The Low Voltage Motor Control Center Market is estimated to be valued at US$ 4,080.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The growing adoption of energy efficient systems is anticipated to open up the new avenue for Low Voltage Motor Control Center Market
Market Overview:
A low voltage motor control center is an assembly of one or more enclosed sections having a common power bus and principally containing motor control units. They are used to control, protect, and monitor smaller low-voltage motors and their associated auxiliary equipment. They are primarily used in industrial facilities to provide a central location for the disconnecting and starting of motors.
Market Dynamics:
Increasing investments in industrial and infrastructure projects is a key driver for the low voltage motor control center market. Rapid industrialization and infrastructure development especially in emerging economies of Asia Pacific is fueling the demand for low voltage motor control centers as they are widely used in various industrial machinery and processes. Moreover, rising need for energy efficient systems is also augmenting the market growth. Strict regulations regarding energy efficiency and consumption is prompting end users to adopt low voltage motor control centers as they offer improved control and efficiency over conventional starters.
The global Low Voltage Motor Control Center Market Demand is estimated to be valued at US$ 4080.5 Mn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The Low Voltage Motor Control Center market can be segmented on the basis of component, type, end-use industry, and region. Based on component, the market is bifurcated into circuit breakers & fuses, busbars, overload relays, variable speed drives, and others. The busbars segment currently dominates the market as busbars are an essential component of MCCC that allow power distribution to various components.
PEST Analysis
Political: Regulations regarding energy conservation and focus on use of energy efficient motors and control devices are driving the demand for low voltage MCCs.
Economic: Growing industrialization in developing regions of Asia Pacific and Middle East & Africa is fueling demand. Investments in infrastructure modernization are also supporting market growth.
Social: Concerns around energy efficiency and carbon footprint are prompting industries to adopt low voltage MCCs for conservation.
Technological: Advancements in digital technologies like IoT, remote monitoring, and integration with building automation systems are expanding application areas.
Key Takeaways
The global Low Voltage Motor Control Center Market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing investments in industrial automation and focus on energy efficiency. The market size is projected to reach US$ 7,129.5 Mn by 2030 from US$ 4080.5 Mn in 2023.
Regional analysis: Asia Pacific dominates the market currently, accounting for nearly 35% share due to rapid industrialization in China and India. China is expected to remain the largest market owing to wide manufacturing sector. Growth rates are highest in Middle East & Africa due to ongoing investments in infrastructure and oil & gas industry expansion.
Key players operating in the Low Voltage Motor Control Center are Tesco Controls Inc., ABB Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Allis Electric Co. Ltd., Siemens AG, Weg SA, Rockwell Automation Inc., and Eaton Corporation PLC. Key players are focusing on development of integrated solutions with advanced digital capabilities for remote monitoring and predictive maintenance.
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