by Market Overview:
A low voltage motor control center is an assembly of one or more enclosed sections having a common power bus and principally containing motor control units. They are used for the remote control of electrical motors in industries like oil & gas, metal mining, chemicals and petrochemicals. They provide advantages like space savings, lower installation cost and simple operation and maintenance.
Market key trends:
Adoption of smart motor control centers is one of the key trends being witnessed in the market. Smart motor control centers consist of components such as variable frequency drives, programmable logic controllers and human machine interfaces. They provide various benefits such as remote monitoring capabilities, energy savings, preventive maintenance alerts and reduction in downtime. They help end users optimize operations and improve productivity. Growing industrial automation is expected to fuel the adoption of smart motor control centers during the forecast period.
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.
Segment Analysis
The global low voltage motor control center market is segmented by type, end user, and geography. By type, the market is divided into conventional motor control centers and intelligent motor control centers. Intelligent motor control centers are expected to dominate the market as they provide added functionalities such as remote monitoring and preventive maintenance. By end user, the market is bifurcated into industrial and commercial. The industrial segment is expected to dominate due to wide adoption of motor control centers in industries such as oil & gas, mining, automotive, and power generation.
Key Takeaways
The global low voltage motor control center market size is expected to reach US$ 6,870.5 Million by 2030, exhibiting a CAGR of 7.1% during the forecast period. Increasing investments in infrastructure development and expansion of existing industries are expected to drive the market.
Regionally, Asia Pacific is expected to witness the fastest growth over the forecast period. Rapid industrialization and infrastructure development in emerging economies such as China and India are fueling the demand for low voltage motor control centers in the region.
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. These players are focusing on new product launches and expansion strategies to gain a competitive edge in the market. For instance, in 2021, ABB launched an intelligent low voltage motor control center with plug-and-play functionality for easy commissioning and operation.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
