IMARC Group’s latest research report, titled “Low Voltage Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the low voltage electric motor market report. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global low voltage electric motor market size reached US$ 14.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.
Low Voltage Electric Motor Market Trends:
The global market is majorly driven by the increasing demand for energy-efficient motors across various industries. As governments and organizations worldwide focus on reducing energy consumption and carbon emissions, there is a growing emphasis on using energy-efficient motors in industrial applications, HVAC systems, and other sectors. This focus on energy efficiency is driving the adoption of advanced low voltage electric motors, particularly those that meet stringent efficiency standards such as IE3 and IE4.
Furthermore, the rapid industrialization and urbanization in emerging economies are also contributing significantly to the market’s growth. As countries in regions like Asia-Pacific, Latin America, and Africa continue to develop, there is an increasing demand for infrastructure, manufacturing, and construction activities. These sectors rely heavily on low voltage electric motors for various applications, including pumps, fans, compressors, and conveyor systems. The expansion of industrial facilities and the rise in automation across these regions are fueling the demand for reliable and efficient low voltage electric motors.
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Leading Players Operating in the Low Voltage Electric Motor Industry:
- ABB
- Siemens
- WEG
- TECO E&M
- Regal Beloit
- Leroy-Somer
- Shandong Huali
- Hyundai Heavy Industries
- Hyosung Corporation
- NIDEC
Low Voltage Electric Motor Market Scope and Growth Analysis:
The global low voltage electric motor market covers a wide range of motors designed for use in applications that require less than 1,000 volts. The scope of the market includes various types of low voltage electric motors, such as induction motors, synchronous motors, and permanent magnet motors, each catering to specific industrial, commercial, and residential applications. These motors are integral components in sectors such as manufacturing, HVAC, automotive, water treatment, and energy, where they are used to drive machinery, pumps, fans, compressors, and other equipment.
Market analysis indicates that the global low voltage electric motor market is poised for steady growth, driven by the increasing emphasis on energy efficiency, the expansion of industrial activities in emerging economies, and the ongoing advancements in motor technology. The market is witnessing strong demand from the industrial sector, where low voltage motors are essential for powering machinery and equipment in manufacturing plants, processing facilities, and other industrial environments. The shift towards automation and the adoption of smart manufacturing practices are further boosting the demand for advanced low voltage motors that offer enhanced performance, reliability, and energy savings.
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Low Voltage Electric Motor Market Report Segmentation:
Breakup By Efficiency:
- Standard Efficiency
- High Efficiency
- Premium Efficiency
- Super Premium Efficiency Motors
High efficiency low-voltage electric motors dominate the market due to their ability to convert electrical energy into mechanical power with minimal losses.
Breakup By Application:
- Pumps And Fans
- Compressors
- Other Applications
Pumps and fans dominate the market due to their widespread use across various industries.
Breakup By End-use:
- Commercial Hvac
- Food
- Beverage And Tobacco Industry
- Mining Industry
- Utilities
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Europe, Middle East and Africa is the leading market due to a combination of factors such as industrialization, infrastructure development, and stringent energy efficiency regulations.
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