Growing demand for energy efficient motors from industrial sectors is key driving factor of medium and high power motors market. Further, replacement of old products, coupled with implementation of strict regulations, in various countries is accelerating market growth.
Consistently increasing cost of energy is one of the main factors driving demand for energy efficient motors. Also, government initiatives are also favoring adoption rate of medium and high power motors.
Implementation of medium and high power motors is not only helping in efficient energy regulation but also supporting growth of the industry. The motors will reduce operational cost, thereby improving production. Hence, high adoption rate of medium and high power cost is expected to influence medium and high power motors market in coming years.
To enhance the adoption rate of such motors, government bodies are providing subsidies on premium efficiency motors. This will provide new growth opportunities to medium and high power motors.
On the other hand, high purchase cost due to unstable price of raw materials is anticipated to restrain market growth. Also, unawareness about prolonged benefits of medium and high power is a major challenge.
The upcoming report on medium and high power motors market provides insights about several trends and drivers positively influencing growth of market. Regional analysis is also given in the report. It describes contribution of each region in the growth of the market. Further, focus is also given on restraining factors, which may interfere with growth of the market between 2019 and 2028. The market report also provides comprehensive study of the challenges to be witnessed by medium and high power motors market in near future.
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Medium and High Power Motors Market: Notable Development
In year 2018, Equipmake, a British company manufactured a motor using standard manufacturing process but cheap materials. The magnet electric motor is capable of generating 9 Kw of power per kilogram.
This is promising invention as unstable raw material cost was raising the production cost.
Some of the prominent companies operating in medium and high power motors market are-
- Hyundai Heavy Industries
- Toshiba Corporation
- WEG SA
- TECO Electric & Machinery Co. Ltd
- ATB Group
- Industrial Systems Performance Group
- General Electric Corporation
- LEZ Ruselprom
- Hyosung Power
- ABB Ltd
- Shandong Huali Electric Motor Group
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Medium and High Power Motors Market: Key Trends
Global medium and high power motors market is anticipated to witness high demand from industrial sector. The motor has wide application in medical equipment, construction equipment, oil and gas industry, mining, and paper and pulp. Further, commercial sector is anticipated to show significant growth in coming years. The growth rate is attributed to increase in adoption rate of energy efficient electric motors across power generation industry and water treatment industry.
Power plants, industrial plants, crushers, compressors, steel plants, and pumps usually require high voltage motors. As a result, high voltage motors segment is anticipated to contribute significantly to expansion of medium and high power motors market.
Medium voltage segment is likely to account for substantial share due to its easy maintenance, ruggedness, and better reliability features.
Medium and High Power Motors Market: Regional Outlook
Asia Pacific is anticipated to account for significant share in global medium and high power motors market in coming years. This is due to favorable government regulations and growing industrialization in the region. Moreover, rising standard pertaining to consumption of electricity in industrial sector is likely to boost demand in the region.
Regional markets of North America and Europe are also projected to witness considerable growth over the forecast period. Growth rate in these regions is attributed to increasing replacement rate of aging products.
Other regions are expected to show moderate growth rate, owing to improvement in economic condition of developing countries.
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