The low voltage motors are extensively being used in several industries such as mining, food & beverages, oil & gas, automotive, packaging etc., driven by the profuse growth in industrialization and steadily rising demand for energy across the globe. These are the motors that run at voltages less than 1000 V and generate maximum power that aid to improve productivity, quality and save the energy.
Various motor efficiency legislations which have been enacted all over the world, are likely to drive the global low voltage motor market during the forecast period. According to these legislations, more expensive and more energy efficient motors are mandated to manufacturers.
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The global low voltage market is forecasted to grow with a single digit CAGR during the forecast period and is anticipated to hold a strong potential in coming 4-5 years. Most of the manufacturers are now focusing towards advanced technology and quality low voltage motors to enhance their production process which in turn had led to the increase in demand for the advanced low voltage motors.
Global Low Voltage Motor Market: Drivers & Restraints
With rise in technological advancement, increasing demand for machineries across the world and advantages offered by low voltage motors due to its efficient nature, the global low voltage motor market is anticipated to show the robust growth during the forecast period. The growing consumption of low voltage motors by end user industries will continue to drive the growth in low voltage market over the forecast period.
In addition, stringent motor efficiency legislation and retrofits due to aging equipment are expected to impact the global low voltage motor market in a positive way.
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Global Low Voltage Motor Market: Market Segmentation
On the basis of product type the global low voltage motor market is segmented into four types
On the basis of end use industry the global low voltage motor market is segmented into six types
- Food & Beverages
Global Low Voltage Motor Market: Regional Outlook
Depending on geographic regions, global low voltage motor market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2014, Asia pacific dominated the global low voltage motor market owing to the growing consumption of low voltage motors by automotive and electronics industry, in this region. In addition, China is the largest country market for low voltage motor in Asia Pacific and is poised to show strong opportunities for low voltage motors in near future. After Asia Pacific North America is projected to show the vigorous growth in global low voltage motor market, especially due to the increasing demand of low voltage motors in countries like US and Canada, during the forecast period.
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Global Low Voltage Motor Market: Market Players
Some of the major players operating in global low voltage motor market are ABB, TECO-Westinghouse Motor Company, Siemens, Hyosung Power and Industrial Systems Performance Group, Anhui Wannan Electric Machine, ATB Group, Leroy Somer, LEZ Ruselprom, Luan JiangHuai, NIDEC, Regal Beloit, Shandong Huali Electric Motor Group, GE Industrial, Toshiba International, WEG, VEM Group, etc.