Global Low Voltage Electric Motor Market Manufacturer, Industry Trends, Analysis & Forecast by 2023
Over the recent years, the global low voltage electric market has been witnessing a healthy growth. Some of the factors which are giving impetus to the market include thriving automation industry, spurring construction in the residential sector and growing consumers preference for low voltage electric motors.
Low voltage electric motor refers to an energy-efficient electric motor which works at less than 1,000V and can generate nearly 1,000 KW of power. In comparison with other motors, low voltage electric motor offers a standard output with a minimum power input. Low voltage electric motor finds vast applications in industries like packaging, food and beverages, mining, automotive, electronics, textile, and oil and gas. This can be accredited to the benefits associated with low voltage electric motors like enhanced quality and productivity, and sustenance of high safety standards. A new research report titled “Low Voltage Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global low voltage electric motor market reached a volume of nearly 381 Million Units in 2017. The report further expects the market to reach a volume of 653 Million Units by 2023, at a CAGR of more than 9% over the forecast period.
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Global Low Voltage Electric Motor Market Drivers/Constraints:
- On account of rapid industrialisation, the automation industry is experiencing a tremendous growth. This has led to a surge in the demand for low voltage electric motors, primarily for minimising the additional cost of production.
- Surging construction and renovation of residential buildings across the globe is expected to strengthen the low voltage electric motor market in the succeeding years. Moreover, a shift in the preference of consumers towards high-efficient motors is further propelling the demand for low voltage electric motors.
- Presently, industries are extensively adopting low voltage electric motors as they aid in countering the load variability. Apart from this, stern motor efficiency regulations and retrofits due to aging equipment is also influencing the growth of the low voltage electric motor market.
- However, the production of low-voltage motors requires high cost investments. This acts as one of the major factors which is hindering the growth of the low voltage electric motor market.
Efficiency Insights:
Based on efficiency, the low voltage electric motor market is segmented as standard efficiency, high efficiency, premium efficiency and super premium efficiency motors. Amongst these, standard efficiency low-voltage electric motors exhibit a clear dominance in the market.
Application Insights:
On the basis of application, the market has been segregated 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 of low voltage electric motor. It is followed by food, beverage and tobacco industry, mining industry, utilities, and others.
Regional Insights:
On a geographical front, North and South America enjoys the leading position in the global low voltage electric motor market. North and South America is followed by Europe, Middle East and Africa, China, and others.
Competitive Landscape:
The low voltage electric motor market is highly fragmented in nature with the presence of many small and large manufacturers who are competing in terms of prices and quality. There is a tough competition in the market which makes it hard for small players to survive. Some of the leading players operating in the market are:
- ABB
- Siemens
- WEG
- TECO E&M
- Regal Beloit
- Leroy-Somer
- Shandong Huali
- Hyundai Heavy Industries
- Hyosung Corporation
- NIDEC
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