Medium Voltage Motors Market to increase by USD 1.29 billion during 2023-2028, The rising focus on energy efficiency due to high power consumption to drive the growth – Technavio
NEW YORK, Dec. 14, 2023 /PRNewswire/ — How will the growth momentum of the Medium Voltage Motors Market progress during the forecast period?
- The medium voltage motors market size is expected to grow by USD 1.29 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 4.84% during the forecast period. The market is segmented by End-user (Process industries, Discrete industries, and HVAC), Product (AC motors and DC motors), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).
Who is driving the growth in the Medium Voltage Motors Market?
- The rising focus on energy efficiency due to high power consumption in industrial motors drives market growth. Electric motors convert electric energy into mechanical energy, accounting for a large share of the total power consumption of industries, and thus are prime movers in industries. Approximately 30% of the global electricity produced is consumed by industrial motors, leading to improvement in the energy efficiency of industrial motors or the replacement of low-voltage motors with medium-voltage motors will lower the consumption of electricity by industries. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
What are some of the key players recognized in the medium voltage motors market, according to the report?
- The report recognizes the following as some of the key players in the medium voltage motors market: ABB Ltd., AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd.
- Medium Voltage Motors Market is fragmented in nature.
- Market to observe 4.45% YOY growth in 2024.
Where are electric drives utilized to control the speed, torque, and direction of industrial motors?
- Trend
- The development of medium voltage drives and distribution systems is an emerging market trend.
- Similar to any industrial motor that requires an electric drive to control the speed, torque, and direction of an electrical motor, switch gears are required to mitigate the negative impact of a fluctuating supply of power.
- This may lead to the inefficient performance of connected equipment, including motors.
How do fluctuating investment cycles in end-user industries impact market growth?
- The fluctuating investment cycles in end-user industries challenge market growth.
- Various process industries, such as oil and gas and mining, are key end-users of medium-voltage motors.
- Motors with high power output for applications are required by the upstream oil and gas industry.
- Furthermore, medium-voltage motors are also required for the operation of power pumps and compressors.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
Who is driving the growth of the process industries segment during the forecast period?
- The process industries segment is significant during the forecast period. Most process industries are transitioning to improve their energy efficiency, emission intensity, and product mix, which helps in increasing investments in industrial facilities, which is expected to drive the growth of the segment. Get a glance at the market contribution of the segments, Request a Sample
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Medium Voltage Motors Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.84% |
Market growth 2024-2028 |
USD 1.29 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
4.45 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-user
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
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