In recent years, there has been an increase in the demand for high efficiency low voltage aluminum motors across industries due to their durability and reliability. The consistent demand from manufacturers for energy-saving motors that improve overall efficiency and reduce costs has been instrumental in the growth of the high efficiency low voltage aluminum motors market. Based on historical data of the industry and an understanding of the underlying trends, according to this report by Transparency Market Research, the global high efficiency low voltage aluminum motors market is set to grow steadily over the forecast period, with sales increasing from ~9.5 Bn units in 2018 to ~14 Bn units by 2027.
As motors are being used in various sizes for different needs, they have found application across industries such as oil and gas, paper, water and wastewater treatment, and food and beverages, among others. These motors are also gaining popularity due to their overall high efficiency factor. With industries looking into emission reduction due to the rising awareness of efficiency standards, globally, the penetration of these motors has been rather rapid in recent years. This also comes on the back of technological advancements that have boosted product innovation, contributing to the growth of the high efficiency low voltage aluminum motors market.
This is particularly significant in their application in the food and beverage industry, as high efficiency low voltage aluminum motors are increasingly being used in grinders, mixers, and conveyers. Manufacturers are increasingly focusing on product innovation that accommodates the precise needs of the industry, such as high pressure cleaning and hygiene standards, enabling them in maintaining high operational efficiency. In 2018, the food and beverage sector held the largest share of the high efficiency low voltage aluminum motors market by revenue, and is projected to grow the fastest at ~6% over the forecast period.
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The awareness of the importance of lowered greenhouse emissions, as an underlying trend, has impacted several industries and verticals, including the high efficiency low voltage aluminum motors market. Within the market, induction motors, which have low operational costs, accounted for ~US$ 16 Bn of the total revenue share as of 2018, and this figure is expected to rise at a healthy average of 4.5% by the end of 2027. Induction motors are some of the most common motors used in manufacturing, as they have a good weight-to-power ratio and broad configuration options. These are closely followed by synchronous motors, the sales of which are expected to grow at a steady pace as well.
Europe Biggest Market, APAC Fastest-growing Market
The market in Europe occupied the largest share of ~30% by value of the global high efficiency low voltage aluminum motors market in 2018, a trend that is likely to continue to the end of the forecast period. The large-scale application of these motors across industries, particularly F&B and chemicals & fertilizers, is expected to drive the growth of the market in the region, owing to their greater cost-efficiency.
The increasing demand for these motors from the growing mining & metals sector in APAC is expected to positively impact the high efficiency low voltage aluminum motors market in this region. Also, a surge in the metal fabrication industry and increasing demand from the automotive industry are factors boosting the growth of the market in APAC. In 2018, the market in Asia Pacific accounted for the second-largest share in global landscape by way of revenue, and is anticipated to expand at a CAGR of ~6% in the foreseeable future.
A unique research procedure and method has been utilized by TMR to develop a comprehensive research methodology on the global high efficiency low voltage aluminum motors market, and reach conclusions on the anticipated future market growth potential. This research methodology is a combination of primary and secondary research, which helps analysts in accurately and reliably draw conclusions.
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Secondary sources referred to by analysts during the production of the high efficiency low voltage aluminum motors market report include statistics from annual reports published by companies, SEC filings, investor presentations, company websites, industry white papers, World Bank database, regulatory databases, and publications by governments. Primary sources include senior managers, VPs, CEOs, product portfolio managers, and market intelligence managers who contributed to the production of TMR’s study on the high efficiency low voltage aluminum motors market.
These primary and secondary sources provide exclusive information during interviews, which serves as a validation from leading players operating in the global high efficiency low voltage aluminum motors market. Access to external paid databases and TMR’s internal database allows this report to address specific details and questions about the high efficiency low voltage aluminum motors market with accuracy. The study also uses the bottom-up and top-down methods to assess the numbers reached for each segment. The bottom-up approach counter-validates the top-down approach. Through this, TMR estimates the future market potential of the high efficiency low voltage aluminum motors market, reliably and accurately.
