Growing need for cost efficient energy source continues to remain a major factors fuelling adoption of low voltage motors in various industries. Manufacturers are integrating intelligent technology in low voltage motors, which is projected to impact growth of the global low voltage market positively. A recently compiled report by Fact.MR, the global of low voltage motors market is projected to represent more than US$ 35,000 Mn by 2022-end.
Factors Fuelling Growth of the Global Market
Adoption of low voltage motors continue to increase attributed to various microeconomic and macroeconomic factors. Growing demand for capital and consumer goods has led manufacturers to adopt intelligent machines, which helps in making analysis of actual needs during the production process. On the basis of this predictive analysis, the end users can extend the lifetime and reduce the downtime by cutting the energy consumption by nearly 10%.
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In addition to adoption of smart technology, the manufacturers are also embedding advanced features that are specific to the end use industry. For example, manufacturers are integrating flameproof attributes in the low voltage motors for activities specific to mining industry. Demand for cast iron motors for the underground mining activities will continue to remain high attributed to corrosion-resistant and moisture-resistant features.
Surge in demand for wastewater treatment due to growing industrialisation is projected to impact global market growth of low voltage motors positively. Increasing industrial activities leads to generation of wastewater globally. Treatment of wastewater is projected to fuel growth of the global market of low voltage motors. Growing need to upgrade, retrofit, and replace the water treatment equipment will further rev up demand for low voltage motors in various industries.
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F&B Manufacturing to Remain a Leading Segment
Although IE2, IE3 and NEMA premium motors continue to witness significant adoption among manufacturers, IE4 is projected to witness robust demand attributed to high efficiency. IE4 motors is marketed to the industrial end users as “Supreme Premium Efficiency” motors. Bound to such factors, adoption of low voltage motors is likely to remain a lucrative option for end users.
IE2 efficiency class motor continues to sell more than other motors in the global market. Demand for IE2 motors is projected to grow at a faster pace attributed to high efficiency features. Currently, the IE2 efficiency class segment is projected to represent more than US$ 5,000 Mn globally.
By sector type, the F&B manufacturing segment is projected to reflect a relatively high CAGR in the global market through 2022. In terms of revenue, the others segment is projected to represent more than US$ 3,000 Mn by 2017-end.
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Adoption of low voltage motors for pumps and fans will continue to remain high globally. The pumps & fans segment is projected to represent more than US$ 6,000 Mn in the global market by 2022- end. However, the extruders segment is projected to reflect a relatively high CAGR through 2022.
Major players in the global market of low voltage motors are Siemens, ABB, Nidec Group, GE WEG Electric Corp, Hyosung Corporation, Toshiba, Shangdong Huali, Hyundai Heavy Industries, Teco Electric & Machinery, and Regal Beloit.