Low voltage electric motor refers to an energy-efficient electric motor which works at less than 1,000V and can generate nearly 1,000 KW of power. In comparison with other motors, low voltage electric motor offers a standard output with a minimum power input. Low voltage electric motor finds vast applications in industries like packaging, food and beverages, mining, automotive, electronics, textile, and oil and gas. This can be accredited to the benefits associated with low voltage electric motors like enhanced quality and productivity, and sustenance of high safety standards. A new research report titled “Low Voltage Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” by IMARC Group estimates that the global low voltage electric motor market reached a volume of nearly 381 Million Units in 2017. The report further expects the market to reach a volume of 653 Million Units by 2023, at a CAGR of more than 9% over the forecast period.
Global Low Voltage Electric Motor Market Drivers/Constraints:
Efficiency Insights:
Based on efficiency, the low voltage electric motor market is segmented as standard efficiency, high efficiency, premium efficiency and super premium efficiency motors. Amongst these, standard efficiency low-voltage electric motors exhibit a clear dominance in the market.
Application Insights:
On the basis of application, the market has been segregated as pumps and fans, compressors, and other applications. Currently, pumps and fans account for the majority of the total market share.
End-Use Insights:
Based on end-use, the report finds that commercial HVAC currently represents the largest end-use segment of low voltage electric motor. It is followed by food, beverage and tobacco industry, mining industry, utilities, and others.
Regional Insights:
On a geographical front, North and South America enjoys the leading position in the global low voltage electric motor market. North and South America is followed by Europe, Middle East and Africa, China, and others.
Competitive Landscape:
The low voltage electric motor market is highly fragmented in nature with the presence of many small and large manufacturers who are competing in terms of prices and quality. There is a tough competition in the market which makes it hard for small players to survive. Some of the leading players operating in the market are:
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