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| Global Low Voltage Motor Control Center Market |
The Low Voltage Motor Control Center Market is estimated to be valued at US$ 4,080.5 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.
Market Overview:
A low voltage motor control center (LV MCC) is an assembly of one or more
enclosed sections with a common power bus and principally containing motor
control units. LV MCCs are used to control low voltage AC electric motors in a
central location. They distribute power to motor branch circuits for mechanical
drives in an industrial setting. Typical applications include driving conveyor
systems, machine tools, pumps, fans and other rotating equipment in various
industries such as oil & gas, mining, water and wastewater treatment, and
food and beverage processing.
Market Dynamics:
The low voltage motor control center market is primarily driven by the growing
demand for industrial automation across various end use industries. Industrial automation
is increasing rapidly with advancements in robotics, machine learning, internet
of things, and other technologies. Motor control centers play a vital role in
automated industrial processes by providing central control of motor driven
equipment such as pumps, fans, conveyors. Secondly, stringent regulations
regarding energy efficiency is also fueling the demand for low voltage motor
control centers. LV MCCs help enable energy savings by controlling equipment
only when needed through technologies such as variable speed drives. They also
allow remote monitoring of energy consumption.
Segment Analysis
The Global
Low Voltage Motor Control Center Market is dominated by the commercial
segment due to high demand from offices, hospitals, hotels, shops and other commercial
buildings. Commercial buildings require heavy machineries like HVAC systems,
lifts, conveyor belts etc. which are operated with motors. Thus, installation
of low voltage motor control centers becomes essential to efficiently control
and monitor multiple motors from a centralized location.
PEST Analysis
Political: Stringent regulations regarding energy efficiency in commercial
buildings are prompting industries to adopt low voltage motor control centers
to improve energy consumption.
Economic: Growing construction activities in developing countries along with
industrialization is positively impacting the market growth.
Social: Increasing awareness among individuals and industries regarding energy
savings is fueling the adoption of technologically advanced low voltage motor
control centers.
Technological: Integration of low voltage motor control centers with Internet
of Things (IoT) and digital technologies is gaining traction to remotely
monitor equipment performance.
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 construction activities globally.
Regionally, Asia Pacific is expected to dominate the market and projected to grow
with highest CAGR during the forecast period. Rapid industrialization and
infrastructural developments in India, China and other Asian countries are
creating significant demand for low voltage motor control centers in the
region.
Key players operating in the low voltage motor control center market
incorporate 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 new
product launches to expand their product portfolio and to strengthen their
market position. For instance, in 2021, Eaton launched its new low voltage
motor control center - Series UL which provides arc-flash safety and can
withstand harsh environmental conditions.
Read More: https://www.rapidwebwire.com/low-voltage-motor-control-center-market-trends/