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Global Low Voltage Motor Market - Industry Trends and Forecast to 2031

Semiconductors and Electronics

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Global Low Voltage Motor Market - Industry Trends and Forecast to 2031

  • Semiconductors and Electronics
  • Upcoming Report
  • May 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Low Voltage Motor Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 39.10 USD Billion
Diagram Market Size (Forecast Year) USD 119.61 USD Billion
Diagram CAGR %

Major Markets Players

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Global Low Voltage Motor Market, By Product Type (IE1 Low-Voltage Motors, IE2 Low-Voltage Motors, IE3 Low-Voltage Motors,IE4 Low-Voltage Motors), End-User Industries (Food and Beverages, Mining, Automotive, Electronics, Textile, Others) - Industry Trends and Forecast to 2031. 

Low Voltage Motor Market

Low Voltage Motor Market Analysis and Size

The low voltage motor market is experiencing steady growth driven by increasing industrial automation and demand for energy-efficient solutions. Key factors such as advancements in motor design, government regulations promoting energy conservation, and expanding applications across various industries contribute to market expansion. Moreover, rising adoption of electric vehicles and renewable energy sources further propels market growth in diverse sectors.

Global low voltage motor market was valued at USD 39.1 billion in 2023 and is expected to reach USD 119.61 billion by 2031, registering a CAGR of 15% during the forecast period of 2024-2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product Type (IE1 Low-Voltage Motors, IE2 Low-Voltage Motors, IE3 Low-Voltage Motors,IE4 Low-Voltage Motors), End-User Industries (Food and Beverages, Mining, Automotive, Electronics, Textile, Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa

Market Players Covered

ABB (Switzerland), GE Power Conversion (U.S.), Hyosung Corporation (South Korea), Hyundai Heavy Industries Co., Ltd (South Korea), Nidec Corporation (Japan), Siemens AG (Germany), TECO-Westinghouse (Taiwan), Toshiba Corp. (Japan), WEG Equipamentos Eletricos SA (Brazil), Wolong Electric Group (China)

Market Opportunities

  • Expansion into Emerging Markets
  • Growing Adoption of Electric Vehicles and Renewable Energy Sources

Market Definition

Low voltage motors are electromechanical devices designed to convert electrical energy into mechanical energy at voltages typically ranging from 0 to 1000 volts. They are widely used in various applications such as industrial machinery, HVAC systems, pumps, fans, and compressors. These motors operate efficiently at lower voltage levels, offering reliable performance while consuming less electrical power compared to high voltage alternatives.

Low Voltage Motor Market Dynamics

Drivers

  • Increasing Automation in Various Industries

The increasing automation across various industries is a significant driver for the low voltage motor market. As industries embrace automation to improve efficiency and productivity, the demand for low voltage motors rises. These motors serve as key components in automated systems, powering conveyor belts, robots, pumps, and other machinery. With advancements in technology and the adoption of Industry 4.0 principles the need for efficient and reliable low voltage motors continues to grow, further propelling market expansion.

  • Government Initiatives and Investments

Government initiatives and investments play a significant role in fostering the low voltage motor market's growth. By incentivizing energy-efficient technologies and supporting industrial development, governments drive innovation and adoption across various sectors. These initiatives aim to upgrade infrastructure, promote renewable energy, and enhance manufacturing capabilities, thereby accelerating market expansion and enabling widespread adoption of low voltage motors.

Opportunities

  • Growing Adoption of Electric Vehicles and Renewable Energy Sources

The Low Voltage Motor Market sees a surge in opportunities with the rapid adoption of electric vehicles and the rising demand for renewable energy sources. As the automotive sector shifts towards electrification, the need for low voltage motors escalates driving market growth. Similarly, the expanding renewable energy sector relies heavily on low voltage motors for various applications, presenting lucrative opportunities for market players. Technological advancements aimed at enhancing motor efficiency and performance further bolster the market's potential.

  • Expansion into Emerging Markets

As industrialization and infrastructure development continue in emerging markets, there's a significant opportunity for low voltage motor manufacturers to expand their presence and capture market share in regions experiencing rapid industrial growth.

Restraints/Challenges

  • Limited Availability of Skilled Technicians

The Low Voltage Motor Market faces challenges due to the limited availability of skilled technicians. A shortage of qualified professionals capable of installing, maintaining, and repairing low voltage motors impedes market growth. This scarcity increases operational costs for businesses and prolongs downtime for critical machinery. Furthermore, it hampers the efficient utilization of low voltage motor systems, affecting overall productivity and performance

  • Intense Competition from Local Players

The low voltage motor market encounters intense competition from local players and technological complexities. Local competitors often offer competitive pricing strategies and tailored solutions, posing a challenge to established companies.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

  • In July 2023, Siemens shareholders voted against the sale of its low-voltage motors business to a subsidiary, Siemens Large Drives India, for Rs. 2,200 crore.This decision may benefit the market by retaining Siemens' low-voltage motors business, ensuring continued competition and innovation in the industry

Low Voltage Motor Scope

The market is segmented on the basis of product type, end-user industries. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

  • IE1 Low-Voltage Motors
  • IE2 Low-Voltage Motors
  • IE3 Low-Voltage Motors
  • IE4 Low-Voltage Motors

End-User Industries

  • Food and Beverages
  • Mining
  • Automotive
  • Electronics
  • Textile
  • Others

Low Voltage Motor Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by service type, by product type, end-user industries as referenced above.

The countries covered in the market are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.   

Asia Pacific is projected to lead the low-voltage motors market. This dominance is attributed to the burgeoning automotive and electronics sectors in emerging economies such as China and India. Asia Pacific  is expected to witness the highest CAGR during the forecast period of 2024 to 2031.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.     

Competitive Landscape and Low Voltage Motor Share Analysis

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in market are:

  • ABB (Switzerland)
  • GE Power Conversion (U.S.)
  • Hyosung Corporation (South Korea)
  • Hyundai Heavy Industries Co., Ltd (South Korea)
  • Nidec Corporation (Japan)
  • Siemens AG (Germany)
  • TECO-Westinghouse (Taiwan)
  • Toshiba Corp. (Japan)
  • WEG Equipamentos Eletricos SA (Brazil)
  • Wolong Electric Group (China)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The Low Voltage Motor Market size will be worth USD 119.61 billion by 2031.
The Low Voltage Motor Market growth rate will be 15% by 2031.
Increasing Automation in Various Industries and Government Initiatives and Investments are the growth drivers of the Low Voltage Motor Market.
The product type, end-user industries are the factors on which the Low Voltage Motor Market research is based.
The major companies in the Low Voltage Motor Market are ABB (Switzerland), GE Power Conversion (U.S.), Hyosung Corporation (South Korea), Hyundai Heavy Industries Co., Ltd (South Korea), Nidec Corporation (Japan), Siemens AG (Germany), TECO-Westinghouse (Taiwan), Toshiba Corp. (Japan), WEG Equipamentos Eletricos SA (Brazil), Wolong Electric Group (China).
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