Overview and Scope
The low voltage motor market consists of sales of induction motors, synchronous motors, dc motors, and servo motors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The low voltage motor market size has grown strongly in recent years. It will grow from $36.28 billion in 2023 to $39.82 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to establishment of international standards for motor efficiency and safety, rapid industrialization and urbanization of emerging markets, energy efficiency programs, expansion of telecommunications networks, and proliferation of household appliances.
The low voltage motor market size is expected to see rapid growth in the next few years. It will grow to $58.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to implementation of customer-centric approaches, infrastructure development projects, growth in regenerative medicine and biotech sectors, implementation of cybersecurity measures to protect low voltage motor systems, and implementation of remote monitoring and predictive maintenance solutions for low voltage motors. Major trends in the forecast period include implementation of digital twin technology, development of intelligent electrical grids, miniaturization of motors, development of permanent magnet motors, and technological innovations in motor design.
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Segmentation & Regional Insights
The low voltage motor market covered in this report is segmented –
1) By Product Type: International Efficiency 1 (IE1) Low-Voltage Motors, International Efficiency 2 (IE2) Low-Voltage Motors, International Efficiency 3 (IE3) Low-Voltage Motors, International Efficiency 4 (IE4) Low-Voltage Motors
2) By Application: Low Voltage Crushers, Low Voltage Compressors, Low Voltage Extruders, Low Voltage Pumps And Fans, Low Voltage Conveyors
3) By End-User Industries: Food And Beverage, Mining, Automotive, Electronics, Textile, Other End-User Industries
Asia-Pacific was the largest region in the low voltage motor market in 2023. The regions covered in the low voltage motor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of intertrial robots is expected to propel the growth of the low-voltage motor market going forward. Industrial robots are programmable machines typically used in manufacturing and industrial settings to perform tasks that require precision, speed, and consistency. The adoption of industrial robots is driven by the pursuit of increased efficiency, improved quality, enhanced safety, cost savings, flexibility, and technological advancements. Low voltage motors in robotics enable robots to perform a wide range of tasks with agility, accuracy, and energy efficiency, making them essential components in modern robotic systems across various industries and applications. For instance, according to the Industrial Robots Statistics 2023 by the International Federation of Robotics, a Germany-based non-profit organization, around 404,578 industrial robots were installed in Asia in 2022, representing a 5% increase from the 385,143 units installed in 2021. Therefore, the increasing automation in various industries is driving the growth of the low-voltage motor market.
Key Industry Players
Major companies operating in the low voltage motor market are Hitachi Ltd., Siemens AG, General Electric Company, TECO Electric & Machinery Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric, ABB Group, Toshiba International Corporation, Nidec Corporation, Fuji Electric Co. Ltd., WEG S.A., Regal Rexnord Corporation, Johnson Electric Holdings Limited, Wolong Electric Group, HD Hyundai Electric Co. Ltd., Bonfiglioli, Brook Crompton UK Ltd., VEM Group, VYBO Electric, Ruselprom Group, Hoyer Motors
The low voltage motor market report table of contents includes:
1. Executive Summary
2. Low Voltage Motor Market Characteristics
3. Low Voltage Motor Market Trends And Strategies
4. Low Voltage Motor Market – Macro Economic Scenario
5. Global Low Voltage Motor Market Size and Growth
…
32. Global Low Voltage Motor Market Competitive Benchmarking
33. Global Low Voltage Motor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Low Voltage Motor Market
35. Low Voltage Motor Market Future Outlook and Potential Analysis
36. Appendix
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