Low Voltage Motors Market to Experience Significant Growth during the Forecast Period 2017 to 2022
In order to cater to the growing demand for consumer and capital goods, manufacturers are adopting advanced technology for fast production. Several manufacturers are integrating low voltage motors with smart sensors to speed up the production rate as it enables end users to record the regular and accurate measurement of the motor’s key condition parameters. For example, ABB, a leading player in the low voltage motors market, launched a new low voltage motor equipped with smart sensor, which is designed to pick up signals from the low voltage motors that helps in recording accurate and regular measurements of the motor. Manufacturers operating in several industries are converting regular low voltage motors to connected and intelligent machines, which enables users to analyse the actual needs rather than on the basis of operating hours and time intervals during the production process. Equipped with smart technology, the low voltage motors enables manufacturers to make predictive analysis based on the data acquired, which can help in reducing the downtime by 70%, extending motor lifetime by 30%, and cutting energy consumption by around 10%.
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According to a recently published report by Fact.MR, the global low voltage motors market is expected to register a healthy CAGR, and is expected to represent a value of over US$ 35,000 Mn by the end of 2022.
Consumption in the Mining Industry
Besides smart technology, the manufacturers are also integrating industry specific features in the low voltage motors for enhanced performance. For example, attributed to flameproof features, the low voltage motors is expected to witness significant demand in the mining industry. Moreover, the manufacturers also witness demand for the cast iron motors for underground mining conveniently as these motors are equipped with special varnish corrosion protection, which prevents the moisture between winding insulation and ingression.
Significant Demand for Water Treatment
Apart from the mining industry, the low voltage motors also witness significant demand for water treatment purposes globally. Increasing need to replace, upgrade, and retrofit the equipment related to wastewater treatment facilities is expected to fuel demand for low voltage motors globally. Such factors are expected to contribute towards growth of the global low voltage motors market during the forecast period.
Robust Adoption of IE4 Motors
Reduced maintenance cost and optimisation of energy consumption has made the low voltage motors a lucrative option for manufacturers operating in several industries. As manufacturers in various industries progress to relatively high efficiency NEMA Premium, IE2, and IE3 low voltage motors, IE4 is increasingly carving out a space in the high efficiency motor, and is marketed to the industrial machinery market as “Supreme Premium Efficiency” motors.
Pumps & Fans Segment to Represent a Leading Segment
As demand for low voltage motors with high efficiency among manufacturers continues to increase, IE2 is expected to witness significant adoption in various industries. The IE2 segment is expected to represent the highest revenue growth, accounting for a value of over US$ 5,000 Mn by the end of 2022. This segment is expected to register the highest CAGR in the global low voltage market throughout 2022.
Increasing demand for energy source has led to significant adoption of the low voltage motors in various industries including food and beverages manufacturing, utilities, commercial and mining low. The F&B manufacturing segment is expected to register the highest CAGR growth in the global market through 2022. However, the others segment is expected to represent the highest revenue growth, accounting for a value of over US$ 3,000 Mn by the end of 2017.
Low voltage motors for application in pumps & fans continue to witness high demand among manufacturers in various industries. The pumps & fans segment is expected to represent the highest revenue growth, accounting for over US$ 6,000 Mn by the end of 2022. As compared to other application segments, the extruders segment is expected to register the highest CAGR in the global market throughout 2022.
On the basis of capacity, the 0.75-2.1 kW segment is expected to register the highest CAGR in the global market through 2022. In terms of revenue, the 2.2-7.4 kW segment is expected to represent the highest growth, accounting for over US$ 4,000 Mn by the end of 2022.
Leading market players operating in the global low voltage motors market include ABB, Siemens, WEG Electric Corp, Nidec Group, GE, Toshiba, Hyosung Corporation, Hyundai Heavy Industries, Shangdong Huali, Regal Beloit, and Teco Electric & Machinery.
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