Posted On: 2020-09-01
Class 1 flameproof low voltage motor acquired the largest revenue share among all class types in the overall global flameproof low voltage motor market – 6Wresearch
Strengthening of oil & gas sector and growing investments in energy and power domain are the key factors driving the flameproof low voltage motor market globally. Additionally, increasing number of manufacturing units and growing investments in the establishment of renewable energy power plants with upcoming projects such as six solar power projects in South Africa, renewable projects in Argentina and 300MW wind project in India by GE renewable energy would augment the growth of global flameproof low voltage motor market in the future.
According to 6Wresearch, Global Flameproof Low Voltage Motor Market revenue size is projected to grow at a CAGR of 6.9% during 2020-2026. The flameproof low voltage motor market is in its growing stage, and the demand for the same would be kept afloat by developments in the power & energy, oil & gas, and industrial verticals globally. Several countries such as India, Saudi Arabia, and the United States are investing in e-transportation infrastructure, which would have a positive effect on the demand for flameproof low voltage motor in the coming years. However, the global economic slowdown on account of the COVID-19 pandemic is anticipated to reflect its impact on the market resulting in a steep decline in revenues in 2020. The market is expected to recover in the coming years backed by restoration of economic activity and relief packages offered by governments across the globe.
According to Navneet Aggarwal, Research Analyst, 6Wresearch, “On the basis of region, Asia Pacific currently holds the largest revenue share in the global flameproof low voltage motor market and is projected to witness substantial growth during the forecast period on account of various upcoming projects in transportation, energy & power, and industrial verticals in the region.”
“Government efforts to increase the share of renewable energy is anticipated to drive the growth of the Asia Pacific flameproof low voltage motor market during the forecast period. India, Japan, and China are installing a large number of power plants across the region. Furthermore, the government in many countries are working together with private companies to provide efficient energy systems, such developments would lead to increased deployment of flameproof low voltage motors across the region.”, Navneet further added.
According to Sarthak Bansal, Research Analyst, 6Wresearch, “Among all classes, Class 1 flameproof low voltage motor is anticipated to obtain highest revenue share in the overall global flameproof low voltage motor market on account of the increasing demand from projects such as Mozambique LNG Project, Johan Castberg Field in Norway, and 500 MW Buffalo Plains Wind Farm in Canada in oil & gas and energy & power verticals.”
Some of the major companies in global flameproof low voltage motor market include ABB Ltd., Siemens AG, Mitsubishi Electric Corporation and Wolong Electric Group.
“Global Flameproof Low Voltage Motor Market (2020-2026)” report provides an in-depth analysis with 144 figures and 53 tables, covered in 251 pages. The report estimates and forecast the overall global flameproof low voltage motor market by class, by verticals and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.