WASHINGTON, Jan. 04, 2022 (GLOBE NEWSWIRE) -- “As per the report published by Vantage Market Research, the global Low Voltage Motor Control Centres market is expected to grow from USD 4.5 Billion in 2020 to USD 7.5 Billion by 2028, at a CAGR of 6.6% during the forecast period 2021-2028.”
Market Synopsis
Low-voltage motor control centres market has gained friction owing to the rising need of power across numerous sectors. Control centres are used to check power operations of a number of electric motors. Power is distributed complexly across various commercial and industrial longitudes, which makes it imperative to have a systematic control of the entire power setup. Low voltage control centre has various electric motors which performs many functions in an industrial unit. Therefore, there is a need to manage power across all sectors, and hence, the market for low-voltage control centres is likely to gain prominence in the forecast period, states Vantage Market Research, in a report, titled “Low Voltage Motor Control Centres Market by Type (Conventional Motor Control Centres, Intelligent Motor Control Centres), by Component (Busbars, Circuit Breakers & Fuses, Overload Relays, Variable Speed Drives, Soft Starters, Others), by End-User (Oil & Gas, Metal and Mining, Power Generation, Automotive and Transportation, Chemicals and Petrochemicals, Water and Wastewater, Food & Beverages, Others), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Low Voltage Motor Control Centres Market:
| Sr. No. | Companies | Headquarters |
| 1. | Rockwell Automation | U.S., North America |
| 2. | GE | U.S., North America |
| 3. | ABB | Switzerland, Europe |
| 4. | Siemens | Germany, Europe |
| 5. | Eaton | Ireland, Europe |
| 6. | Schneider Electric | France, Europe |
| 7. | Fuji Electric Co. | Japan, Asia Pacific |
| 8. | Mitsubishi Electric Corporation | Japan, Asia Pacific |
Market Dynamics:
Driver: Rising Demand for Mechanization
Major factors fuelling the market growth for low voltage motor control centre are rising need for industrial mechanization in regions which are developed, regulations supporting energy reserves across major industries, flourishing power sector, and expanded production of power abilities globally. Automation facilitates productivity in an association and improves the human resource efficiency. Owing to this reason, most of the production houses and industries are imparting automation as a productive part of their operations mostly owing to the recent technological advancements. This prevalence of automation across numerous industries helps various electric motors to produce power. This facilitates the market growth for low voltage control centres among various sectors and offers profitable opportunities to the key players in the market. Stakeholders, business enterprises, and governments are making efforts collectively to improve performance of the production plants.
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Restraint: Lack of Skilled Force
There are some challenges and restraints which will hamper the market growth overall. The factors like, lack of skilled manpower and the absence of protocols and standards are also limiting the growth of the market. Additionally, decreasing prices of crude oil is leading to a decline in investments in oil & gas sector. This will slow down the growth during in the coming years. Furthermore, huge initial investments and high cost when compared to its counterparts, and maintenance complexities associated with motor control centres are the potential restraints hindering the growth of the market for low voltage motor control Centres overall globally. However, technological advancements due to continuous Research & Development, increasing demand for integrated and smart protection and motor control devices, and potential in emerging untapped markets offer friendly growth opportunities.
Regional Trends
Asia-Pacific held a significant market share. The region offers huge growth potentials to the market vendors, due to the rising adoption of automation among numerous end-user sector. The concern regarding energy in the region is also expanding the adoption of these low voltage motor control centres and encouraging many players to develop compact and energy-efficient electrical devices and equipment, hence, further fuelling the market growth.
Manufacturing is a key contributor to the economy of China and is also undergoing a major transformation. Industrial control system in the nation has emerged among numerous fields, like transportation, water, energy, and municipal sectors.
Key Findings
- Conventional Motor Control Centres to hold the largest market share: This is attributed to the increasing demand in developed regions for industrial automation. There are various advantages offered by motor control centres like, easy modification and expansion, high level of safety, smooth and quick maintenance, and improved operability and reliability and these factors are fuelling the demand for the segment.
- Busbars Segment to hold the largest market share: This is owing to the broad range of applications for electrical components of motor control centres which include auxiliary and main busbars. The rising emphasis on the workforce safety is also driving the demand for Busbar segment.
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Advantages of this Research:
- Evaluate market share for commercial Low Voltage Motor Control Centres market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
- Develop tactics and strategies to take advantage of opportunities in the Low Voltage Motor Control Centres market.
- Latest Trends and Market Events and analyze essential events in Low Voltage Motor Control Centres market.
- Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
- Answer vital business questions; supports decision making in R&D to long term marketing strategies
- Develop economic models, forecast models, and healthcare frameworks.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Low Voltage Motor Control Centres Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Low Voltage Motor Control Centres Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Important questions answered in this report:
- What is the estimated market size and growth rate of the Low Voltage Motor Control Centres Market?
- Which segments are included in the Low Voltage Motor Control Centres Market?
- Which top companies are active in the Low Voltage Motor Control Centres Market?
- What are the major driving factors for the growth of the Low Voltage Motor Control Centres Market?
- How can I get free sample reports or study of Low Voltage Motor Control Centres Market?
This market titled “Low Voltage Motor Control Centres Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2020 | USD 4.5 Billion |
| Projected Market Size in 2028 | USD 7.5 Billion |
| CAGR Growth Rate | CAGR of 6.6% from 2021 to 2028 |
| Base Year | 2020 |
| Historic Years | 2016 – 2019 |
| Forecast Years | 2021 – 2028 |
| Segments Covered | Type, Component, End-User, and Geography |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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