Low Voltage Electric Motor Market:
The GMI Research’s latest analysis reveals that the Low Voltage Electric Motor Market is slated to register a significant CAGR over the coming years. This is attributed to the growing electricity consumption worldwide, rapid industrialization, the growing usage of electricity-based equipment and machinery in various sectors include automotive, oil & gas, and increasing urbanization.
Low Voltage Electric Motor Market’s leading Manufacturers:
- ABB Ltd.
- Siemens AG
- TECO Electric & Machinery Co., Ltd.
- Regal Beloit Corporation
- Nidec Motor Corporation
- Shandong Huali Electric Motor Group Co.,Ltd.
- Hyundai Electric & Energy Systems Co., Ltd.
- Toshiba Corporation
- NIDEC Corporation
- WEG S.A.
Low Voltage Electric Motor Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The global low voltage electric motor market is predicted to witness an upsurge in demand during the forecast period due to the growing electricity consumption worldwide, rapid industrialization, and increasing urbanization. Furthermore, the growing usage of electricity-based equipment and machinery in various sectors include automotive, oil & gas, food & beverages, mining electronics, textile, the automotive, real system, and packaging, will further fuel the demand for the market.
Low voltage electric motor is rapidly utilized for applications that include fans, pumps, lifts, compressors, chillers, and others owing to its enhanced productivity and quality, high safety standards, high reliability and efficiency, and low energy consumption. In addition to this, the growing deployment of smart sensors for conditional monitoring and preventative maintenance to low voltage electric motor is predicted to offer high growth opportunities to the low voltage electric market size in the coming years. On the other hand, high-cost investment and the variation in the costs of raw materials like copper wires, permanent magnets, steel bars, and alloys utilized in the manufacturing of electric motor will hinder the growth of the low voltage electric market share in terms of revenue. Furthermore, the low voltage car market is highly fragmented, and the easy availability of low voltage products are the factors hampering the market growth.
Efficiency Segment Drivers
Based on efficiency, superior premium efficiency is projected to rise at a higher CAGR due to its performance, high quality, reliability, energy efficiency due to low CO2 emissions, and energy savings in applications where the motor is fully-loaded and runs continuously. Additionally, numerous major leading players, such as TECO Electric & Machinery Co., Ltd., ABB Ltd., WEG S.A., and Siemens AG, provide premium low voltage electric motor. This is anticipated to contribute to the market growth.
End-Use Segment Drivers
Based on end-use, commercial HVAC is expected to dominate the market due to the rising installation of heating, air conditioning (HVAC) systems incorporate office spaces, ventilation, hospitals, and shopping malls for thermal comfort and improve indoor air quality. The rising demand for low voltage electric motors in the HVAC system for various applications, including high-pressure blowers, ventilators, unit heaters, direct-drive and belted fans, air conditioning units, exhaust fans, and smoke ventilation fans, will further boost the growth of the market.
Low Voltage Electric Motor Market Segmentation:
Segmentation by Efficiency:
- Standard
- High
- Premium
- Super Premium
Segmentation by End-Use:
- Commercial HVAC
- Food & Beverages
- Mining
- Utilities
- Electronics
- Others
Segmentation by Application:
- Pumps and Fans
- Compressor
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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