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The low voltage motors market share is expected to increase by USD 4.98 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.81%. This low voltage motors market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The low voltage motors market report also offers information on several market vendors, including ABB Ltd., General Electric Co., Hitachi Ltd., Nidec Corp., Regal Beloit Corp., Siemens AG, TECO-Westinghouse, Toshiba Corp., WEG Equipamentos Eletricos SA, and Wolong Electric Group among others. Furthermore, this report extensively covers low voltage motors market segmentation by end-user (process industries, discrete industries, and HVAC), type (IE2, IE1, IE3, and IE4), and geography (APAC, North America, Europe, MEA, and South America).
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising focus on increasing energy efficiency of electrical components and equipment is notably driving the low voltage motors market growth, although factors such as the emergence of low-cost manufacturers in the market may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the low voltage motors market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Low Voltage Motors Market Driver
One of the key factors driving the low voltage motors market is the rising focus on increasing the energy efficiency of electrical components and equipment. There is an increasing focus on using energy-efficient electrical components and equipment such as motors and transformers. It is mainly because motors and transformers account for a significant share of global electricity consumption in the form of useful output and losses. Therefore, if an industrial, commercial or residential facility uses energy-efficient electric components and equipment, the cost of electricity declines significantly. This is leading to the increasing replacement of inefficient electrical components and equipment with ones that are technologically advanced and energy-efficient. Furthermore, electric motors are prime movers in industries as they convert electric energy into mechanical energy. Electric motors account for a large share of the total power consumption of industries. For instance, approximately 30% of the global electricity produced is consumed by industrial motors. Therefore, an improvement in the energy efficiency of industrial motors or the replacement of highly efficient low voltage motors will result in reducing the consumption of electricity by industries.
Key Low Voltage Motors Market Trend
Increased adoption of the Industrial Internet of Things (IoT) in industrial machinery is another factor supporting the low voltage motors market growth in the forecast period. A large number of industrial machinery such as compressors, motors, pumps, industrial robots, and machine tools are being introduced with IoT features. It allows industrial machinery to transmit critical operating parameters such as temperature, pressure, stress; and health and performance parameters of the machine over Internet Protocol (IP) to a control room or device. Such data helps to increase the efficiency, lifespan, and process safety of industrial machinery and reduce its downtime. Furthermore, low voltage motors are usually mission-critical equipment in industrial facilities or utility systems. Such motors usually have compressors, pumps, blowers, fans, or conveyors. Furthermore, a drive component, including a motor, is subject to stress and wear. The stress or wear cannot be monitored continuously by operators. Therefore, they could cause motor failures and unanticipated financial losses. For such reasons, the vendors offer motor condition monitoring systems that continuously monitor critical parameters of motors through IIoT technology. Such systems help operators or the concerned personnel to detect a developing problem in the early stage and plan a maintenance schedule. Therefore, such systems help avoid unplanned downtime and increase uptime.
Key Low Voltage Motors Market Challenge
The emergence of low-cost manufacturers in the market will be a major challenge for the low voltage motors market during the forecast period. The competitors of low-voltage motors are spread across the world, offering several types of motors. The market is divided into internationally known and reputed vendors and regional competitors. While the major vendors provide users with the latest technologies and ways to reduce their energy and carbon consumption, regional vendors offer price-effective low-voltage motors. In markets such as APAC, end-users do not usually differentiate between product offerings significantly, and the low-cost factor drives them to buy low-voltage motors from particular vendors. As a result, the global vendors of low-voltage motors face intense competition. Therefore, they lower their prices to cater to the demand. Though the product offerings from the major vendors remain effective in cutting the cost of operations and achieving optimality in the processes, regional players are growing due to factors of improved network and reachability in the domestic market.
This low voltage motors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global low voltage motors market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the low voltage motors market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the low voltage motors market encompasses successful business strategies deployed by the key vendors. The low voltage motors market is fragmented and the vendors are deploying growth strategies such as energy efficiency and price, quality, and services to compete in the market.
To make the most of the opportunities and recover from post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The low voltage motors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the low voltage motors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electrical components and equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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