Software Is The Largest Segment Driving The Growth Of Low Voltage Motor Control Center Market
The global 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 MCCs are used for industrial control and protection of motors. LV MCCs help reduce installation costs, simplify project planning, and aid electrical safety and management.
Market key trends:
One of the key trends in the low voltage motor control center market is growing investment in infrastructure development projects. Governments across the globe are focusing on developing transportation, power distribution, water management, and other infrastructure. This is augmenting the demand for low voltage motor control centers as they are extensively used for motor control and protection in various machinery and equipment used in infrastructure development projects. Furthermore, improving industrialization and the need for efficient motor control systems are also fueling the growth of the low voltage motor control center market.
Market key trends:
The Global Low Voltage Motor Control Center Market has been witnessing growth due to the increasing industrialization and urbanization activities across the globe. The factories and industries require efficient motor control systems to control and manage electrical equipment remotely. With increasing focus on energy efficiency and reduced power consumption, the adoption of low voltage MCC systems has gained prominence. Integration of advanced technologies such as Internet of Things (IoT), analytics and cloud computing is also contributing to the growth of this market.
SWOT Analysis
Strength: Low voltage MCC systems offer benefits such as remote access and control, easy maintenance, flexibility in operations, and energy savings.
Weakness: High initial investment requirement for installation and configuration of LV MCC systems.
Opportunity: Growing adoption of smart grid infrastructure and increasing focus on renewable energy present opportunities for market players.
Threats: Availability of cheaper alternatives and presence of local/unorganized players posing pricing pressure.
Key Takeaways
The global low voltage motor control center market size was valued at US$ 4080.5 Mn in 2023. The market is expected to grow at a CAGR of 7.1% during the forecast period due to increasing investments in industrial automation and adoption of energy efficient technologies.
Regional analysis:
Asia Pacific region dominated the global market in 2023 with over 35% market share. Rapid industrialization and infrastructural development activities, especially in China and India are driving the demand. North America and Europe are also significant markets owing to early adoption of motor control technologies across industries.
Key players:
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 are some of the prominent players operating in the low voltage motor control center market.
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