PUBLISHER: Allied Market Research | PRODUCT CODE: 1414781
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414781
According to a new report published by Allied Market Research, titled, "Industrial High Voltage Motor Market," The industrial high voltage motor market was valued at $1.8 billion in 2022, and is estimated to reach $2.6 billion by 2032, growing at a CAGR of 3.9% from 2023 to 2032. The industrial high voltage motor is typically used in applications where heavy loads are moved such as mining, cement & steel industry, oil & gas, and others. These motors are available in two major forms namely high-voltage squirrel cage motors and high-voltage slip ring motors.
Industrial high voltage motors have advanced cooling systems and high efficiency that can minimize energy losses during operations. These motors incorporate advanced cooling systems with air or liquid cooling methods. Industrial high voltage motors are designed using robust materials and heavy-duty components that can withstand the mechanical stress associated with high power and voltage levels. In addition, these motors can be customized to meet specific requirements which includes variations in size, design, and features. Industrial high voltage motors offer high-quality insulation systems that ensure safe operation and prevent electrical breakdown. These factors are anticipated to boost the industrial high voltage market share in the upcoming years.
Complex operations and high installation & maintenance cost are factors anticipated to restrict market growth in the upcoming years. The complex operations of high voltage motors involve high maintenance costs. In addition, to operate these motors, skilled personnel may be required for programming and troubleshooting. These are the major factors predicted to hamper the market revenue growth in the future.
The rising applications of high voltage motors in renewable energy, heavy industries, petrochemical, and marine & offshore applications are anticipated to generate excellent growth opportunities in the market. For instance, high voltage motors are used in heavy machinery such as conveyors, mills, crushers, and other heavy-duty applications. In the oil & gas sector, these motors are used in various industrial processes for exploration, extraction, and refining operations. Furthermore, the electric propulsion systems on ships use high voltage motors for efficient and power operations.
The global industrial high voltage motor market experienced diverse impacts that have led to disrupted supply chain causing delay in the production & delivery of different components. The demand for industrial high voltage motors was negatively impacted by the COVID-19 pandemic owing to reduced industrial activities, supply chain issues in the oil & gas industry, shift in the investment priorities, and impact on renewable energy projects. For instance, the industries majorly aerospace, construction, and automotive which widely use high voltage motors saw a decline in demand owing to supply chain disruptions, closure of manufacturing units, and others. In addition, reduced investment in the oil & gas sector and project delays affected the demand for industrial high voltage motors in recent years. Furthermore, the investments in the manufacturing industry were redirected towards immediate needs in the healthcare sector owing to which the demand for industrial high voltage motors decline significantly.
The key players profiled in this report include: ABB, WEG, General Electric Company, Teco Australia, Siemens AG, Toshiba Mitsubishi-Electric Industrial Systems Corporation, OME, HYOSUNG HEAVY INDUSTRIES, Shanghai Electric Machinery Co., Ltd., and Regal Beloit Corporation. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
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