- The high efficiency low voltage aluminum motors market is expected to grow in the coming years, due to the increasing number of heavy industries such as metal processing, mining, and oil & gas.
- The global high efficiency low voltage aluminum motors market is projected to grow at a CAGR of ~5%, growing from a value of ~US$ 3.7 Bn in 2018 to ~US$ 5.8 Bn by the year 2027.
- In terms of volume, the global high efficiency low voltage aluminum motors market is expected to increase from ~9,500 thousand units in 2018 to ~14,000 thousand units by the end of the forecast period.
High Efficiency Low Voltage Aluminum Motors Market: Drivers
- The growing demand for oil & gas due to thriving international trade is encouraging the growth of the high efficiency low voltage aluminum motors market.
- Shift in global socioeconomic and increasing population growth, combined with long-term economic development in developing markets, are expected to have an impact on heavy industrial growth in emerging economies. The middle-class population is increasing in the emerging economies of Asia Pacific, Africa, and South America. As disposable income increases, the demand for imported goods is rising, which drives the growth of several industries across the globe.
- Low voltage motors have a wide range of applications. With increasing efficiency, several other industries are opting for these motors to be used in pumps, fans, compressors, machine tools, conveyors, and other material handling and processing equipment, which constitute more than half of the motor driven products market.
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- Increasing awareness about energy efficiency solutions is encouraging manufacturers to focus on the development of high-efficiency products. Growing oil prices is also encouraging manufacturers to increase oil production and acquire more oil reserves. The uncertainty of OPEC oil production and U.S. oil production, shift in demand for oil, and volatility of the dollar are the major reasons for fluctuations in oil prices across the globe. Increasing demand for efficient motors and awareness about Industrial Internet of Things (IIOT) is considered to be a growing trend in the high efficiency low voltage aluminum motors market. Growing energy costs are increasing the installation of high efficiency motor drives, especially in the developed countries in Europe and North America.
- Boost in industrialization and increasing infrastructure & construction activities are surging the demand for motors in emerging economies, mainly in Asia Pacific and MEA regions.
- The growing application range of low voltage motors is also expected to help the market perform well in the coming years.
- Increasing application range of high efficiency low voltage aluminum motors and expansion of demand in emerging economies is creating lucrative opportunities for motor manufacturers.
High Efficiency Low Voltage Aluminum Motors Market: Segment Analysis
- In terms of type, the global high efficiency low voltage aluminum motors market has been categorized into induction motors, permanent magnet motors, synchronous motors, and others. The induction motors segment holds the highest share of the high efficiency low voltage aluminum motors market.
- On the basis of power (kW), the global high efficiency low voltage aluminum motors market has been segmented into 0 kW to 0.75 kW, 0.75 kW to 7.5 kW, 7.5 kW to 15.5 kW, 15.5 kW to 29.5 kW, and above 29.5 kW. The 0 kW to 0.75 kW segments holds the biggest share of the high efficiency low voltage aluminum motors market.
- Based on industry, the global high efficiency low voltage aluminum motors market has been classified into marine, mining & metals, food and beverages, water and wastewater treatment, oil & gas, paper & food processing, chemicals & fertilizers, and others. The food and beverages segments holds the most substantial share of the high efficiency low voltage aluminum motors market.
- In terms of region, the report classifies the global high efficiency low voltage aluminum motors market into North America, Europe, Asia Pacific, the Middle East & Africa (MEA), and South America. Europe holds the highest share of the global high efficiency low voltage aluminum motors market, and the same is expected over the forecast period too.
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High Efficiency Low Voltage Aluminum Motors Market: Key Findings
- Growing infrastructure, oil and gas, mining, consumer durables, and automotive industry across the globe especially in emerging economies is a positive indicator for manufacturers to increase their production of high efficiency low voltage aluminum motors.
- Shift in consumer inclination from low-efficiency motors to energy-saving, high-efficiency motors drives the demand for high efficiency low voltage aluminum motors.
- Most industries face energy challenges. Growing global demand for energy and increasing pressure on reducing carbon emissions are encouraging industries to adopt energy-efficient equipment.
- Also, the growing use of high efficiency low voltage motors in pumps, fans, and refrigeration systems is also increasing the demand for the product.
High Efficiency Low Voltage Aluminum Motors Market: Prominent Players
Some of the major players in the global high efficiency low voltage aluminum motors market include
- ABB Ltd., Toshiba Corporation,
- Siemens AG, Danfoss A/S
- Hitachi, Ltd., General Electric
- TECO Electric & Machinery Co., Ltd.
- Nidec Motor Corporation
- Regal Beloit Corporation
- WEG.
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