Low Voltage Electric Motor Market, Size, Share, Trends and Growth Report – Global Opportunities & Forecast, 2023-2030
Low Voltage Electric Motor Market is expected to witness a CAGR of approximately 5.8% during the forecast period, 2023-2030.
Overview of the Low Voltage Electric Motor Market Report
Low voltage electric motor refers to an electro-mechanical device that is used for converting electrical energy into mechanical energy. According to the International Electrotechnical Commission (IEC), low voltage electric motors operate at voltages less than 1 000 V and produce a maximum power of 1000 kW. Low-voltage electric motors are highly efficient and give a standard output with minimum power input.
To have an edge over the competition by knowing the market dynamics and current trends of “Low Voltage Electric Motor Market”, request for Sample Report here
Market Dynamic
Key Drivers and Emerging Trends
Rapid urbanization, growing industrialization, and increasing electricity consumption globally are some of the factors driving the growth of the global low voltage electric motor market. Additionally, rising use of electricity based equipment and machineries in several industries including food & beverages, mining, automotive, electronics, textile, real estate, oil & gas, automotive, and packaging is further accelerating the demand of low voltage electric motors.
Moreover, low voltage electric motor is increasingly used for applications including lifts, fans, compressors, pumps, and chillers, and others due to its improved productivity and quality, high reliability and efficiency, high safety standards, and low energy consumption. Furthermore, rising deployment of smart sensors for conditional monitoring and preventative maintenance to low voltage electric motor is expected to provide high growth opportunities to the low voltage electric motor market size over the forecast period.
Restraint in the Low Voltage Electric Motor Market
However, high cost investment and the fluctuation in the prices of raw materials including permanent magnets, copper wires, steel bars, and alloys used in the manufacturing of electric motor is expected to hamper the market growth. In addition, highly fragmented market of low voltage electric motor, low quality products availability in the local market in the unorganized sector may further restraint the growth of the low voltage electric motor market.
Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report
Efficiency – Segment Analysis
Based on efficiency, superior premium efficiency segment is expected to grow substantially during the forecast period primarily due to its high quality, reliability, performance, energy efficiency owing to low CO2 emissions and energy savings in applications where the motor is fully-loaded and operates constantly. Moreover, several leading companies including WEG S.A., ABB Ltd., TECO Electric & Machinery Co., Ltd., and Siemens AG offer superior premium low voltage electric motor. This is expected to support the market growth.
End-Use – Segment Analysis
Based on end-use, commercial HVAC segment is anticipated to account for a large market share owing to the increasing installation of heating, ventilation, and air conditioning (HVAC) systems in corporate office spaces, hospitals, and shopping malls for thermal comfort and better indoor air quality. High demand of low voltage electric motors in HVAC system for numerous applications that include ventilators, direct drive and belted fans, high pressure blowers, exhaust fans, unit heaters, air conditioning units, and smoke ventilation fans is further stimulating the market growth.
Application – Segment Analysis
Based on the application, the compressor segment is projected to grow at a notable CAGR over the forecast period. This can attributed to the increasing application of super premium (IE4) low voltage electric motor in compressor owing to the efficient electric energy consumption. Moreover, growing consumption of compressors in a wide range of industries, such as oil & gas, steel, and cement is contributing to the market growth.
In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here
Regional – Segment Analysis
Based on region, Asia-Pacific is expected to grow at a substantial rate during the forecast period. This is primarily due the developing industrial and infrastructural construction activities, growing number of industries including manufacturing, electronics, and automotive and increasing manufacturing of electric motors in the region. Moreover, the presence of leading manufacturers of low voltage electric motors including TECO Electric & Machinery Co., Ltd., Nidec Motor Corporation, Shandong Huali Electric Motor Group Co., Ltd., Hyundai Electric & Energy Systems Co., Ltd., and Toshiba Corporation is further augmenting the growth of the market in the region.
Top Market Players
Several Leading players operating in the market, include, ABB Ltd., Siemens AG, TECO Electric & Machinery Co., Ltd., Regal Beloit Corporation, Nidec Motor Corporation, Shandong Huali Electric Motor Group Co., Ltd., Hyundai Electric & Energy Systems Co., Ltd., Toshiba Corporation, NIDEC Corporation, and WEG S.A. among others.
Key Developments:
-
- In 2020, WEG S.A. has announced to install a new low voltage electric motor plant in Hosur, India. The factory will have 13,000 square meters of manufacturing facilities with the capacity of about 250,000 electric motor per year production, in power ratings up to 355kW. This new factory is scheduled to start operating in 2021.
Segments Covered in the Report:
The global Low Voltage Electric Motor Market has been segmented on the basis of efficiency, end-use, application, and key regions. Based on efficiency, the market is segmented into standard, high, premium, super premium. Based on end-use, the market is segmented into commercial HVAC, food & beverages, mining, utilities, electronics, and others. Based on the application, the market is segmented into pumps and fans, compressor, and others.
For detailed scope of the “Low Voltage Electric Motor Market” report request a Sample Copy of the report
Key questions answered in this research report:
-
- At what pace is global Low Voltage Electric Motor Market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in Low Voltage Electric Motor Market? What will be the impact of drivers and restraints in the future?
- What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Low Voltage Electric Motor Market?
- Which application generated maximum revenues in 2019 and identify the most promising application during the forecast period?
- What are the various efficiencies of global Low Voltage Electric Motor Market and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
|
Report Coverage |
Details |
| Market Revenues (2022) |
USD Million |
| Market Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Base Year & Forecast Units |
Revenues (USD Million) |
| Market Segment | By Efficiency, By End-Use, by Application, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | ABB Ltd., Siemens AG, TECO Electric & Machinery Co., Ltd., Regal Beloit Corporation, Nidec Motor Corporation, Shandong Huali Electric Motor Group Co., Ltd., Hyundai Electric & Energy Systems Co., Ltd., Toshiba Corporation, NIDEC Corporation, and WEG S.A, among others; a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Low Voltage Electric Motor Market by Efficiency
-
- Standard
- High
- Premium
- Super Premium
Global Low Voltage Electric Motor Market by End-Use
-
- Commercial HVAC
- Food & Beverages
- Mining
- Utilities
- Electronics
- Others
Global Low Voltage Electric Motor Market by Application
-
- Pumps and Fans
- Compressor
- Others
Global Low Voltage Electric Motor Market by Region
-
-
North America Low Voltage Electric Motor Market (Option 1: As a part of the free 25% customization)
- By Efficiency
- By End-Use
- By Application
- US Market All-Up
- Canada Market All-Up
-
Europe Low Voltage Electric Motor Market (Option 2: As a part of the free 25% customization)
- By Efficiency
- By End-Use
- By Application
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Low Voltage Electric Motor Market (Option 3: As a part of the free 25% customization)
- By Efficiency
- By End-Use
- By Application
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW Low Voltage Electric Motor Market (Option 4: As a part of the free 25% customization)
- By Efficiency
- By End-Use
- By Application
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
-
Major Players Operating in the Low Voltage Electric Motor Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
-
- ABB Ltd.
- Siemens AG
- TECO Electric & Machinery Co., Ltd.
- Regal Beloit Corporation
- Nidec Motor Corporation
- Shandong Huali Electric Motor Group Co.,Ltd.
- Hyundai Electric & Energy Systems Co., Ltd.
- Toshiba Corporation
- NIDEC Corporation
- WEG S.A.
Why GMI Research
