Low Voltage Motors Market Report Overview
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The global low voltage motors market size was USD 20000 million in 2019. As per our research, the market is expected to reach USD 32370 million by 2026, exhibiting a CAGR of 7.0% during the forecast period.
The exponential growth of the low voltage motor market can be attributed to several key factors propelling the increasing demand for this essential technology. The surge in market expansion is primarily fueled by the escalating trend of automation across various industries, such as manufacturing, automotive, and logistics. Low-voltage motors play a pivotal role in these sectors, enhancing operational efficiency, productivity, and quality control through the seamless integration of automated processes. This heightened focus on automation has led businesses to invest significantly in low-voltage motors, contributing to overall market growth.
Another pivotal factor is the impact of government initiatives and investments in sustainable development and clean energy sources. As governments globally actively promote renewable energy projects, electric vehicle infrastructure, and smart grid technologies, the demand for low-voltage motors has surged. These motors are integral to these initiatives, fostering a positive market outlook as industries align with environmentally responsible technologies, further emphasizing the increasing need for low voltage motors.
COVID-19 Impact: Demand Declined Due to Curtailment of Investments and Expenditures
The COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The low voltage motor market witnessed profound disruptions amid the COVID-19 pandemic, primarily attributable to supply chain challenges. The global lockdowns and restrictions not only caused delays and shortages in the availability of crucial raw materials but also led to disruptions in the production and distribution of finished products, impacting the overall supply chain. As economic activities ground to a halt, various industries that heavily rely on low-voltage motors experienced a sharp decrease in demand. Lockdowns and restrictions on economic activity not only created a demand-supply imbalance but also curtailed investments and expenditures, contributing to a challenging business environment. The pervasive economic slowdown on a global scale further intensified the market's challenges, emphasizing the intricate interplay of factors that shaped the COVID-19 impact on the market.
Latest Trends
"Shift Towards Energy-Efficient Motors to Transform the Market's Sustainability Landscape"
The low-voltage motor market is experiencing a significant shift toward energy efficiency due to rising energy costs and environmental concerns. Businesses are actively seeking solutions like energy-efficient motors, which offer substantial energy savings. Heightened environmental awareness and sustainability goals are driving increased adoption, with government regulations further supporting energy-efficient practices. The emergence of IE5 super-efficient motors reflects advancements beyond the IE4 standard, finding applications in various sectors. This transition is reshaping the market, with a noticeable shift towards IE4 and IE5 motors capturing an expanding segment. Manufacturers are innovating in materials, designs, and technologies to meet the evolving demands of energy-conscious industries. Furthermore, government support through financial incentives is also acting as a catalyst, accelerating the adoption of energy-efficient motors and propelling market growth.
Low Voltage Motors Market Segmentation
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By Type Analysis
Based on type, the global market can be categorized into IE1, IE2, IE3, and IE4.
IE1: IE1 classification denotes motors with standard efficiency levels. These motors are foundational and meet basic efficiency standards, making them suitable for applications where energy efficiency is not a primary concern.
IE2: IE2 motors represent a step up in efficiency, offering higher energy savings compared to IE1. These motors find application in industries where improved efficiency is essential but may not be the top priority.
IE3: IE3 motors signify premium efficiency levels, providing substantial energy savings. Widely adopted in various industries, these motors contribute to energy conservation and cost reduction, making them a preferred choice for efficiency-conscious applications.
IE4: IE4 classification represents motors with super-premium efficiency. These motors deliver significant energy savings, making them ideal for industries prioritizing sustainability and cost-effectiveness. They are employed in applications where top-tier efficiency is a critical requirement.
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By Application Analysis
Based on application, the global market can be categorized into the commercial HVAC industry, food, beverage, and tobacco industry, mining industry, utilities, and others.
Commercial HVAC industry: In the low-voltage motors market, the commercial HVAC (heating, ventilation, and air conditioning) industry represents a significant segment. These motors play a crucial role in powering various HVAC components such as fans, compressors, and pumps, contributing to the efficient operation of heating and cooling systems in commercial buildings.
Food, beverage, and tobacco industry: Within the low voltage motors market, the food, beverage, and tobacco industry forms a distinct segment. Low-voltage motors find extensive application in powering machinery used in food processing, packaging, and tobacco manufacturing. Their reliability and efficiency are essential for maintaining streamlined production processes in this sector.
Mining industry: The mining industry is a key segment for low-voltage motors. These motors are employed in various mining applications and in driving equipment such as crushers, conveyors, and pumps. Their robust design and ability to operate in challenging environments make them essential for the extraction and processing of minerals.
Utilities: In the realm of low-voltage motors, the utilities sector is a prominent segment. These motors play a crucial role in powering equipment for water treatment, sewage systems, and other utility infrastructure.
Others: The “others” category in the low-voltage motors market encompasses diverse applications beyond the specified industries. This segment includes a wide range of applications across different sectors, such as manufacturing, automotive, and various machinery-driven processes.
Driving Factors
"Increasing Automation in Various Industries to Escalate Product Demand"
The escalating trend of automation across diverse industries, encompassing manufacturing, automotive, and logistics, is a paramount factor propelling the low voltage motors market growth. This surge in automation is significantly influencing operational processes, leading to heightened efficiency across the board. The pivotal role played by low voltage motors in facilitating and enhancing automated tasks within these industries underscores their indispensable contribution to the ongoing transformation towards increased operational efficiency.
"Government Initiatives and Investments to Propel Market Growth"
The global landscape is witnessing a surge in demand for low voltage motors, propelled by a wave of government initiatives and investments geared towards sustainable development and clean energy sources. As governments worldwide prioritize environmental considerations, the adoption of low-voltage motors gains momentum across diverse applications. The concerted efforts on a global scale are reshaping market dynamics and positioning low-voltage motors as crucial components in the broader framework of sustainable and clean energy initiatives.
Restraining Factor
"Limited Availability of Skilled Technicians to Pose Formidable Challenge in Product’s Widespread Adoption"
The evolving sophistication of technology within the low-voltage motor market demands a cadre of skilled technicians proficient in installation, maintenance, and servicing. However, a notable constraint arises from the shortage of these highly skilled technicians, posing a formidable challenge for the widespread adoption of low-voltage motors. The intricate nature of modern motor systems necessitates a specialized workforce, and the scarcity of such skilled professionals acts as a restraining factor, impacting the seamless integration and efficient functioning of these advanced technologies.
Low Voltage Motors Market Regional Insights
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"Asia Pacific to Lead the Global Market Due to Region’s Increased Focus on Energy Efficient Solutions"
"The market is primarily segregated into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa."
Asia Pacific is the leading region, holding a substantial low voltage motors market share. Its leadership is driven by factors like rapid industrialization, growing infrastructure development, and strong government support for energy-efficient technologies. This region is expected to maintain its dominance in the coming years due to its expanding population, rising disposable income, and increasing demand for automation and energy-efficient solutions across various industries.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
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ABB (Switzerland)
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ATB (Austria)
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GE (U.S.)
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Nidec (Japan)
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Siemens (Germany)
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WEG (Brazil)
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AMK (Germany)
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Hanzel (China)
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Marelli Motori (Italy)
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OME (Italy)
INDUSTRIAL DEVELOPMENT
October 2023: ABB announced the launch of a new series of synchronous reluctance motors (SynRM). This new motor series is designed for high efficiency and compact size, making it ideal for a wide range of industrial and commercial applications.
Report Coverage
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 20000 Million in 2019 |
Market Size Value By |
US$ 32370 Million by 2026 |
Growth Rate |
CAGR of 7% from 2019 to 2026 |
Forecast Period |
2023-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global low voltage motors market expected to reach by 2026?
The global low voltage motors market is expected to reach USD 32370 million by 2026.
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What CAGR is the low voltage motors market expected to exhibit by 2026?
The low voltage motors market is expected to exhibit a CAGR of 7.0% by 2026.
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What are the driving factors of the low voltage motors market?
Growing automation in various industries and government initiatives and investments are key driving factors for the market.
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What are the key low voltage motors market segments?
The key market segments include types such as IE1, IE2, IE3, and IE4. Based on applications, the market is categorized into commercial HVAC industry, food, beverage, tobacco industry, mining industry, utilities, and others.