Consumption in the Mining Industry
Besides smart technology, the manufacturers are also integrating industry specific features in the low voltage motors for enhanced performance. For example, attributed to flameproof features, the low voltage motors is expected to witness significant demand in the mining industry. Moreover, the manufacturers also witness demand for the cast iron motors for underground mining conveniently as these motors are equipped with special varnish corrosion protection, which prevents the moisture between winding insulation and ingression.
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Adoption of low voltage motors continue to increase attributed to various microeconomic and macroeconomic factors. Growing demand for capital and consumer goods has led manufacturers to adopt intelligent machines, which helps in making analysis of actual needs during the production process. On the basis of this predictive analysis, the end users can extend the lifetime and reduce the downtime by cutting the energy consumption by nearly 10%.
In addition to adoption of smart technology, the manufacturers are also embedding advanced features that are specific to the end use industry. For example, manufacturers are integrating flameproof attributes in the low voltage motors for activities specific to mining industry. Demand for cast iron motors for the underground mining activities will continue to remain high attributed to corrosion-resistant and moisture-resistant features.
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Low Voltage Motors Market – Key Insights
- Global low voltage motors market grew at a significant CAGR of 7.6% during 2012-2016, owing to their highly efficient and cost-effective operation which also meet high safety standards.
- In 2018, the global market of low voltage motors is likely to surpass a value of US$ 25 billion and expand at 8.8% in 2019 through 2018. Escalating need for cost efficient source of energy remains a primary factor influencing the use of low voltage motors in numerous industries.
- APEJ will continue to be the largest market for low voltage motors and is expected to contribute a revenue of more than US$ 14 billion by 2022-end.
APEJ Leads Gains in Low Voltage Motors Market
Asia Pacific Excluding Japan is anticipated to retain its leading position in the low voltage motors industry, on the back of rapid growth in industrialization including automotive and electronics sectors. In 2018, APEJ low voltage motors market exceeded an estimated value of US$ 9.5 billion, growing at 9.9% in 2019 through 2018. In addition, stringent government regulations regarding motor efficiency and retrofitting and replacing aging equipment are expected to reflect favorably on the growth of low voltage motors market in the region.
Challenges Deterring the Expansion of Low Voltage Motors Market?
- Low voltage motors are susceptible to corrosion and overheating. In addition, these motors are not relevant for heavy applications which require an output of 400 kW and upwards. Such factors are likely to restrict their demand and create a hindrance in the growth of low voltage motors market.
- Due to low voltage, it is impossible to use smaller cables in these motors which significantly increases the costs of distribution cables. This is anticipated to be one of the restraining factors of the low voltage motors market.
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Leading market players operating in the global low voltage motors market include ABB, Siemens, WEG Electric Corp, Nidec Group, GE, Toshiba, Hyosung Corporation, Hyundai Heavy Industries, Shangdong Huali, Regal Beloit, and Teco Electric & Machinery.
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