Market Research Report
Low Voltage Industrial Controls
|Published by||Global Industry Analysts, Inc.||Product code||908051|
|Published||Content info||294 Pages
Delivery time: 1-2 business days
|Low Voltage Industrial Controls|
|Published: January 1, 2021||Content info: 294 Pages||
Automation Pushes Up the Focus on Effective & Efficient Industrial Control Systems. Low Voltage Industrial Controls to Reach US$1 Billion.
The global market for Low Voltage Industrial Controls is projected to reach US$1 billion by the year 2027, trailing a post COVID-19 CAGR of 4.5% over the analysis period 2020 through 2027. Confluence of myriad industry 4.0 technologies will drive a quick post COVID-19 recovery and a healthy outlook for industrial controls. Modern industrial facilities use a host of control circuits for motor control, instrumentation signals, equipment controls, plant process schemes etc. The growing push towards energy efficient systems brings the promise of great opportunity for low voltage industrial controls. Tough & competitive business climate, post COVID-19 will exert pressure on manufacturing plants to maximize facility uptime & productivity, driving opportunities for new upgrades and replacement. Low voltage industrial controls not only efficiently control machines and cut back on energy usage, but also ensure safety. Since most machines are run using electric motors, well controlled power supply is necessary for smooth, efficient and optimal functioning of machines without causing any damage to the machinery. Circuit breakers, motor starters, relays, and other industrial control products enable machines to operate efficiently and smoothly despite the voltage fluctuations. Low voltage industrial controls find use primarily in manufacturing and process industries, besides being used in a wide range of transportation, commercial and residential applications. These controls help improve efficiency and reliability of processes, machines and applications across all key industries. Equipment such as electronic circuits and modules that find use in manufacturing units for operating different types of machines, also find use in automotive and residential sectors. Key product types of low voltage industrial controls analyzed in the report include circuit breakers, contactors & relays, motor starters, thermal overload relays, and other products.
The market for low-voltage industrial controls, in the post COVID-19 period, will be driven by the popularity and adoption of renewable sources of energy; growing renovation, expansion works in distribution and transmission network; and increasing demand for electrical distribution systems that are safe and secure. Key attractions for the market include the growing demand for power and for cost-effective electronic systems. Large-scale smart city development projects that are underway will also lead to increasing demand for a wide range of smart electrical machines and devices. These low voltage devices not only consume less power but also avert damages resulting from power fluctuations by providing current stability. There are also several countries working towards boosting their power generation capabilities in order to fulfill the increasing demand for energy, which is leading to an increase in demand for low-voltage industrial controls. These easy-to-install, compact in size devices help increase productivity, maximize efficiency, optimize facility uptime, and prevent malfunctions arising from unstable power distribution. While the umpteen benefits are fueling demand across various end-use sectors and industries, the rising cost of raw material is posing a drawback for the market/ Process industry and Manufacturing sector remain the largest application markets of LV industrial controls, accounting for 33.9& and 25.9% respectively in 2020. Aerospace & Defense is the fastest growing application industry over the analysis period.
Widespread adoption of LV industrial control systems in the U.S. is mainly attributed to large manufacturing base, wider preference for advanced technology solutions in manufacturing environments, and federal regulations governing the manufacturing ecosystem. Europe is the second largest regional market for LV industrial control, accounting for 1/5th share in 2020. Although developed regions represent the major sales contributors, growth in the approaching years, however, is expected to be driven by developing regions, particularly China and Asia-Pacific. The market for LV industrial control in China is estimated at US$120.8 million for the year 2020 and projected to reach US$181.8 million by 2027, trailing at fastest CAGR of 6% over the review period 2020-2027. Anticipated steady economic growth and rising GDP, favorable government policies, and rapid industrialization bodes well for the growth of LV industrial control systems in the country. China has rapidly transformed into a manufacturing hub, led primarily by rapidly flourishing infrastructural and industrial sector. With overheads such as labor costs accounting for significant portion of overall cost structure, manufacturers from across diverse industry segments such as automotive and electronics are under constant pressure to establish production bases in regions/countries that offer easy access to cheap labor and raw materials. Accordingly, manufacturers have increasingly targeted low-cost countries, particularly China for setting up production facilities to effectively tackle escalating production costs, and thereby gain competitive edge over rivals and serve expanded customer base. The increasing number of manufacturing facilities in industries such as pharmaceuticals, automotive, power and textiles are in turn driving demand for LV industrial control market in China.
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