The medium voltage motors market at a CAGR of close to 4% during the forecast period
NEW YORK, July 10, 2019 /PRNewswire/ --
Global Medium Voltage Motors Market: About this market
Medium voltage motors are used in industrial drives for applications such as rolling mills, traveling cranes, rotary kilns, waving and spinning, and compressors, pumps, and blowers. This medium voltage motors market analysis considers the revenue generation based on products such as AC motors, and DC motors. Our analysis also considers the sales of medium voltage motors in North America, Europe, APAC, MEA, and South America. In 2018, the AC motors segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the operational benefits offered by medium voltage AC motors will play a significant role in the AC motors segment to maintain their market position. Also, our global medium voltage motors market report looks at factors such as the revival of CAPEX cycle in the energy sector, rising focus on energy efficiency due to the high-power consumption of industrial motors, and robust growth of process industries such as cement, steel, water, and wastewater. However, the need for several changes to install medium voltage motors on sites, limited technical knowledge about connection and maintenance, and high exposure of market to industries subject to fluctuating investment cycles may hamper the growth of the medium voltage motors industry over the forecast period.
Read the full report: https://www.reportlinker.com/p05793647/?utm_source=PRN
Global medium voltage motors market: Overview
Rising focus on energy efficiency due to high power consumption of industrial motors
The market is witnessing a significant rise in focus on energy efficiency owing to the high-power consumption of industrial motors. Industrial motors consume more than 30% of the global electricity produced, which has encouraged industries to focus on replacing low voltage motors with medium voltage ones. Thus, the rising focus on energy efficiency will fuel the expansion of the medium voltage motors market at a CAGR of close to 4% during the forecast period.
Development of medium voltage drives and distribution systems
Industrial motors require components such as electric drives and switchgear to optimize their operations. These components facilitate optimal functioning in industrial motors. For instance, switchgear play an important role in regulating the flow of electricity, and electric drives manage the speed, torque, and direction of an electric motor. Thus, the availability of these components is expected to boost the production of medium voltage motors, which will impact the growth of the market during the forecast period.
For the detailed list of factors that will drive the global medium voltage motors market during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of several major players, the global medium voltage motors market is moderately fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading medium voltage motors manufacturers, that include ABB Ltd., General Electric Co., TECO Electric & Machinery Co. Ltd., Toshiba Corp., and WEG SA.
Also, the medium voltage motors market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05793647/?utm_source=PRN
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