Global Low Voltage Electric Motor Market to Reach US$ 21.2 Billion by 2032, Propelled by Rapid Industrialization

March 06, 2023 | Heavy Industry

The latest report by IMARC, titled “Low Voltage Electric Motor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, finds that the global low voltage electric motor market size reached US$ 14.7 Billion in 2023. Low-voltage electric motors refer to squirrel-cage motors containing a three-phase power supply ranging from 200 V to 690 V. They are made with different fixed rotation speeds and can be optionally fitted with continuous speed control through a frequency or their speed can be minimized with various types of mechanical gearboxes. They are 2%-8% more efficient and effective as compared to traditional motors. They are produced on the basis of the standard efficiency levels, which are listed by the National Electric Manufacturers Association (NEMA). In recent years, low voltage electric motors have gained traction due to their extensive utilization in various industry verticals, such as mining, oil and gas, food and beverages (F&B), automotive, and packaging.

Global Low Voltage Electric Motor Market Trends:

One of the primary factors driving the market is rapid industrialization and significant growth in the automobile industry. Additionally, changing consumer preferences from low- to high-efficiency and energy-saving motors is creating a positive market outlook. Other than this, the rising residential building and remodeling is positively influencing the market growth. Besides this, key players are working on integrating smart sensors in low-voltage motors to enable end-users to monitor and track precise measurements of various parameters. Furthermore, extensive research and development (R&D) activities conducted by key players to focus on sustainable development, favorable government initiatives promoting energy conservation and growing sales of HVAC appliances are resulting in a higher product uptake on the global level. Looking forward, IMARC Group expects the market value to reach US$ 21.2 Billion by 2032, expanding at a CAGR of 4% during the forecast period (2024-2032).

Market Summary:

Based on the efficiency, the market has been divided into standard, high, premium, and super premium efficiency. Currently, high efficiency low-voltage electric motors accounts for the majority of the overall market share.
On the basis of the end use industry, the market has been segmented into commercial HVAC industry, food and beverage and tobacco industry, mining industry, utilities, and others. Presently, commercial HVAC represents the largest segment.
Based on the application, the market has been segregated into pumps and fans, compressors, and others. At present, pumps and fans dominate the market.
Region-wise, Europe, Middle East and Africa holds the leading position in the market. Other major regions include North and South America, and , China.
The competitive landscape of the market has also been analyzed, with some of the key players being ABB Ltd., Siemens AG, WEG, TECO E&M, Regal Beloit, Leroy-Somer, Shandong Huali, Hyundai Heavy Industries, Hyundai Heavy Industries, Hyosung Corporation and NIDEC.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Efficiency, End-Use Industry, Application, Region
Region Covered	North and South America, Europe, Middle East and Africa, China, Others
Companies Covered	ABB, Siemens, WEG, TECO E&M, Regal Beloit, Leroy-Somer, Shandong Huali, Hyundai Heavy Industries, Hyosung Corporation and NIDEC
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Low Voltage Electric Motor Market to Reach US$ 21.2 Billion by 2032, Propelled by Rapid Industrialization

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