The ‘Global Medium Voltage Motors Market Share, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global medium voltage motors market, assessing the market on the basis of its segments like product, end-use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Medium Voltage Motors Market Size, Share, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
The global medium voltage motors market has been observing rapid growth because of the efficient engineering of these motors that makes them economical to use. The rising demand for energy efficient motors is further fuelling the manufacture and supply of medium voltage motors worldwide. The increasing demand for equipment across various industries that require heavy loads along with rising focus on energy efficiency of these types of equipment is expected to help in the growth of the market.
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The ability of medium voltage motors to produce a torque and turning force is expected to increase the demand for medium voltage motors as they help in propelling vehicles such as electric trams and electric trains. Medium voltage motors can be either synchronous or asynchronous and can be designed for either direct current or alternating current depending on their speed control characteristics and applications.
Medium voltage motors are low maintenance and feature a long service life due to which they are preferred by manufacturers. These motors are easy to assemble, maintain, and are highly flexible which is increasing their demand and further supporting the growth of the medium voltage motors market.
Medium Voltage Motors Industry Definition and Major Segments
A medium voltage motor is a synchronous and asynchronous AC induction motor that can be connected directly to a local power grid or by means of an AC drive. They require voltages in over 1kV and are used for thrusters, pumps, HVAC, and compressors, among others, offering reliability and improved energy savings.
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Based on product, the market is segmented into:
- AC-Motors
- DC-Motors
On the basis of end-use, the market is classified into:
- Process Industries
- Discrete Industries
- HVAC
Based on region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Medium Voltage Motors Market Trends
The key trends in the global medium voltage motors market include urbanisation across emerging economies and increased focus on sustainability, and energy efficiency. The growing demand for new infrastructure and energy from the emerging economies is fuelling the growth of the market for medium voltage motors.
Rising demand from electrical and electronics, renewable, semiconductors, and battery manufacturing sectors is increasing the demand for medium voltage motors. Initiatives for sustainability, carbon neutrality, green energy, and hydrogen energy projects are also expected to be key trends influencing the market for medium voltage motors by increasing their usage in process and discrete industries.
Asia Pacific is expected to account for a large share in the global medium voltage motors market in the forecast period. Countries including China, India, and Japan are the key countries in the Asia Pacific region that are augmenting the growth of the market. Population growth and rising disposable income of people in the region are encouraging increased investments in the power generation and wastewater sectors which is surging the demand for medium voltage motors.
Key Market Players
The major players in the global medium voltage motors market report are:
- Baldor Electric Company, Inc.
- Brook Crompton UK Ltd
- Johnson Electric Holdings Ltd.
- Regal Beloit Corp.
- Rockwell Automation Inc.
- Ametek, Inc.
- Allied Motion Technologies Inc.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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