Low Voltage Electric Motor Market to Reach US$ 18.5 Billion by 2028

IMARC Group's latest research report, titled "Low Voltage Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," The global low voltage electric motor market size reached US$ 14.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

Low Voltage Electric Motor Industry Outlook:

A low voltage electric motor is an energy-saving machine that produces maximum power at low current consumption. It has the ability to control tasks, measure electric current, ensure stability and energy efficiency, and deliver precision through proper speed. It provides numerous benefits, including improved quality and productivity, positive energy balance, and high safety standards. It is widely utilized in various industries, such as mining, food, and beverage, oil, and gas, automotive, and packaging. Besides this, it is also used in numerous appliances, including air-conditioning units, elevators, fans, compressors, and pumps.

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Global Low Voltage Electric Motor Industry Demand:

One of the key factors driving the global market is rising energy consumption. Moreover, shifting consumer preference from low-efficiency motors to high-efficiency and energy-saving motors is propelling the demand for low-voltage motors across the globe. Besides, numerous major companies are focusing on the manufacturing of excellent quality low-voltage motors using advanced technology to enhance their production process, which is providing a thrust to the market.

Additionally, stringent motor efficiency legislations and the rising retrofitting activities due to aging equipment are acting as other growth-inducing factors. Furthermore, the growing renovation of residential spaces is further fuelling the market. Other factors, including continual technological advancements and the advent of smart sensors, are creating a positive market outlook.

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Key Market Segmentation:

Top Low Voltage Electric Motor Manufacturers:

• ABB
• Siemens
• WEG
• TECO E&M
• Regal Beloit
• Leroy-Somer
• Shandong Huali
• Hyundai Heavy Industries
• Hyosung Corporation
• NIDEC

Breakup By Efficiency:

• Standard Efficiency
• High Efficiency
• Premium Efficiency
• Super Premium Efficiency Motors

Breakup By Application:

• Pumps And Fans
• Compressors
• Other Applications

Breakup By End-use:

• Commercial Hvac
• Food
• Beverage And Tobacco Industry
• Mining Industry
• Utilities
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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