PUBLISHER: 360iResearch | PRODUCT CODE: 1500480
PUBLISHER: 360iResearch | PRODUCT CODE: 1500480
[195 Pages Report] The Low Voltage Motors Market size was estimated at USD 25.01 billion in 2023 and expected to reach USD 26.67 billion in 2024, at a CAGR 6.97% to reach USD 40.10 billion by 2030.
A low-voltage motor is an electromechanical device specifically created to convert electrical energy into mechanical energy, operating at a voltage level lower than 1,000 volts. Low-voltage motors are essential in various industries and applications due to their significance in terms of efficiency, reliability, and cost-effectiveness. They are commonly employed in industrial automation systems, electric vehicles, HVAC systems, household appliances, construction equipment, and agricultural machinery. The demand for efficient industrial solutions, including low-voltage motors, has skyrocketed with an increasing focus on reducing greenhouse gas emissions and enhancing energy conservation efforts across the globe. Low-voltage motors also play a vital role in ensuring worker safety in industrial environments with the risk of electrical hazards. These motors operate at lower voltages than high-voltage alternatives, so they pose less threat to personnel working nearby or directly handling the equipment. Shift to industry 4.0 systems and increasing focus on developing wind and solar systems elevate the demand for low voltage motors. However, these motors' technical limitations and maintenance concerns impact their adoption among certain end-users. Market players are working on incorporating advanced materials such as high-performance magnetic alloys or carbon nanotubes that can enhance motor output capabilities while reducing weight & size. Furthermore, the increasing penetration of IoT-enabled smart motor systems coupled with data analysis capabilities presents potential opportunities for manufacturers.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 25.01 billion |
Estimated Year [2024] | USD 26.67 billion |
Forecast Year [2030] | USD 40.10 billion |
CAGR (%) | 6.97% |
Regional Insights
The Americas is home to a diverse range of players within the low voltage motors market with varying degrees of specialization depending on regional strengths. The U.S. Department of Energy (DOE) has also implemented regulations for improved motor efficiency standards that have driven companies to adopt advanced low-voltage motor technologies. American firms focus on innovation and value-added services to stay competitive within this dynamic marketplace. The growing automotive manufacturing, renewable energy generation, and HVAC applications in Asia have contributed to the increased adoption of low-voltage motors. Asia has an established manufacturing landscape for low-voltage motors, with global companies setting significant production facilities in China, India, and other Asian countries to meet the growing global demand. Asian companies often emphasize cost efficiency and mass production capabilities, while European manufacturers excel at delivering highly customized solutions with advanced technologies for specific industry sectors. In Europe, the growth in renewable energy infrastructure and increasing digitalization of manufacturing processes drive the adoption of low-voltage motors. The European Union (EU) has stringent regulations regarding energy efficiency in electric motor systems under the Ecodesign Directive, pushing manufacturers to develop high-efficiency, low-voltage motors compliant with IE3 and IE4 standards. European manufacturers maintain a strong presence across their home markets while focusing on export business targeting emerging markets. The Middle East and Africa region observes rapid industrialization and infrastructure development projects that drive demand for low-voltage motors. Increased investments in oil & gas exploration activities in countries such as Saudi Arabia, UAE, Kuwait, Nigeria, and Angola further propel market growth.
Market Insights
The market dynamics represent an ever-changing landscape of the Low Voltage Motors Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Low Voltage Motors Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Low Voltage Motors Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
ABB Completes Acquisition of Siemens NEMA Motors
ABB Ltd. has successfully completed the acquisition of Siemens' low voltage NEMA motor business, a strategic move aimed at bolstering its existing Motion unit and expanding its global offering. This acquisition enabled ABB Ltd. to solidify its position as a significant provider of industrial NEMA motors. [Published On: 2023-05-17]
Siemens Expands Its Servo-Drive System For Manufacturing Applications
Siemens AG has expanded its drive portfolio in the extra-low-voltage range by introducing the new Simatic Micro-Drive for 24-48V EC motors. This product line, which includes UL- and CE-marked components, offers a comprehensive solution that features the Profidrive Control (PDC) servo drive, motors and connecting cables from product partners, as well as technology modules (TM) with servo and stepper drives in a compact 20mm width format. [Published On: 2023-04-05]
Innomotics - Launch of a new leading motors and large drives company
Innomotics, a major company in motors and large drives, is set to emerge as a result of Siemens AG consolidating its business activities across low-to-high voltage motors, geared motors, medium-voltage converters, and motor spindles. This new entity is aimed to offer innovative solutions, digitalization services, and a comprehensive range of offerings to customers. [Published On: 2023-03-01]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Low Voltage Motors Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Low Voltage Motors Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., AC-Motoren GmbH, ATB Group by Wolong Electric Group Co., Ltd., Bonfiglioli, DAC Electric B.V., Electromote (Pty) Ltd., Fuji Electric Co. Ltd., Hansen Corp. by Electrocraft Company, Hyosung Heavy Industries, Kirloskar Electric Company, Legrand Group, Marelli Motori, Meidensha Corporation, Mitsubishi Electric Corporation, Nidec Corp., O.M.E. Motori Elettrici s.r.l., Pelonis Technologies, Inc., Regal Rexnord Corporation, SEW Eurodrive, Shanghai Electrical Machinery Group Co., Ltd., Siemens AG, Tecnotion B.V., TECO-Westinghouse, Toshiba Corp., VEM Group, VYBO Electric, and WEG S.A..
Market Segmentation & Coverage