According to a recently released study by Fact.MR, the global market for low voltage motors will grow at a CAGR of 6.8% and hit US$ 70.6 Bn by the end of the 2021–2031 assessment period. Demand has been greatly increased by the widespread deployment of HVAC solutions in residential and commercial buildings.
Historical evidence points to a positive past for the market. The market grew at a CAGR of about 5% from 2016 to 2020, although from 2018 to 2019, there was a Y-o-Y increase of 8.8%. Given the difficulties in the building business, sales were momentarily down during the COVID-19 epidemic, but they have slowly rebounded, offering very positive prospects for the market in the upcoming decade.
Low voltage could be caused by a rise in electrical consumption. The electric utility lowers the voltage added into the system due to the excessive demand. Both low- and high-power usage issues are well-solved by low voltage motors. Low voltage motors are frequently chosen because to their relative lower current draw and reduced energy usage, even if medium voltage drives are frequently preferred due to their relatively lower costs, smaller footprints, and better availability.
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Key Takeaways from the Market Study
- By efficiency class, IE 1 low voltage motors to incline at a CAGR of 5% through 2031
- Commercial HVAC applications of low voltage motors to comprise 45% of global market demand
- Pumps & fans expected to retain their top position, clocking a CAGR of 6% until 2031
- North America to register a CAGR of 5% for low voltage motors from 2021-2031
- Europe to experience heightened demand on back of surging construction industry, clocking a CAGR of 6%
- Asia to emerge as the fastest expanding low voltage motors landscape, progressing at a CAGR worth 7%
Strategic partnerships help businesses meet consumer demand, boost production, and improve sales and market share. End customers will be able to take advantage of products that are naturally eco-friendly thanks to new products and technologies.
- ABB recently installed a manufacturing line to its Faridabad manufacturing facility in order to increase its capacity for the production of low voltage motors on August 25th, 2021. Customers in a variety of industries, including food and beverage, water and wastewater, cement, metals and mining, HVAC, textiles, and rubber, can now obtain energy-efficient motors up to 55kW.
- Siemens purchased C&S Electric, a maker of electrical equipment, in March 2021 with the Competition Commission of India’s blessing. For?21 billion, the business bought 99.22% of the ownership in C&S Electric from the company’s promoters. The company intends to use this acquisition to join the Indian market and establish a centre for exporting low-voltage goods abroad.
More Insights Available
In its latest offering, Fact.MR offers a fair study of the low voltage motors industry, including historical demand data (from 2016 to 2020) and projections for the years 2021 to 2031.
The study divulges essential insights on the market based on efficiency class (IE1, IE 2, IE 3, IE 4, DC and others), sector (commercial HVAC, F&B manufacturing, mining, utilities and others), application (compressors, pumps & fans, conveyors, crushers, extruders, and others) and capacity (> 375 kW, 111-375 kW, 76-110 kW, 46-75 kW, 7.5-45 kW, 2.2-7.4 kW and 0.75-2.1 kW), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).