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Low Voltage Motor Control Centers Market to Witness Steady Growth in the Coming Years

Overview of Low Voltage Motor Control Centers Market

Market overview

The global Low Voltage motor control centers market that was valued at USD 2.91 Billion in 2016 is predicted to grow at a CAGR of 5.62% during the forecast period from 2017-2022, reaching a size of USD 4.03 Billion by 2022.

Based on type, the conventional motor control centers segment was the dominant market in 2017, owing to the advantages such as high safety level, easy to expand and modify, quick and smooth maintenance, and improved reliability and operability. However, the intelligent motor control centers segment is projected to be the fastest-growing market, mainly due to the rising levels of automation in end-user industries worldwide.

On the basis of component, the busbars segment held the largest market share in 2016, and is expected to continue its dominance over the market during the forecast period as well. This growth is mainly because of its use as an alternative to traditional cabling and advantages offered such as savings on space, time, and cost.

Among end-users, the industrial segment is expected to witness the fastest growth from 2017-2022, owing to the inclination toward motorized automation across the globe. Within the industrial segment, the oil & gas segment held the largest market share in 2016, mainly due to the extensive use of low voltage motor control centers for controlling low voltage motors used for drilling and various other purposes in the oil & gas sector. However, the utilities segment is projected to grow at the highest CAGR between 2017 and 2022, owing to the increased power generation capacity additions worldwide.

Geographical growth scenario of the market

Among regions, the market for low voltage motor control centers in Asia-Pacific is predicted to be the leading market by 2022, and is also projected to witness the highest growth over the forecast period. This growth can be primarily contributed to the growing industrialization and urbanization and increasing electricity demand in this region. Countries such as China, India, Japan, and Australia being the key markets for low voltage motor control centers in this region, are expected to witness a high growth ahead. Moreover, the increase in investments in the water and wastewater industry and growing infrastructural developments in the Middle East & Africa are expected to drive the market for low voltage motor control centers in this region.

Factors driving and restraining the market growth

 The growth of the global market for low voltage motor control centers is being primarily influenced by the following factors:

  • Rising demand for industrial automation in developed countries
  • Booming power sector and increased power generation capacities globally
  • Growing use of low voltage electric motors in major industries
  • Increased industrial plant uptime

In addition, growing urbanization and industrialization, upgradation of industrial infrastructure in developed economies, and regulations encouraging energy savings across key industries are other factors expected to offer ample growth opportunities for the market.

On the downside, stagnancy in the oil & gas industry due to the recent downturn in crude oil prices and decline in mining activities in regions like Asia-Pacific, Latin America, and Africa are the major factors expected to hinder the growth of this market to a certain extent. Moreover, high level of complexity involved in maintaining low voltage motor control centers is the key challenge to be overcome by the players in this market in order to witness sustained growth.

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Key players and strategies adopted for sustenance

ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), Rockwell Automation (U.S.), and General Electric (U.S.), among others are the major players operating in the global market for low voltage motor control centers.

Among all the strategies adopted, new product developments was the most common strategy adopted by the players in the market during 2013-2017. Other strategies adopted by the companies were contracts & agreements, expansions & investments, mergers & acquisitions, and certifications, collaborations, partnerships, and joint ventures in order to increased their shares in the market as well as witness continued growth.

This post first appeared on MarketsandMarkets Blog - Market Research, please read the originial post: here

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Low Voltage Motor Control Centers Market to Witness Steady Growth in the Coming Years


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