Industrial Segment is the largest segment driving the growth of Low Voltage Motor Control Center Market
Market Overview:
A low voltage motor control center is an assembly consisting of motor branch circuits, motor starters, controllers, fuse or circuit breaker and terminal blocks housed in a metal enclosed body. Low voltage motor control centers find wide applications in industries, infrastructure facilities, commercial buildings and large residential buildings for controlling and protecting motors.
Market key trends:
One of the key trends in the low voltage motor control center market is growing adoption of variable speed drives. Variable speed drive helps in controlling the speed of AC motors and machines by varying the frequency and voltage supplied to the electric motor. It provides efficient control of motor speed and torque, which leads to reduced energy consumption and enhanced process control capability. Most industries are adopting variable speed drives for better energy management and improved process control requirements. For example, industries such as oil & gas, mining, water & wastewater, and other process industries are widely using variable speed drives with low voltage motor control centers.
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.
SWOT Analysis
Strength: The growing demand for automation across industries is driving the adoption of low voltage motor control centers. Moreover, stringent government regulations regarding workplace safety and energy efficiency is supporting the market growth.
Weakness: High initial installation cost of low voltage motor control centers can hamper its adoption especially in cost-sensitive industries. Frequent technological changes also lead to increase in maintenance costs.
Opportunity: Growing industrial sector in developing nations offers lucrative growth opportunities. Moreover, development of smart low voltage motor control centers integrated with IoT technology will open new avenues.
Threats: Availability of substitutes like variable frequency drives pose a threat to low voltage motor control centers. Intense competition among existing players also acts as a threat.
Key Takeaways
The global Low Voltage Motor Control Center Market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand for automation across industries. The market size for 2023 is US$ 4080.5 Mn.
Regional analysis: North America holds the major share in the global market currently owing to stringent workplace safety regulations and rising focus on energy efficiency in the region. Asia Pacific is expected to witness fastest growth during the forecast period owing to rapid industrialization and growing manufacturing sector in China and India.
Key players: Some of the prominent 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. The market is highly competitive with presence of both global and regional players. Companies are investing in development of smart and integrated motor control centers to gain competitive edge.
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