The estimated size of the tire cord market for the year 2023 amounts to approximately US$ 5.75 billion. With a projected compound annual growth rate (CAGR) of 5.5%, the market is expected to attain a value of US$ 9.82 billion by the year 2033. The global tire cord market is a critical segment within the broader automotive industry. Tire cords are essential reinforcements embedded in the structu...
The low voltage motors market is projected to experience a robust compound annual growth rate (CAGR) of 6.8% from 2023 to 2033. Currently, the global market for low voltage motors is valued at US$ 41.20 billion, and it is anticipated to reach a valuation of US$ 79.55 billion by 2033.
The global low voltage motors market is witnessing a robust growth trajectory, driven by the increasing demand for energy-efficient solutions across industries. Low voltage motors play a crucial role in various applications, including manufacturing, HVAC systems, automotive, and more. These motors operate at voltages below 1,000 volts and are known for their reliability, efficiency, and cost-effectiveness.
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One of the primary drivers for the market is the growing emphasis on sustainability and energy efficiency. Governments worldwide are implementing stringent regulations to curb energy consumption and reduce carbon footprints, compelling industries to adopt eco-friendly technologies, including low voltage motors. Additionally, the rising industrialization in emerging economies and the growing awareness of the need for energy conservation are further propelling market growth.
The low voltage motors market presents a significant opportunity for innovation and technological advancements. As industries continue to focus on enhancing efficiency and reducing operational costs, there is a growing demand for smart and connected low voltage motors. Integration with IoT (Internet of Things) technologies allows for real-time monitoring, predictive maintenance, and improved overall performance.
Moreover, the increasing adoption of electric vehicles is creating a substantial opportunity for the low voltage motors market. These motors find applications in electric propulsion systems, contributing to the electrification trend in the automotive industry. As the world transitions towards cleaner and greener energy solutions, the demand for low voltage motors in renewable energy applications, such as wind turbines and solar power plants, is also on the rise.
Despite the promising growth, the low voltage motors market faces certain challenges. One significant hurdle is the initial high cost of technologically advanced motors. While these motors offer long-term benefits in terms of energy savings and reduced maintenance costs, the upfront investment can be a deterrent for some businesses, especially in developing economies.
Another challenge is the global supply chain disruptions, which have been exacerbated by events like the COVID-19 pandemic. The shortage of essential raw materials and components has affected the production and delivery schedules, impacting the overall market dynamics.
- ABB Group
- GE Power Conversion
- Hyosung Corporation
- Hyundai Heavy Industries Co., Ltd
- Nidec Corporation
- Siemens AG
- Toshiba Corp.
Prominent companies operating in the low voltage motors industry are currently prioritizing the development of innovative products that incorporate state-of-the-art technologies. In addition, these industry leaders are actively pursuing growth strategies such as mergers, partnerships, and acquisitions in order to expand their global reach.
In August 2021, ABB significantly enhanced its manufacturing capabilities for low voltage motors at its Faridabad facility, which is powered by renewable energy sources. This expansion initiative is expected to increase the plant’s capacity by over 20%, thereby bolstering ABB’s regional and global presence. The newly established production line will specialize in the manufacturing of energy-efficient motors with a capacity of up to 55 kW, catering to customers across diverse industrial sectors including food and beverage, HVAC, and water and wastewater.
Furthermore, Siemens successfully completed the acquisition of C&S Electric in March 2021. This strategic move by Siemens aims to establish an export hub for the sale of low-voltage products in global markets, further solidifying their position in the industry.
Key Segments of Low Voltage Motors Industry Research
- By Efficiency Class :
- By End Use :
- Commercial HVAC
- Food & Beverages
- By Application :
- Low Voltage Compressors
- Low Voltage Pumps & Fans
- Low Voltage Conveyors
- Low Voltage Crushers
- Low Voltage Extruders
- By Region :
- North America
- Latin America
- Asia Pacific & China
- Middle East & Africa
- By Efficiency Class :
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