Expansion of renewable energy generation is a key factor shaping the market growth of low voltage motors
Rockville , Nov. 29, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Low Voltage Motors Market is forecasted to expand at a 6.8% CAGR to reach a value of US $79.55 Bn by the end of 2033.
Low voltage motors operate at voltages below 1,000 volts and offer several advantages over alternatives. They are notably energy-efficient, leading to cost savings. Installation and maintenance are easier, contributing to reduced downtime and lower overall costs. Safety is enhanced due to the lower operating voltages. Additionally, low-voltage motors are versatile, compatible with various control systems, and suitable for a range of applications.
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Key Segments of Low Voltage Motors Industry Research Report
|By Efficiency Class
They also exhibit improved power factor, lower transmission losses, and better integration with renewable energy sources. Their compliance with industry standards ensures reliability and regulatory adherence. Overall, low-voltage motors provide a cost-effective, safe, and efficient solution for diverse industrial, commercial, and residential needs.
The growth of the low-voltage motors market is primarily driven by the increasing demand for energy-efficient solutions across industries. Stringent regulations promoting energy conservation and the rising emphasis on sustainability are pushing businesses to adopt low-voltage motors.
However, the market faces a challenge stemming from economic uncertainties and fluctuations in global markets. The demand for low-voltage motors, particularly in industries sensitive to economic conditions, can be significantly impacted. Rapid advancements in technology may necessitate continuous innovation and upgrades, posing a struggle for manufacturers to stay competitive.
- China market is expected to witness a market value of US $ 16.54 Bn in 2033. The United States is following China in terms of growth and is predicted to witness a market size of US $ 15.35 Bn by the end of 2033.
- Demand for IE 1 low voltage motors is expected to experience 7.3% CAGR during the forecast period (2023-2033)
- The German market is predicted to experience a market value of US $ 7.23 Bn by 2033. An increase in energy-efficient initiatives and manufacturing automation is expected to contribute to the growth of the low-voltage motors market during the forecast period.
The demand for high energy efficiency, the expansion of industrial automation, and the integration of renewable energy sources to meet sustainability goals are key factors that are driving the industry growth- Says FACTMR Expert
Key industry players in this competitive sector are directing their efforts toward the creation of innovative products incorporating state-of-the-art technologies. Additionally, there is a strategic emphasis on mergers and partnerships to expand their global presence. Notable market leaders in this space include ABB, Siemens, TECO-Westinghouse Motor Company, and Hyosung Power & Industrial Systems Performance.
- In August 2021, ABB increased its production capabilities for low-voltage motors at its Faridabad facility, utilizing renewable energy sources. This expansion is anticipated to elevate the plant's capacity by over 20%, contributing to the reinforcement of ABB's presence both regionally and globally.
- In March 2021, Siemens had acquired C&S Electric. This acquisition has helped Siemens to establish an export hub for selling low-voltage goods to global markets.
- Key market players are integrating smart technologies into low-voltage motors, enabling features such as remote monitoring, predictive maintenance, and real-time performance optimization.
- In response to the increasing emphasis on renewable energy, certain major players in the market are adopting a winning strategy by investing in the development of low-voltage motors integrated with energy storage solutions. This approach aims to bolster overall system efficiency and reliability.
- As low-voltage motors become more interconnected in smart systems, key players prioritize cybersecurity measures to protect against potential threats and ensure the integrity of motor control systems.
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|Value Projection (2033)
|USD 79.55 Billion
|Growth Rate (2023-2033)
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The demand for IE 1 low voltage motors is anticipated to grow at a CAGR of 7.3% from 2023 to 2033. IE1 motors, compared to higher efficiency classes like IE2, IE3, or IE4, are often more cost-effective with a lower initial purchase cost. This makes IE1 motors an attractive choice for budget-conscious buyers or applications where stringent energy efficiency standards are not enforced.
IE1 motors have been widely available in the market for an extended period, resulting in manufacturers maintaining substantial inventories. Their longstanding use across various sectors has established their familiarity and widespread adoption. Due to their established presence and easy availability, customers and industries may prefer IE1 motors.
Many existing industrial systems and facilities still rely on IE1 motors. The expense and complexity of retrofitting or replacing all old motors with higher efficiency classes make IE1 motors a practical choice in applications where upgrading is not a priority or financially viable.
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