Yahoo Finanzen Medium Voltage Motors Market size is set to grow by USD 1.28 billion from 2024-2028, Revival of capex cycle in energy sector boost the market, Technavio
NEW YORK, June 14, 2024 /PRNewswire/ -- The global medium voltage motors market size is estimated to grow by USD 1.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.84% during the forecast period. Revival of capex cycle in energy sector is driving market growth, with a trend towards declining cost of renewable energy and ESS. However, need for changes when installing medium voltage motors poses a challenge. Key market players include ABB Ltd., AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd..
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Medium Voltage Motors Market Scope | |
Report Coverage | Details |
Base year | 2023 |
Historic period | 2018 - 2022 |
Forecast period | 2024-2028 |
Growth momentum & CAGR | Accelerate at a CAGR of 4.84% |
Market growth 2024-2028 | USD 1287.42 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 4.45 |
Regional analysis | APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution | APAC at 44% |
Key countries | US, China, Japan, India, and Germany |
Key companies profiled | ABB Ltd., AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd. |
Market Driver
The renewable energy sector's growth, driven by sources like solar and wind, is outpacing thermal power plants, particularly coal. Developed countries lead this shift due to stable power demand and cost-competitive renewable energy. Decreasing equipment costs and energy storage system prices further favor renewables. Multilateral institutions have curtailed coal financing, while developing countries continue construction. Existing thermal power plants will dominate medium-voltage motor demand in power generation. These trends are set to boost the global medium voltage motors market.
Title: Trends Shaping the Medium Voltage Motors Market Medium voltage motors play a crucial role in powering industrial processes and infrastructure development. The market for these motors is witnessing several trends that are driving growth and shaping the future. Efficiency and energy savings are key priorities for businesses. Engaging motors that consume less power and operate at high efficiency levels is a trend that is gaining traction. Energy-efficient motors, such as those with variable speed drives, are becoming increasingly popular. Another trend is the integration of smart technologies.
Motors equipped with sensors and communication capabilities are enabling predictive maintenance and remote monitoring, leading to increased reliability and reduced downtime. Grid modernization and the integration of renewable energy sources are also influencing the medium voltage motors market. Motors that can operate in smart grids and support the integration of renewable energy are in high demand. Moreover, the trend towards modular and customizable motor designs is gaining momentum.
These motors offer flexibility in terms of size, power, and application, making them a preferred choice for various industries. Lastly, the trend towards condition monitoring and predictive maintenance is becoming increasingly important. This approach helps to identify potential issues before they become major problems, reducing maintenance costs and downtime.
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Market Challenges
The medium voltage motors market faces challenges due to the replacement of high-power low-voltage motors. While medium voltage motors offer energy efficiency and lower thermal losses, their complex build and construction result in higher costs. Replacing low-voltage motors with medium-voltage ones adds complexity to power distribution systems, necessitating cable and system upgrades. CAPEX constraints often outweigh OPEX savings, hindering market growth. Industrial facilities, with a high number of low-power motors, further complicate the situation.
Title: Overcoming Challenges in the Medium Voltage Motors Market Medium voltage motors play a crucial role in powering various industries. However, the market faces several challenges. One significant challenge is the increasing complexity of these motors, requiring advanced technology and expertise for manufacturing and maintenance. Another challenge is the rising demand for energy-efficient motors, pushing companies to innovate and improve efficiency.
Moreover, the cost of raw materials and the need for regulatory compliance add to the complexity. The rollout of smart grids and the integration of renewable energy sources also pose challenges, requiring motors to adapt to varying power conditions. To address these challenges, manufacturers must invest in research and development, collaborate with industry partners, and adopt lean manufacturing processes.
They must also prioritize energy efficiency and focus on developing motors that can operate seamlessly in smart grids and renewable energy systems. In conclusion, the medium voltage motors market faces several challenges, including complexity, energy efficiency, cost, and regulatory compliance. To succeed, manufacturers must invest in innovation, collaborate with industry partners, and adopt lean manufacturing processes.
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Segment Overview
End-user
1.1 Process industries
1.2 Discrete industries
1.3 HVAC
Product
2.1 AC motors
2.2 DC motors
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 Middle East and Africa
3.5 South America
1.1 Process industries- The process industries sector, including oil and gas, power generation, chemicals, iron and steel, cement, pulp and paper, and water and wastewater treatment, are significant consumers of medium voltage motors. These industries are undergoing transitions to enhance energy efficiency, reduce emission intensity, and diversify product offerings. The oil and gas industry is shifting from gasoline and diesel production to refineries and petrochemical plants, while power generation is moving from coal to natural gas.
Natural gas's affordability, availability, and environmental benefits are driving this shift. Medium voltage motors are essential for power generation plants' blowers and pumps. The cement and iron and steel industries are modernizing to improve energy efficiency, and the recycling and reuse of natural resources are increasing investments in biogas generation and wastewater treatment.
The transportation sector's trend toward biofuel blending is also increasing, with the US, Brazil, and European countries leading the way. The global biofuel production capacity is expanding, leading to increased demand for industrial drives from biofuel production plants. These industry transitions are driving investments in new facilities, fueling the growth of the medium voltage motors market.
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Research Analysis
The Medium Voltage Motors (MVM) market encompasses a wide range of electrical machines used in various industries. These motors, comprised of a rotor, stator, terminal box, cooling system, and shaft, are made from high-strength alloys such as copper and stainless steel. Energy-efficiency standards and eco-friendly options are crucial considerations in the MVM market, as industries strive to reduce their carbon footprints.
Smart features and condition monitoring technology are increasingly integrated into MVMs for improved performance and reliability. MVMs play critical roles in transportation systems, water treatment facilities, and process industries, including Discrete Industries, HVAC, and the Process Industries.
Renewable energy initiatives have led to an increased demand for AC Motors and DC Motors in the MVM market. Intelligent features, such as self-diagnostics and predictive maintenance, further enhance the value proposition of MVMs.
Market Research Overview
The Medium Voltage Motors Market encompasses the production, sales, and installation of motors operating with voltages ranging from 1000 to 35,000 volts. These motors are extensively used in various industries, including power generation, oil and gas, water and wastewater treatment, and manufacturing.
The market is driven by factors such as increasing demand for energy-efficient motors, growing industrialization, and the need for reliable and high-performance motors. Additionally, advancements in technology, such as the integration of IoT and smart grids, are expected to further boost market growth. The market is segmented based on voltage level, application, and region.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Product
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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