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