by A motor control center is an assembly of one or more enclosed sections having a common power bus and principally containing motor control units. It is used for the control and protection of motor feeders grouped in one location. A low voltage motor control center contains motor control circuits that operate at voltages less than or equal to 600 volts. It is widely used in various industries such as oil & gas, mining, and pulp & paper among others. Low voltage motor control centers provide users with enhanced operator safety, reduced downtime, improved power system integrity, and optimized energy efficiency.
The global low voltage motor control center market is estimated to be valued at US$ 4080.5 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The significant investments by governments and private organizations in renewable energy infrastructure around the world is expected to drive the growth of the global low voltage motor control center market over the forecast period. According to the International Renewable Energy Agency, the global investments in renewable energy hit a new record of $302.1 billion in 2019. Similarly, significant growth in the mining and oil & gas industries globally is also anticipated to boost the demand for low voltage motor control centers used in various mining and drilling applications. Additionally, continuous advancements in motor control technology leading to development of more efficient and intelligent products is further expected to propel the market growth. However, fluctuations in raw material prices may hamper the market growth.
Segment Analysis
The global low voltage motor control center market is dominated by the oil and gas sub-segment. Oil and gas accounts for over 30% of the market share as low voltage motor control centers find widespread use in various oil rigs, offshore platforms and petrochemical plants for operating various motors that drive critical equipment such as pumps, compressors etc. They provide centralized control and protection of multiple motors which makes them ideal for the electricity intensive oil and gas industry.
PEST Analysis
Political: The market is positively impacted by governmental policies and regulations that promote industrial automation and revamping of aging infrastructure in various industries which escalates demand for low voltage motor control centers.
Economic: Growth of various end-use industries such as oil & gas, mining, commercial buildings is driving the economic growth of countries worldwide which is increasing investments into modernization of existing infrastructure and contributing to market revenue.
Social: Rising demand for energy efficient industrial equipment fosters adoption of low voltage motor control centers as they optimize motor operations. Also, increasing investments in renewable energy generation plants expands market growth.
Technological: Advancements in hardware and software such as remote monitoring capabilities, integration of smart sensors with Industry 4.0 are enhancing the functionalities of low voltage motor control centers. Miniaturization of components aids their deployment even in space constrained environment.
Key Takeaways
The global Low Voltage Motor Control Center Market Share is expected to witness high growth at a CAGR of 6.2% during the forecast period of 2023 to 2030.
Regional analysis indicates that Asia Pacific dominates currently with over 35% market share owing to massive ongoing infrastructure development projects and upgradation of existing infrastructure in countries such as China and India. North America is another major regional market spurred by the shale gas boom that accelerates oil & gas sector growth.
Key players operating in the low voltage motor control center market are Exxon Mobil Corporation, Saudi Basic Industries Corporation, Royal Dutch Shell Plc., China Petroleum & Chemical Corporation, Chevron Phillips Chemical Company LLC, Total S.A., LyondellBasell Industries N.V., National Petrochemical Company, INEOS Group, and Dow Inc. among others. These key players are continuously innovating their product offerings and utilizing advanced technologies to consolidate their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
