Low Voltage Motors Market Growth to Nearly Double amid Surging Application in Automotive and HVAC Systems
Commercial HVAC Low Voltage Motors to Contribute Over 45% Sales through 2031
The low voltage motors market study by Fact.MR offers exclusive insights for various companies, helping them identify growth opportunities and navigate through challenges in the market. It covers growth drivers and restrains influencing low voltage motors demand worldwide. The study also highlights growth prospects existing in key segments including efficiency class, sector, application, capacity, and region.
NEW YORK, Nov. 19, 2021 /PRNewswire/ — As per the newly released data by Fact.MR analysis, the global low voltage motors market size is expected to reach US$ 36.6 Bn by the end of 2021. Global sales of low voltage motors are projected to rise at 6.8% CAGR, with overall valuation reaching around US$ 70.6 Bn by 2031.
Increasing adoption of low voltage motors across various applications such as pumps, fans, compressors and automotive is driving the low voltage motor market.
Swift transition of energy sector from fuel powered motors to green and efficient technologies is creating a plethora of opportunities for growth within the low voltage motors market. Low voltage motors offer various advantages such as long operating life, low maintenance cost and high energy efficiency.
Hence, they are being increasingly utilized in various industries, ranging from manufacturing and agriculture to automotive. On the back of this, sales of low voltage motors are expected to increase by 2x by the end of 2031.
Technological advancements in low voltage motors are anticipated to boost their sales during the forecast period. Manufacturers are integrating modern technologies such as smart sensors in low voltage motors to monitor to track accurate measurement of various parameters.
Additionally, rising adoption of electric vehicles and expanding construction sector will continue to create lucrative growth avenues for the market.
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In terms of sector, the commercial HVAC low voltage motors segment is expected to hold around 45% of global revenue share by 2031. As low voltage motors are energy efficient and comply with governmental guidelines, they are being increasingly adopted in HVAC systems.
Expansion of residential and commercial sectors will continue to boost the sales of HVAC low voltage motors over the assessment period. Additionally, commercial HVAC low voltage motors market is expected to witness significant growth.
Regionally, Asia low voltage motors market is projected to witness the fastest growth, owing to the rising demand for energy-efficient motors across various applications. Moreover, introduction of favorable policies by government is helping the manufactures to penetrate deeper into emerging economies such as India, China, and Japan.
“Growing preference for automation in various industries such as construction, automotive, and others is fuelling the demand for low voltage motors. In order to capitalize on the rising demand, key manufacturers are establishing new facilities in emerging economies. This also will help them strengthen their global footprint” says a Fact.MR analyst
Key Takeaways from Low Voltage Motors Market Survey
- With rapid industrialization and growing preferences for electric vehicles, North America low voltage motors market is projected to expand at 5% CAGR between 2021 and 2031.
- Europe is anticipated to register a CAGR of 6% over the forecast period driven by increasing demand from the construction industry.
- Asia is expected to emerge as the most lucrative market for low voltage motors, expanding at around 7% CAGR through 2031.
- Based on efficiency class, IE1 low voltage motors category is slated to grow by 5% CAGR over the assessment period.
- The commercial HVAC low voltage motors segment is expected to account for around half of global revenue share by 2031.
- Rising demand for energy-efficient technologies is expected to propel the demand for low voltage motors.
- Implementation of regulation pertaining to rising carbon emission levels will continue encouraging installation of low voltage motors across industries.
- Growing industrial automation is accelerating the growth in low voltage motors market and the trend is likely to continue in the future.
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Leading companies operating in low voltage motors market are focusing on developing advanced products integrated with modern technologies. They have adopted various strategies such as product launches, mergers, partnerships and acquisitions to expand their global footprint.
- In August 2021, ABB expanded its manufacturing capacity for low voltage motors at its Faridabad facility, powered by renewable energy. The expansion will increase plant capacity by more than 20 percent and will further strengthen ABB’s presence in the region and global markets. The new line will develop energy efficient motors up to 55 kW for customers operating in different industrial segments such as F & B, HVAC and water & wastewater.
- In March 2021, Siemans acquired C & S Electric for 21 Bn, after receiving the Competition Commission of India‘ s approval. with this acquisition Siemans aims to develop an export hub for supplying low-voltage products to global markets.
- In October 2020, WEG Industries launched W12, a light and versatile motor for industrial applications. The new motor was designed to meet with competitiveness and higher performance industrial applications such as gearboxes and pumps.
- In July 2020, Dana Incorporated introduced new drive technologies for material-handling vehicles, including a low-voltage, high-efficiency motor for electric-powered applications, as well as a new series of modular, high-efficiency drive axles for Class I, IV, and V industrial lift trucks.
Some of the prominent players operating in the low voltage motors market profiled by Fact.MR are:
- ABB Ltd.
- Siemens AG
- WEG Industries
- Nidec Corporation
- General Electric Company (GE)
- Toshiba Corporation
- Hyosung Corporation
- Hyundai Heavy Industries Co. Ltd.
- Shangdong Huali Electric Motor Group Co. Ltd.
- Regal Rexnord Corporation
- TECO Electric & Machinery Co. Ltd.
More Insights on the Global Low Voltage Motors Sales Outlook
Fact.MR provides an unbiased analysis of low voltage motors market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for low voltage motors with a detailed segmentation on the basis of:
- IE 1 Low Voltage Motors
- IE 2 Low Voltage Motors
- IE 3 Low Voltage Motors
- IE 4 Low Voltage Motors
- DC Low Voltage Motors
- Others Low Voltage Motors
- Commercial HVAC Low Voltage Motors
- F&B Manufacturing Low Voltage Motors
- Mining Low Voltage Motors
- Utilities Low Voltage Motors
- Other Sectors Low Voltage Motors
- Low Voltage Compressors
- Low Voltage Pumps & Fans
- Low Voltage Conveyors
- Low Voltage Crushers
- Low Voltage Extruders
- Other Applications
- 0.75 – 2.1 kW Low Voltage Motors
- 7.4 kW Low Voltage Motors
- 7.5 – 45 kW Low Voltage Motors
- 46 – 75 kW Low Voltage Motors
- 76 – 110 kW Low Voltage Motors
- 111 – 375 kW Low Voltage Motors
- > 375 kW Low Voltage Motors
- North America
- Latin America
- East Asia
- South Asia
Key Questions Covered in the Low Voltage Motors Market Outlook Report
- The report offers insight into low voltage motors demand outlook for 2021-2031
- The market study also highlights projected sales growth for low voltage motors market between 2021 and 2031
- Low voltage motors market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Low voltage motors market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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