Low-Voltage Motor Market Sparks a US$ 75 Billion Surge by 2032 as Global Industries Embrace Efficiency and Reliability

The global market for low-voltage motors is expected to see substantial growth in the coming years. In 2022, it is projected to reach a value of US$ 39.1 billion, and it is anticipated to achieve a Compound Annual Growth Rate (CAGR) of 6.7%, ultimately reaching a valuation of US$ 75 billion by 2032. This growth is primarily driven by the increasing industrialization across various sectors and the potential benefits of reducing equipment failure risks within the low-voltage motors industry.

Low-voltage motors have wide-ranging applications in industries such as mining, food and beverage, oil and gas, automotive, packaging, and more. This prevalence is a result of ongoing global industrialization efforts and the continuous growth in global energy consumption. These motors operate at voltages below 1000 V while delivering efficient power output, which enhances production, quality, and energy efficiency.

The global adoption of diverse motor efficiency regulations is expected to further boost the expansion of the low-voltage motor market in the foreseeable future. These regulations require manufacturers to embrace more costly yet energy-efficient motor options, ultimately driving progress in the industry.

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During the projected period, the worldwide low voltage market is expected to develop at a single-digit CAGR, with great potential in the next 4-5 years. To improve their production process, most manufacturers are increasingly focused on advanced technology and high-quality low-voltage motors, which has resulted in an increase in demand for advanced low-voltage motors.

- Global Low Voltage Motor Market: Drivers & Restraints

With the rise in technological advancement, increasing demand for machinery across the world, and advantages offered by low voltage motors due to their efficient nature, the global low voltage motor market is anticipated to show robust growth during the forecast period. The growing consumption of low voltage motors by end-user industries will continue to drive the growth in the low voltage market over the forecast period.

In addition, stringent motor efficiency legislation and retrofits due to aging equipment are expected to impact the global low voltage motor market in a positive way.

- Global Low Voltage Motor Market: Regional Outlook

Depending on geographic regions, the global low voltage motor market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. As of 2014, Asia Pacific dominated the global low voltage motor market owing to the growing consumption of low voltage motors by the automotive and electronics industry, in this region.

In addition, China is the largest country market for low voltage motors in the Asia Pacific and is poised to show strong opportunities for low voltage motors in near future. After Asia Pacific North America is projected to show vigorous growth in the global low voltage motor market, especially due to the increasing demand for low voltage motors in countries like the US and Canada, during the forecast period.

- Global Low Voltage Motor Market: Market Players

Some of the major players operating in the global low voltage motor market are ABB, TECO-Westinghouse Motor Company, Siemens, Hyosung Power and Industrial Systems Performance Group, Anhui Wannan Electric Machine, ATB Group, Leroy Somer, LEZ Ruselprom, Luan JiangHuai, NIDEC, Regal Beloit, Shandong Huali Electric Motor Group, GE Industrial, Toshiba International, WEG, VEM Group, etc.

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- The report covers an exhaustive analysis on:

Low Voltage Motor Market Segments
Low Voltage Motor Market Dynamics
Low Voltage Motor Market Size
Low Voltage Motor Market Supply & Demand
Low Voltage Motor Market Current Trends/Issues/Challenges
Competition & Companies involved
Low Voltage Motor Technology
Low Voltage Motor Market Value Chain

- Global Low Voltage Motor Market: Market Segmentation

Product Type:
IE1 Low-Voltage Motors
IE2 Low-Voltage Motors
IE3 Low-Voltage Motors
IE4 Low-Voltage Motors

End-User Industries:
Low Voltage Motors for Food & Beverages
Low Voltage Motors for Mining
Low Voltage Motors for Automotive
Low Voltage Motors for Electronics
Low Voltage Motors for Textile
Low Voltage Motors for Other End User Industries

Region:
North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East & Africa

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This release was published on openPR.