DUBLIN, Oct. 17, 2023 /PRNewswire/ — The “Medium Voltage Motors Market by Product, End User, and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global medium voltage motors market has shown remarkable growth, reaching US$ 5.19 billion in 2022, and is poised to surge further, projected to hit US$ 8.52 billion by 2028.
This impressive growth is attributed to the rising demand for energy-efficient motors, widespread utilization in heating, ventilation, and air conditioning (HVAC) systems, and the integration of Internet of Things (IoT) technology.
Medium voltage motors are electrical machines designed for medium voltage power supplies and are built with robust materials, including copper, stainless steel, and ceramics. These high-performance motors find applications in various industries such as pumps, fans, compressors, generators, and more. They are known for their reliability, durability, energy efficiency, and ability to withstand extreme conditions.
Key Market Trends:
- Energy Efficiency Driving Growth: The increasing demand for energy-efficient motors worldwide is a major driver for market growth. Medium voltage motors are known for their energy efficiency, reducing energy consumption, costs, and improving system reliability.
- HVAC Systems Utilization: Medium voltage motors are extensively used in HVAC systems for applications like pumps, fans, compressors, and cooling towers. The rapid installation of HVAC systems in commercial and industrial spaces is boosting market growth.
- IoT Integration: The adoption of IoT technology for real-time monitoring of motor parameters like temperature, vibration, and speed is enhancing performance, reliability, and efficiency, thereby positively impacting the market.
- Permanent Magnets Innovation: The introduction of permanent magnets in medium voltage motor manufacturing reduces energy consumption and enhances overall performance, contributing to market growth.
- Government Initiatives: Favorable government policies promoting energy-efficient systems, coupled with rapid industrialization and growing demand for factory automation, are expected to drive the market.
The global medium voltage motors market is analyzed based on product and end-user segments.
AC-motors represent the largest segment in the market.
End User Insights:
- Process Industries
- Discrete Industries
Process industries hold the largest market share.
The major regional markets covered in the report include North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Asia-Pacific is the largest market for medium voltage motors, driven by industrialization, favorable government policies, and technological advancements.
The report offers a comprehensive analysis of the competitive landscape, including market structure, market share, player positioning, winning strategies, competitive dashboard, and company profiles. Key players in the market include Nidec Corporation, Regal Rexnord Corporation, Rockwell Automation Inc., SEVA-tec GmbH, Toshiba Corporation, WEG S.A., Wolong Electric Group Co. Ltd., among others.
Key Questions Answered:
- How will the global medium voltage motors market perform in the coming years?
- What are the key drivers, restraints, and opportunities in the market?
- What impact will these factors have on the market?
- Which regions are the most attractive for the medium voltage motors market?
- What are the key product and end-user segments in the market?
- Who are the major players in the market?
For more information about this report visit https://www.researchandmarkets.com/r/4w2mdd
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SOURCE Research and Markets