The new report by Expert Market Research titled, ‘Global Medium Voltage Motors Market Share, Size, Price, Trends, Report and Forecast 2022-2027’, gives an in-depth analysis of the global medium voltage motors market, assessing the market based on its segments like products, end uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Medium Voltage Motors Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 5.0%
The increasing application of electrically driven, heavy-duty equipment in the discrete industries, is driving the demand for medium voltage motors. Over the forecast period, the increasing demand for medium voltage motors in HVAC and automotive industry owing to the growing adoption of high-end electrical equipment and increasing sales of passenger automobiles are likely to boost the market growth.
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Moreover, the anticipated increase in demand for medium voltage motors for the purpose of transportation and adjustment of heavy machinery, in the aerospace and defence industry, is likely to provide impetus to the market in the coming years. Geographically, the Asia Pacific region accounts for a significant share of the market owing to the growing expansion of the major end-use industry, which can be attributed to the steady economic growth of developing countries like India and China.
Medium Voltage Motors Industry Definition and Major Segments
Medium voltage motors, also known as variable frequency drive, are defined as the electrical equipment which are used to adjust torque and speed of AC motors. These motors are adjustable and are applicable in industries in which heavy loads are adjusted or moved. These motors are used in the most complex applications.
On the basis of product, the market can be segmented into:
Based on end use, the market has been bifurcated into:
- Process Industries
- Discrete Industries
The regional markets for medium voltage motors include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Medium Voltage Motors Market Trends
The key trends in the medium voltage motors market include the technological advancements in the HVAC industry owing to the robust commercialisation across the emerging economies, coupled with the rising deployment of medium voltage motors in cooling towers, and evaporative condensers, among others.
Over the forecast period, the increasing investments in the smart city initiatives and urban development projects, along with rapid digitalisation, are anticipated to propel the demand for medium voltage motors in the coming years. The growing research and development activities in sectors such as automotive, which include the development of electric vehicles, are anticipated to be the major growth guiding factors of the market in the forecast period.
Key Market Players
The major players in the market are Menzel Elektromotoren GmbH, Brook Crompton UK Ltd, Regal Beloit Corporation, Toshiba International Corporation, Hoyer Motors, and Bharat Bijlee Limited (BBL), among 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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