The growing adoption of energy efficient systems is anticipated to open up the new avenue for Low Voltage Motor Control Center Market
Low Voltage Motor
Control Center Market
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 to control, protect, and monitor smaller low-voltage
motors and their associated auxiliary equipment. They are primarily used in
industrial facilities to provide a central location for the disconnecting and
starting of motors.
Market Dynamics:
Increasing investments in industrial and infrastructure projects is a key
driver for the low voltage motor control center market. Rapid industrialization
and infrastructure development especially in emerging economies of Asia Pacific
is fueling the demand for low voltage motor control centers as they are widely
used in various industrial machinery and processes. Moreover, rising need for
energy efficient systems is also augmenting the market growth. Strict
regulations regarding energy efficiency and consumption is prompting end users
to adopt low voltage motor control centers as they offer improved control and
efficiency over conventional starters.
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 Low Voltage Motor Control Center market can be segmented on the basis of
component, type, end-use industry, and region. Based on component, the market
is bifurcated into circuit breakers & fuses, busbars, overload relays,
variable speed drives, and others. The busbars segment currently dominates the
market as busbars are an essential component of MCCC that allow power
distribution to various components.
PEST Analysis
Political: Regulations regarding energy conservation and focus on use of energy
efficient motors and control devices are driving the demand for low voltage
MCCs.
Economic: Growing industrialization in developing regions of Asia Pacific and
Middle East & Africa is fueling demand. Investments in infrastructure
modernization are also supporting market growth.
Social: Concerns around energy efficiency and carbon footprint are prompting
industries to adopt low voltage MCCs for conservation.
Technological: Advancements in digital technologies like IoT, remote
monitoring, and integration with building automation systems are expanding
application areas.
Key Takeaways
The global Low Voltage Motor Control Center Market is expected to witness high
growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing
investments in industrial automation and focus on energy efficiency. The market
size is projected to reach US$ 7,129.5 Mn by 2030 from US$ 4080.5 Mn in 2023.
Regional analysis: Asia Pacific dominates the market currently, accounting for
nearly 35% share due to rapid industrialization in China and India. China is
expected to remain the largest market owing to wide manufacturing sector.
Growth rates are highest in Middle East & Africa due to ongoing investments
in infrastructure and oil & gas industry expansion.
Key players operating in the Low Voltage Motor Control Center 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. Key players are focusing on development of integrated
solutions with advanced digital capabilities for remote monitoring and
predictive maintenance.
For
more insights, Read-
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