Global Low Voltage Electric Motor Market Overview 2018, Demand by Regions, Share and Forecast to 2023
Over the recent years, the global low voltage electric market has been witnessing a healthy growth.
Some of the factors which are giving impetus to the market include thriving automation industry, spurring construction in the residential sector and growing consumers preference for low voltage electric motors.
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.
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Global Low Voltage Electric Motor Market Drivers/Constraints:
On account of rapid industrialisation, the automation industry is experiencing a tremendous growth. This has led to a surge in the demand for low voltage electric motors, primarily for minimising the additional cost of production.
Surging construction and renovation of residential buildings across the globe is expected to strengthen the low voltage electric motor market in the succeeding years. Moreover, a shift in the preference of consumers towards high-efficient motors is further propelling the demand for low voltage electric motors.
Presently, industries are extensively adopting low voltage electric motors as they aid in countering the load variability. Apart from this, stern motor efficiency regulations and retrofits due to aging equipment is also influencing the growth of the low voltage electric motor market.
However, the production of low-voltage motors requires high cost investments. This acts as one of the major factors which is hindering the growth of the low voltage electric motor market.