by Low voltage motor control centers (LV MCCs) efficiently distribute and control power to various industrial equipment and processes. LV MCCs consist of circuit breakers, meters, and motor starters that provide protection, control, and monitoring capabilities for low voltage induction motors. The growing need for energy efficiency across industries has increased the demand for LV MCCs as they help optimize motor control and reduce energy losses.
The global Low Voltage Motor Control Center Market is estimated to be valued at US$ 4700.74 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for energy efficiency equipment across industries is a major trend fueling the growth of the low voltage motor control center market. LV MCCs optimize the operation of induction motors through functions such as soft starting, speed control, and protection from overloads. They help improve the efficiency of motor systems by minimizing energy losses during starting and running cycles. With industries seeking ways to reduce energy bills and carbon footprints, the adoption of LV MCCs is growing rapidly. Their ability to enhance process control and optimize energy consumption of motor-driven equipment will further spur the demand over the coming years.
SWOT Analysis
Strength: The low voltage motor control center market has been growing rapidly due to increasing demand for energy efficiency. Upgrading aging infrastructure has also boosted growth.
Weakness: Initial installation and upgrade costs for low voltage motor control centers can be high. They require more space than individual motor controls.
Opportunity: Opportunities exist in converting older installations to modern low voltage motor control centers for better energy management. Expanding industrial sectors in developing regions provide a large potential market.
Threats: Fluctuating raw material prices and availability pose threats. Strict environmental regulations on hazardous substances can restrict growth.
Key Takeaways
The global low voltage motor control center market is expected to witness high growth over the forecast period. Modernization and expansion of industries worldwide will drive demand. Global Low Voltage Motor Control Center Market Size is estimated to be valued at US$ 4700.74 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Regional analysis: North America currently dominates due to large manufacturing and oil & gas industries. The Asia Pacific region is expected to grow the fastest due to rapidly growing industries and infrastructure development in China, India, and Southeast Asian countries.
Key players: Key players operating in the low voltage motor control center market are ExxonMobil Chemical Company, LyondellBasell Industries, Hanwha Chemicals, Arkema Group, AkzoNobel N.V., Falcone Specialities AG, Borealis AG, and PolyOne Corporation. They are focusing on new product development and capacity expansion to strengthen their positions.
