Low-voltage Motors Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024
Low-voltage
motors are energy-saving motors that can work at a voltage less than
1000V and can produce the maximum power of 1000 KW. Low-voltage motors
are more effective and 2% to 8% more efficient than ordinary motors.
These motors give a standard output with minimum power input. They are
manufactured according to standard efficiency levels as listed by the
National Electric Manufacturers Association (NEMA). Positive energy
balance, improved productivity and quality, high safety standards, and
low energy consumption are some of the characteristic features of
low-voltage motors. Low-voltage motors are employed in various end-user
industries such as food & beverages, mining, automotive,
electronics, textile, oil & gas, automotive, and packaging.
Low-voltage motors are widely installed in various appliances such as
air-handling units, lifts, fans, compressors, pumps, and chillers.
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Based
on the product type, the low-voltage motors market can be segmented
into IE1, IE2, IE3, and IE4. IE1 stands for the standard efficiency
class of energy-efficient motors, IE2 for high efficiency, IE3 for
premium efficiency, and IE4 for super premium efficiency. IE1 type of
low-voltage motors are widely used in applications such as compressors,
fans, and pumps. They are smaller and lighter than IE2 and IE3 types of
motors. IE2 type of motors offer greater efficiency and produce less
waste heat. Thus, they can be used in inverters, air-handling units,
refrigeration plants, hydraulic power packs, and pumps. IE3 type of
motors provide extremely high level of efficiency. An IE3 type of motor
uses copper as a conductor instead of aluminium, which helps in reducing
rotor losses. IE2 and IE3 are expected to be dominant product segments
of the low-voltage motors market, due to characteristic features of
these types such as flexible terminal box, and corrosion resistance. IE4
type of motors consume less energy as compared to other types of motors
and the segment is expected to expand at a significant rate in the near
future.
Energy
efficiency legislations on motor-driven systems by the government and
an increased focus on the industrial sector are expected to be prime
driver for the global low-voltage motors market. Rising
industrialization across the globe is boosting the demand for electric
motors as well as the automation of various industries. Therefore, there
is a need for large energy-efficient motors for minimizing the
additional cost of production. Due to this, the global low-voltage
motors market is experiencing rapid growth. Furthermore, shift in
manufacturers’ preference from low-efficiency motors to energy-saving,
high-efficiency motors as per the NEMA guidelines is driving the
low-voltage motors market. Most of the operations in end-user industries
such as water treatment plants and water supplies involve pumps and
motors. Conventional motors account for almost 65% to 70% of the energy
cost. Low-voltage motors help in curbing the additional energy cost
involved in the production process. They also provide vital benefits
such as more tolerance due to phase imbalance and overload conditions,
low heat output, long bearing life, and better insulation. These
characteristic features are expected to drive the low-voltage motors
market in the next few years. However, production of low-voltage motors
involves high cost, which may restrain the market. Still, the frequent
amendments made by NEMA are opening new avenues for the low-voltage
motors market.
In
terms of region, the market for low-voltage motors has been segmented
into North America, Asia Pacific, Latin America, Europe, and Middle East
& Africa. Asia Pacific is estimated to be a dominant region,
followed by North America and Europe during the forecast period.
Emerging economies such as China and India are expected to witness
growth of the low-voltage motors market, due to the rising demand for
low-voltage motors in automotive and electronics industries in the two
countries. Inclination toward cleaner energy in the power generation
sector is expected to boost the low-voltage motors market in the U.S.,
particularly for solar and wind projects. Furthermore, stringent
regulations regarding motor efficiency and retrofitting of aging
equipment are factors likely to increase the demand for low-voltage
motors during the forecast period. IE2 and IE3 types of motors have been
widely adopted in the U.S., Canada, Australia, New Zealand, and Europe.
Continued investment in the public utility sector for upgrading the
equipment and increased attention on the equipment efficiency have
promoted the low-voltage motors market in Middle East & Africa.
Mergers, acquisitions, and partnerships are also creating opportunities
for manufacturers and suppliers of low-voltage motors to withstand the
competitive pressure and meet the rising demand of end-users for
energy-efficient motors.
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Some
of the major players operating in the global low-voltage motors market
are ABB, Siemens, TECO-Westinghouse Motor Company, and Hyosung Power
& Industrial Systems Performance.
The
report offers a comprehensive evaluation of the market. It does so via
in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and assumptions.
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information for every facet of the market, including but not limited to:
Regional markets, technology, types, and applications.
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