Posted On: 2020-09-01
300.1 Volts – 600 Volts low voltage electric motor acquired the largest revenue share among all voltage types in the overall global low voltage electric motor market – 6Wresearch
Growing industrialization, increasing demand for energy-efficient motors and the surging automation market are driving the demand for low voltage electric motors globally. Further, the upsurge in the e-transportation sector is expected to boost the market for low voltage electric motors over the forecast period. Additionally, increasing infrastructure projects in developing countries would also fuel the requirement for such motors.
According to 6Wresearch, Global Low Voltage Electric Motor Market revenue size is projected to grow at a CAGR of 6.4% during 2020-2026. The low voltage electric motor market is in its maturity stage, and the demand for the same would be kept afloat by developments in the power energy, automotive, and other industrial verticals globally. 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 the restoration of economic activity and relief packages offered by governments across the globe.
According to Eshita Goel, Research Associate, 6Wresearch, “Among all voltage types, 300.1 Volts – 600 Volts segment captured the largest market revenue share and is expected to maintain its position during the forecast period as they form a quintessential part of every vertical from households to power plants creating thrust in the demand for such electric motors.”
“100 Volts – 300 Volts electric motors are ought to have maximum growth among all the voltage types as these electric motors have started penetrating into residential and commercial sectors due to their wide application in modern-day and advanced appliances such as dishwashers and vacuum cleaners. Changing lifestyle and growing working-class population would lead to higher demand for such appliances creating adequate outlay prospects in such voltage type.”, Eshita further added.
According to Sahil Sharma, Research Analyst, 6Wresearch, “On the basis of applications, industrial segment garnered the maximum revenue share in the low voltage electric motor market during 2019 and is expected to maintain its dominance over the forecast period on account of increasing government investment in setting up manufacturing and power generation industries across the globe. Water treatment application is anticipated to grow at a significant rate in the coming years owing to rising chemicals and oil industries in various countries.”
Some of the major companies in global low voltage electric motor market include ABB Ltd., Siemens AG, Schneider Electric, Mitsubishi Electric Corporation and Wolong Electric Group.
“Global Low Voltage Electric Motor Market (2020-2026)” report provides an in-depth analysis with 160 figures and 76 tables, covered in 260 pages. The report estimates and forecasts the overall global low voltage electric motor market by voltage types, by product types, by applications 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.