Low Voltage Motor Control Center Market Poised to Register Robust Growth
Segment Analysis
The global low voltage motor control center market is dominated by the LV and MV segments. The LV segment commands more than 60% share of the overall market owing to its wide range of applications in industries like oil & gas, utilities, metal and mining, and water and wastewater. Within the LV segment, motor control centers with voltages up to 1000V capture maximum demand as they can support most industrial machinery and equipment.
Key Takeaways
The global low voltage motor control center market is expected to witness high growth over the forecast period. Global Low Voltage Motor Control Center Market Size is estimated to be valued at US$ 4700.74 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Regional analysis-
Asia Pacific dominates the global low voltage motor control center market led by China, India, Japan, and South Korea. With growing infrastructural projects and strengthening of industrial base, the demand for low voltage motor control center is high in the region. Rapid expansion of end use industries such as construction, oil & gas, mining, manufacturing, agriculture in China and India is propelling the regional market growth.
Key players-
Key players operating in the low voltage motor control center market are ExxonMobil Chemical Company, LyondellBasell Industries, 3H Vinacom Co., Hanwha Chemicals, Arkema Group, AkzoNobel N.V., Falcone Specialities AG, Borealis AG, and PolyOne Corporation. ExxonMobil dominates the market owing to its wide product portfolio and global production facilities. LyondellBasell Industries and Hanwha Chemicals also have significant market presence.
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