Low Voltage Motor Market
The Business Research Company recently released a comprehensive report on the Global Low Voltage Motor Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The low voltage motor market size has grown strongly in recent years. It will grow from $36.28 billion in 2023 to $39.82 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to establishment of international standards for motor efficiency and safety, rapid industrialization and urbanization of emerging markets, energy efficiency programs, expansion of telecommunications networks, and proliferation of household appliances.
The low voltage motor market size is expected to see rapid growth in the next few years. It will grow to $58.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to implementation of customer-centric approaches, infrastructure development projects, growth in regenerative medicine and biotech sectors, implementation of cybersecurity measures to protect low voltage motor systems, and implementation of remote monitoring and predictive maintenance solutions for low voltage motors. Major trends in the forecast period include implementation of digital twin technology, development of intelligent electrical grids, miniaturization of motors, development of permanent magnet motors, and technological innovations in motor design.
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Market Drivers and Trends:
The increasing adoption of intertrial robots is expected to propel the growth of the low-voltage motor market going forward. Industrial robots are programmable machines typically used in manufacturing and industrial settings to perform tasks that require precision, speed, and consistency. The adoption of industrial robots is driven by the pursuit of increased efficiency, improved quality, enhanced safety, cost savings, flexibility, and technological advancements. Low voltage motors in robotics enable robots to perform a wide range of tasks with agility, accuracy, and energy efficiency, making them essential components in modern robotic systems across various industries and applications. For instance, according to the Industrial Robots Statistics 2023 by the International Federation of Robotics, a Germany-based non-profit organization, around 404,578 industrial robots were installed in Asia in 2022, representing a 5% increase from the 385,143 units installed in 2021. Therefore, the increasing automation in various industries is driving the growth of the low-voltage motor market.
Major companies operating in the low-voltage motor market are developing electric motors to meet evolving industry demands. Electric motors refer to devices that convert electrical energy into mechanical energy. For instance, in March 2022, Kirloskar Oil Engines Ltd., an India-based power-generating sets manufacturer, launched High-Efficiency Low Voltage Electric Motors designed to power machines in various industry applications. These motors are manufactured with high-grade copper wires and tested by a BIS-approved, NABL-accredited test lab to ensure top-class performance and efficiency. The launch marks a significant step forward for KOEL in the electric motor segment, enhancing its presence in the industry and offering innovative products that meet customers’ needs.
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Major Key Players of the Market:
Hitachi Ltd., Siemens AG, General Electric Company, TECO Electric & Machinery Co. Ltd., Mitsubishi Electric Corporation, Schneider Electric, ABB Group, Toshiba International Corporation, Nidec Corporation, Fuji Electric Co. Ltd., WEG S.A., Regal Rexnord Corporation, Johnson Electric Holdings Limited, Wolong Electric Group, HD Hyundai Electric Co. Ltd., Bonfiglioli, Brook Crompton UK Ltd., VEM Group, VYBO Electric, Ruselprom Group, Hoyer Motors
Low Voltage Motor Market 2024 Key Insights:
• The low voltage motor market size is expected to see rapid growth in the next few years. It will grow to $58.51 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%.
• Impact Of Industrial Robot Adoption On The Low Voltage Motor Market
• KOEL Enhances Industry Presence With Launch Of High-Efficiency Low Voltage Electric Motors
• Asia-Pacific was the largest region in the low voltage motor market in 2023
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This release was published on openPR.
