The medium voltage motors market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Medium Voltage Motors Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the rising focus on energy efficiency due to high power consumption of industrial motors”, says a senior analyst for Industrials at Technavio.
Industrial motors consume about 30% of global electricity production. Hence, industrial operators are replacing low voltage motors that have high power ratings with medium voltage ones with equivalent output. With the rising focus on increasing energy efficiency, the adoption of medium voltage motors will increase during the forecast period. As the markets recover Technavio expects the medium voltage motors market size to grow by USD 835.73 million during the period 2020-2024″.
Medium Voltage Motors Market Segment Highlights for 2020
- The medium voltage motors market is expected to post a year-over-year growth rate of (1.82)%.
- The AC motors segment is gaining traction in the global medium voltage motors market. These motors are available as induction motors or synchronous motors.
- AC motors have a rigid bearing and rotor construction and their cooling efficiency is better than DC motors. This is a significant factor driving the demand for AC motors.
- The growth of the medium voltage motors market growth will be significant in the AC motors segment during the forecast period.
- 57% of the growth will originate from the APAC region.
- Rising disposable incomes and expanding population are increasing investments in the power generation, steel and cement, and water and wastewater industries. This has increased the demand for medium voltage motors in APAC.
- China and Japan are the key markets for the medium voltage motors market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The medium voltage motors market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The medium voltage motors market is segmented Product (AC motors and DC motors), Geography (APAC, North America, Europe, MEA, and South America), and End-user (Process industries, Discrete industries, and HVAC).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., General Electric Co., Nidec Corp., Regal Beloit Corp., SEVA-tec GmbH, TECO Electric & Machinery Co. Ltd., Toshiba Corp., VEM Group, WEG Equipamentos Eletricos SA, and Wolong Electric Group Co. Ltd.
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