Low Voltage Motors Market: An Insight On the Important Factors and Trends Influencing the Market
Low Voltage Motors Market – Key Insights
- Global low voltage motors market grew at a significant CAGR of 7.6% during 2012-2016, owing to their highly efficient and cost-effective operation which also meet high safety standards.
- In 2018, the global market of low voltage motors is likely to surpass a value of US$ 25 billion and expand at 8.8% in 2019 through 2018. Escalating need for cost efficient source of energy remains a primary factor influencing the use of low voltage motors in numerous industries.
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- APEJ will continue to be the largest market for low voltage motors and is expected to contribute a revenue of more than US$ 14 billion by 2022-end.
- APEJ is also anticipated to remain the fastest growing region in the low voltage motors industry, registering a robust CAGR of 10.1% during 2017-2022.
What are Growth Driving Factors of Low Voltage Motors Market?
- Rapid industrialization in various regions across the globe is one of the macroeconomic factors driving the low voltage motors market. These motors not only provide protection to thermal overload but also help counter the load variability issues, thereby reducing the chances of equipment failure.
- Low voltage motors are gaining widespread adoption for their ability to control tasks, measure electric current, ensure stability and energy efficiency, and deliver precision through speed. This, in turn, is likely to contribute to global expansion of low voltage motors market.
- With penetration of innovative technologies in various fields, manufacturers of low voltage motors are focusing on incorporation of intelligent technology and smart sensors in their products which may positively impact the growth of low voltage motors industry. Moreover, many manufacturing companies are spending on high quality low voltage motors to enhance their production process in an energy efficient manner.
- The use of smart sensors in low voltage motors enables end users to monitor and record accurate measurement of different parameters of the motor, and this trend is foreseen to gain high traction in the global market in the coming years.
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- Integration of smart technology into these motors also reflects favorably on reducing downtime, extending motor lifetime, and cutting energy consumption which may increase their demand and eventually strengthen the low voltage motors market.
- Growing industrialization and related activities had led to generation of wastewater across the globe. Treatment of such wastewater is likely to boost the growth of low voltage motors market. In addition, rising need to retrofit, upgrade, and replace the equipment for wastewater treatment is foreseen to trigger the demand for low voltage motors in large number of industries.