Global Medium & Low Voltage Motor Market is Estimated to Reach $20.5 Billion In 2019 With a CAGR of 6.5% From 2019 to 2026 | Esticast Research
LOS ANGELES and PUNE, India, Feb. 18, 2020 /PRNewswire/ -- Growing Industrialization Across Several Countries Coupled with Rising Demand for Energy-Efficient Electric Motors Are Expected to Boost the Growth of The Global Medium and Low Voltage Motor Market at A CAGR of 6.5% During the Assessment Period, 2019-2026.
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The growing need for cost-efficient energy source is a key factor propelling the demand for low and medium voltage motors in several industries. Moreover, the growing industrialization in several nations is a macroeconomic factor which supports the market growth. The uptake of low voltage motors is surging due to their ability to determine the electric current, control tasks, ensure energy efficiency and stability, and offer precision through speed. In addition, the large number of manufacturers are shifting focus towards innovative technology and high quality low & medium voltage motors to upgrade their production process which thereby leads to the rise in demand for advanced low and medium voltage motors. On the flip side, the lack of technical knowledge about connection and maintenance, the requirement of several changes to install medium voltage motors on sites and shifting cost of raw materials may hamper the market growth over the assessment period. Moreover, low voltage motors are vulnerable to overheating and corrosion. This drawback of low voltage motors if not overcome may hamper the market growth.
Global Medium & Low Voltage Motors Market, By medium Voltage Motor Type (AC Motors, DC Motors), By Low Voltage Motor Type (IE1, IE2, IE3, and IE4), By End-User (Automotive, Electronics, Mining, Textile, And Others), Estimation & Forecast, 2019 – 2026. Know more about this Report: https://www.esticastresearch.com/report/medium-low-voltage-motors-market/
The Global Medium & Low Voltage Motor Market Has Been Segmented into Medium Voltage Motor Type, Low Voltage Motor Type, and End-User.
By Medium Voltage Motor Type
- AC Motors
- DC Motors
By Low Voltage Motor Type
- IE1
- IE2
- IE3
- IE4
By End-user
- Automotive
- Electronics
- Mining
- Textile
- Others
Based on geography, the global medium & Low voltage motors market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been classified into the UK, France, Germany, Italy, and Rest of Europe. Asia-Pacific has been classified into South Korea, China, Japan, India, and Rest of Asia-Pacific. Furthermore, the South America region has been segmented into Brazil, Mexico, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Africa, and the Rest of the Middle East.
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The Asia Pacific is the prominent region in the global market due to the growing uptake of low and medium voltage motors by the electronics and automotive industries. In addition, the demand for medium voltage motors for coal handling systems, blowers, and feed water pumps is surging due to the increasing number of power generation, water and wastewater treatment, steel, cement, other plants in the region. Further, the North America region is expected to oversee tremendous growth in the global market, majorly due to the growing demand of low & medium voltage motors in the countries such as US and Canada over the forecast period.
Prominent companies functioning in the medium & Low voltage motor industry include General Electric Corporation, ABB Ltd., Toshiba Corporation, WEG SA, Hyosung Power and Industrial Systems Performance Group, TECO Electric & Machinery Co. Ltd., ATB Group, Shandong Huali Electric Motor Group, LEZ Ruselprom, and Hyundai Heavy Industries. New product launches, mergers & acquisitions, geographic expansion, and collaborations are some strategies adopted by prominent companies to sustain their market share. For instance, in October 2019, WEG SA. Announced plans to install a low voltage electric motor plant in Hosur, India. The company invested nearly $20 million in the plant. In addition, the plant would contain nearly 13,000 square meters of the built area coupled with the capacity to produce nearly 250,000 electric motors yearly with powers reaching up to 355 KW. The plant is anticipated to start its operations n 2021. Similarly, in August 2019, Toshiba Corporation added Stockdales Electric Motor Corp. (SEMC) to its global network of distributors. With this, SEMC started providing Toshiba adjustable speed drives, motor control products, and the entire range of Toshiba Motors through its Saskatchewan offices.
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