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"The World Market for Low Voltage Electric Motors Supported by a Thriving Automation Industry"
In recent years, the global market for low voltage electricity has grown vigorously. Among the factors that stimulate the market include the booming automation industry, the construction of the residential sector and the growing consumer preference for low voltage electric motors.
The low voltage electric motor refers to an energy efficient electric motor. less than 1000V and can generate nearly 1000 KW of power. In comparison with other motors, the low voltage electric motor offers a standard output with a minimum power input. Low voltage electric motor finds wide applications in industries such as packaging, food and beverage, mining, automotive, electronics, textile, and the oil and gas. This can be accredited to the benefits badociated with low voltage electric motors such as improved quality and productivity, and the maintenance of high safety standards. A new research report entitled "Low Voltage Electric Motor Market: Global Trends in Industry, Share, Size, Growth, Opportunity and Forecast 2018-2023" by IMARC Group believes that the market Low voltage electric motor reached a volume of nearly 381 million units in 2017. The report further provides that the market will reach a volume of 653 million units by 2023 , with a CAGR of over 9% over the forecast period.
Global Low Voltage Factors / constraints of the electric motor market:
- Due to rapid industrialization, the automation industry is experiencing tremendous growth. This has led to an increase in demand for low voltage electric motors, mainly to minimize additional production costs.
- The construction and renovation of residential buildings around the world is expected to strengthen the market for low voltage electric motors in the coming years. years. In addition, the fact that consumers favor high-efficiency engines stimulates the demand for low-voltage electric motors.
- At the present time, industries are largely adopting low-voltage electric motors to counter the variability of the load. Apart from this, the regulation of severe engine efficiency and renovations due to aging equipment also influences the market growth of low voltage electric motors.
- However, the production of low voltage motors requires high investments. This is one of the main factors hindering the growth of the low voltage electric motor market.
Efficiency Insights:
Based on efficiency, the market for low voltage electric motors is segmented into standard efficiency motors, high efficiency, superior efficiency and super premium efficiency . Of these, low-voltage standard-efficiency electric motors are clearly dominant on the market.
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Application Insights:
Based on the application, the market has been separated as pumps and fans, compressors and other applications. Currently, pumps and fans account for the majority of the total market share.
End Use Insights:
Based on end-use, the report finds that commercial HVAC currently represents the largest end-use segment low voltage electric motor. It is followed by the Food, Beverage and Tobacco Industry, Mining Industry, Utilities and Other
Regional Insights:
Geographically, North America and South occupies first place in the global market for low voltage electric motors. North and South America is followed by Europe, the Middle East and Africa, China and other countries.
Competitive landscape:
The market for low voltage electric motors is very fragmented with the presence of many small and large manufacturers. compete in terms of price and quality. There is stiff competition in the market that makes it difficult for small players to survive. Some of the main players operating on the market are:
- ABB
- Siemens
- WEG
- E & M TECO
- Beloit Regal
- Leroy-Somer
- Shandong Huali
- Hyundai Heavy Industries
- Hyosung Corporation
- NIDEC
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