Low Voltage Motors Market

According to Stratistics MRC, the Global Low Voltage Motors Market is accounted for $42.50 billion in 2023 and is expected to reach $76.21 billion by 2030 growing at a CAGR of 8.7% during the forecast period. Low-voltage motors are the motors which can operate at voltages lower than 1000 V and have a maximum output of 1000 KW, are energy-efficient motors. In comparison to standard motors, low-voltage motors are more effective and efficient by 2% to 8%. These motors produce a consistent output with little power input. They are produced in accordance with the National Electric Manufacturers Association's (NEMA) specified standard efficiency values. Reduced-voltage motors are characterized by positive energy balance, increased productivity and quality, strong safety standards, and reduced energy consumption.

According to the US Department of Energy, it is promoting sustainable and energy-efficient solutions in the low voltage motors market by establishing minimum efficiency standards and encouraging innovation to drive growth while promoting sustainable development and environmental protection.



Market Dynamics:

Driver:

Increasing industrialization

The global Low Voltage Motors market expected to drive growth during the forecast period. The demand for low-voltage motors is being driven by the growing industrialization of the world. These motors are widely utilized in a variety of sectors, including the chemical, oil and gas, food and beverage, and automotive industries. Moreover, Low-voltage motors, for instance, are employed to power mixers, conveyor belts, and other machinery in the food and beverage industry. They are utilized in pumps, compressors, and other machinery in the oil and gas sector. Additionally, the necessity for dependable and effective machinery to support their operations is what drives the demand for low-voltage motors in various sectors.

Restraint:

High-voltage motor competition

The global Low Voltage Motors market expected to hinder growth during the forecast period. High-voltage motors continue to be a popular option for many industries, even though low-voltage motors have a number of benefits as well, including enhanced performance and energy economy. For some applications, such as those involving huge machinery or significant power demands, high-voltage motors might be a preferable option. However, the market for low-voltage motors may be constrained by competition, particularly in sectors where high-voltage motors are already prevalent.

Opportunity:

Increasing need for automation

The global Low Voltage Motors market expected to drive growth during the forecast period. Low-voltage motor demand is being driven by the rising need for automation across a number of sectors, including manufacturing and automotive. The demand for these motors is increasing due to the widespread use of automated machinery and equipment. Automation can help businesses become more productive, spend less on labor, and produce better goods. However, as many automated systems rely on low-voltage motors, their demand will only grow as more firms automate.

Threat:

Replacement with alternative technology

The global Low Voltage Motors market expected to hamper growth during the forecast period. Alternative technologies with comparable or superior performance could challenge the low-voltage motor market. For instance, the creation of new materials, such as superconducting materials, could result in the creation of motors with improved energy efficiency or performance, which could eventually replace low-voltage motors in some applications. Furthermore, the use of alternative energy sources like hydrogen or fuel cells may result in a decrease in the need for motors in conventional power generation.

Covid-19 Impact:

The market for low-voltage motors has been greatly impacted by the COVID-19 epidemic. The pandemic has affected the manufacturing and distribution of low-voltage motors by causing supply chain interruptions, workforce shortages, and decreased demand in some industries. Additionally, the epidemic has caused many businesses to reassess their objectives, placing more emphasis on risk reduction and cost-cutting, which might have an immediate influence on the adoption of low-voltage motors. Moreover, the market's long-term prospects are still favourable, nevertheless, as low-voltage motors provide advantages in terms of energy efficiency that can help businesses cut costs and increase sustainability.

The Commercial HVAC segment is expected to be the largest during the forecast period

The low-voltage motor market is expected to have the largest share of the Commercial HVAC segment throughout the forecast period, accounting for about 25% of the market in 2020. Low-voltage motors are necessary for a variety of HVAC system components, including fans, blowers, and pumps. Buildings, hospitals, schools, and other facilities are among the commercial and residential applications included in this section. Moreover, the HVAC market is expanding as a result of rising demand for HVAC systems that are both sustainable and energy-efficient. Due to growing awareness of the significance of indoor air quality and the need to minimize energy consumption and expenses, energy-efficient HVAC systems are becoming more and more necessary.

The Synchronous motors segment is expected to have the highest CAGR during the forecast period

The Synchronous motors segment is anticipated to witness the fastest CAGR growth during the forecast period. Synchronous motors are suited for demanding applications in a variety of industries, including oil and gas, power generation, and mining, due to their great efficiency and versatility. Additionally, they feature a high power factor, which lowers energy use and expenses. The synchronous motor market is expanding as a result of an increase in demand for energy-efficient motors across numerous sectors. Through different programs, including energy labelling and minimum efficiency criteria, governments and regulatory organizations are encouraging the adoption of energy-efficient motors, which is further raising demand for synchronous motors.

Region with largest share:

During the anticipated period, the Asia Pacific region will hold the largest market share for low voltage motors, accounting for more than 40% of the total market in 2020. The market for low-voltage motors is expanding as a result of the presence of some of the world's fastest-growing economies, including China and India. The demand for energy-efficient motors in a variety of sectors, such as the automotive, mining, and power generation industries, is also boosting the market in the area. Additionally, as Industry 4.0 and smart manufacturing technologies become more widely used in the area, low-voltage motor manufacturers will have more opportunity to create cutting-edge, energy-efficient solutions for a variety of industries.

Region with highest CAGR:

The market for low-voltage motors is anticipated to have highest CAGR in the Middle East and Africa (MEA) region. Growing infrastructure and building project investments, notably in nations like Saudi Arabia, the UAE, and Qatar, are what's fueling the rise. The growing use of sustainable and energy-efficient technologies across numerous industries, such as oil and gas, power production, and water and wastewater treatment, is another factor driving the demand for low-voltage motors in the area. Additionally, the MEA region's rising emphasis on renewable energy sources and use of smart manufacturing technologies are opening up new business opportunities for low-voltage motor producers.



Key players in the market

Some of the key players in Low Voltage Motors market include ABB Group, Anhui Wannan Electric Machine, ATB Group, GE Power Conversion, Hyosung Corporation, Leroy Somer, LEZ Ruselprom, Luan JiangHuai, Marelli Motori, Nidec Corporation, Regal Beloit, Shandong Huali Electric Motor Group, Siemens AG, TECO-Westinghouse Motor Company, Toshiba Corp., VEM Group, WEG Equipamentos Eletricos SA and Wolong Electric Group.

Key Developments:

In August 2021, ABB expanded its manufacturing capacity for low voltage motors at its Faridabad facility, powered by renewable energy. The expansion will increase plant capacity by more than 20 percent and will further strengthen ABB's presence in the region and global markets. The new line will develop energy efficient motors up to 55 kW for customers operating in different industrial segments such as F & B, HVAC and water & wastewater.

In March 2021, Siemans acquired C & S Electric for 21 Bn, after receiving the Competition Commission of India' s approval. with this acquisition Siemans aims to develop an export hub for supplying low-voltage products to global markets.

In October 2020, WEG Industries launched W12, a light and versatile motor for industrial applications. The new motor was designed to meet with competitiveness and higher performance industrial applications such as gearboxes and pumps.

Product Types Covered:
• IE1
• IE2
• IE3
• IE4
• Other Product Types

Motor Types Covered:
• Induction Motors
• Synchronous Motors
• DC Motors
• Other Motor Types

Capacities Covered:
• 0.75 - 2.1 kW
• 7.4 kW
• 7.5 - 45 kW
• 46 - 75 kW
• 76 - 110 kW
• 111 - 375 kW
• > 375 kW
• Other Capacities

Applications Covered:
• Low Voltage Compressors
• Low Voltage Pumps & Fans
• Low Voltage Conveyors
• Low Voltage Crushers
• Low Voltage Extruders
• Other Applications

End Users Covered:
• Commercial HVAC
• Food & Beverages
• Mining
• Utilities
• Automotive
• Transportation
• Electronics
• Pulp & Paper
• Power Generation
• Oil & Gas
• Life Sciences
• Water & Wastewater
• Chemical & Petrochemical
• Metals
• Textile
• Tobacco
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances