The 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. Low voltage motor control centers are an integral part in industries for controlling different types of motors and associated equipment.
The global Low Voltage Motor Control Center Market is estimated to be valued at US$ 4080.5 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing industrialization in developing regions has accelerated the growth of the low voltage motor control center market. Rapid urbanization and growth of manufacturing sector in countries like China, India has increased the demand for low voltage motors. Low voltage motor control centers centralized control and monitor the operation of different types of motors used across various industry verticals such as oil & gas, metals & mining, utilities, and automotive among others. This centralized control allows reduced downtime and improved productivity. Thus, the growing industrialization is expected to drive the demand for low voltage motor control centers during the forecast period.
Segment Analysis
The global low voltage motor control center market is dominated by the commercial segment. The commercial segment accounts for over 35% share of the total market, as low voltage motor control centers find extensive usage in various commercial setups like malls, office spaces, hospitals etc. They help in centralized control and management of motors used for various HVAC, lighting and other applications in commercial establishments. Ease of operation and maintenance along with energy saving benefits have made low voltage motor control centers immensely popular for commercial applications.
Key Takeaways
The global Low Voltage Motor Control Center Market Share is expected to witness high growth over the forecast period of 2023-2030. Rapid industrialization and increasing construction activities across developing nations are driving the demand for low voltage motor control centers from various end-use industries.
Regional analysis
Asia Pacific region currently dominates the global low voltage motor control center market and is expected to remain the fastest growing regional market during the forecast period. Countries like China, India, Indonesia, Vietnam etc. are witnessing strong economic growth and significant rise in infrastructure development. This is generating substantial demand for low voltage motor control centers from industries as well as commercial sector in Asia Pacific.
Key players
Key players operating in the low voltage motor control center market are Exxon Mobil Corporation, Saudi Basic Industries Corporation, Royal Dutch Shell Plc., China Petroleum & Chemical Corporation, Chevron Phillips Chemical Company LLC, Total S.A., LyondellBasell Industries N.V., National Petrochemical Company, INEOS Group, and Dow Inc. among others. Low voltage motor control centers help industrial and commercial users efficiently control and manage multiple low power motors from a centralized location, offering benefits like energy savings and ease of maintenance.
For more insights, read- https://www.ukwebwire.com/low-voltage-motor-control-center-market-trends-size-and-share-analysis/
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