by The Low Voltage Motor Control Center market is estimated to be valued at US$ 4080.5 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.
Market Overview:
A low voltage motor control center (LV MCC) is an assembly of one or more enclosed sections having a common power bus and principally containing motor control units. LV MCC provides protection, isolation, control and monitoring of low voltage motors. It can control up to hundreds of motors from a centralized location. LV MCCs are used in applications such as HVAC, oil & gas, food & beverage, mining, steel industries and others where centralized control and protection of motors is required.
Market Dynamics:
Increasing investments in industrial automation and advancements in motor technologies are expected to drive growth of the global low voltage motor control center market over the forecast period. Automation helps businesses operate efficiently through centralized control and monitoring of production processes which boosts productivity. In addition, advancements in motor technologies such as induction motors and permanent magnet motors have made motors more efficient to use in various industrial applications requiring less human intervention and power consumption. However, high installation and maintenance costs associated with low voltage motor control centers are expected to hinder the market growth.
SWOT Analysis
Strength: Global Low Voltage Motor Control Center Market has high potential for growth due to increasing industrialization and modernization. The centers provide centralized control of electric motors that helps improve productivity. They also offer safety and protection to motors against voltage fluctuations, overheating and short-circuiting.
Weakness: Initial setup cost of low voltage motor control centers is high which can restrain its adoption. Requirement of skilled workforce for installation and maintenance is another challenge for this market.
Opportunity: Growth in transportation and infrastructure industries will drive demand. rapidly growing electrification trend across industries also presents an opportunity for market expansion.
Threats: Introduction of alternative technologies for motor control can hamper demand. Rising raw material prices pose a major threat to market growth.
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 industrial automation and focus on energy efficiency. Rapid industrialization and infrastructure development in emerging economies will augment the market growth.
Regional analysis: North America dominates the low voltage motor control center market and is expected to continue its domination over the forecast period. This is attributed to wide presence of manufacturing facilities and utilities in the region. Asia Pacific exhibits the fastest growth owing to increasing investments in industrial, infrastructure and transportation sectors in China, India, Japan and other developing countries.
Key players: Key players operating in the Low Voltage Motor Control Center market 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. Major players are focusing on new product launches and partnerships to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
