Medium Voltage Motors Market to increase by USD 1.29 billion during 2023-2028, The rising focus on energy efficiency due to high power consumption to drive the growth - Technavio

NEW YORK, Dec. 14, 2023 /PRNewswire/ -- How will the growth momentum of the Medium Voltage Motors Market progress during the forecast period?

• The medium voltage motors market size is expected to grow by USD 1.29 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 4.84% during the forecast period. The market is segmented by End-user (Process industries, Discrete industries, and HVAC), Product (AC motors and DC motors), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).

Who is driving the growth in the Medium Voltage Motors Market?

• The rising focus on energy efficiency due to high power consumption in industrial motors drives market growth. Electric motors convert electric energy into mechanical energy, accounting for a large share of the total power consumption of industries, and thus are prime movers in industries. Approximately 30% of the global electricity produced is consumed by industrial motors, leading to improvement in the energy efficiency of industrial motors or the replacement of low-voltage motors with medium-voltage motors will lower the consumption of electricity by industries. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

What are some of the key players recognized in the medium voltage motors market, according to the report?

• The report recognizes the following as some of the key players in the medium voltage motors market: ABB Ltd., AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd.
• Medium Voltage Motors Market is fragmented in nature.
• Market to observe 4.45% YOY growth in 2024.

Where are electric drives utilized to control the speed, torque, and direction of industrial motors?

• Trend

• The development of medium voltage drives and distribution systems is an emerging market trend.
• Similar to any industrial motor that requires an electric drive to control the speed, torque, and direction of an electrical motor, switch gears are required to mitigate the negative impact of a fluctuating supply of power.
• This may lead to the inefficient performance of connected equipment, including motors.

How do fluctuating investment cycles in end-user industries impact market growth?

• The fluctuating investment cycles in end-user industries challenge market growth.
• Various process industries, such as oil and gas and mining, are key end-users of medium-voltage motors.
• Motors with high power output for applications are required by the upstream oil and gas industry.
• Furthermore, medium-voltage motors are also required for the operation of power pumps and compressors.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Who is driving the growth of the process industries segment during the forecast period?

• The process industries segment is significant during the forecast period. Most process industries are transitioning to improve their energy efficiency, emission intensity, and product mix, which helps in increasing investments in industrial facilities, which is expected to drive the growth of the segment. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

The Global Variable Frequency Drives (VFD) Market size is estimated to grow by USD 7,124.1 million between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 5.5%.

The micro programmable logic controller (PLC) market share is expected to reach an estimated growth of USD 2.46 billion by 2026 at an accelerating CAGR of 7.31%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio