Wilmington, Delaware, United States,, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global medium voltage motors market stood at US$ 4.2 Billion in 2022 and is projected to reach US$ 5.9 billion in 2031. The global medium voltage motors market is anticipated to expand at a CAGR of 4.1% between 2023 and 2031.
The global medium voltage motors market is experiencing a significant upsurge in popularity due to the increasing emphasis on sustainability across various industries and businesses. This growing awareness of environmental responsibility has prompted the adoption of medium-voltage motors designed to meet stringent energy-efficiency standards. As a result, these motors are reducing operational costs and making substantial contributions to carbon footprint reduction, aligning with the global drive for more sustainable practices.
Get Access to Sample Research Report with Latest Industry Insights @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85832
One of the critical drivers for the medium voltage motors market is integrating intelligent features and condition monitoring technology into these motors. This transformative advancement is enhancing operational efficiency and revolutionizing maintenance practices. Including condition monitoring sensors and real-time data analytics empowers industries to embrace predictive maintenance strategies. Predictive maintenance allows for identifying potential issues well in advance, thus reducing downtime and minimizing operational disruptions. As a result, industries can operate with excellent reliability and cost-effectiveness.
Medium voltage motors are prominent in renewable energy initiatives, focusing on clean and sustainable power generation. These motors are vital in generating, transmitting, and distributing electricity in renewable energy systems. The escalating global demand for eco-friendly energy solutions is driving the growth of the medium-voltage motors industry. These motors play an essential role in ensuring the efficient and reliable distribution of clean energy, thus contributing to the global push for sustainable power sources.
Competitive Landscape of Medium Voltage Motors Market:
- Siemens AG
- Wolong Electric Group Co., Ltd
- ABB
- Shanghai Electric
- TECO
- WEG
- General Electric
- Toshiba
- SEC Electric Machinery Company
- Nidec
- SEVA-tec GmbH
- Hoyer Motors
- MENZEL Elektromotoren GmbH
Key Takeaways of Market Report
- Global medium voltage motors market to generate absolute dollar opportunity worth US$ 5.9 billion until 2031.
- The global medium voltage motors market from 2023 to 2031 is 4.1%
- The global medium voltage motors market is valued at US$ 4.2 billion in 2022.
- The global medium voltage motors market stood at US$ 4.5 billion in 2023.
Enquiry Before Buying this Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=85832
Medium Voltage Motors Market: Growth Drivers
- The global adoption of sustainable and green energy solutions is increasingly emphasizing energy efficiency across various sectors. Power grids, which are responsible for the transmission and distribution of electricity, are increasingly focusing on energy-efficient solutions to optimize their operations, reduce power losses, and enhance overall efficiency.
- One of the pivotal driving factors for the medium voltage motors market is the heightened demand for these motors in the quest to minimize energy wastage and achieve more environmentally responsible power transmission and distribution.
- Medium voltage motors play a crucial role in various industrial and commercial applications, efficiently converting electrical energy into mechanical energy. To meet the escalating need for energy efficiency, intelligent technologies such as variable speed drives (VSDs) and motor controllers have been integrated with these motors.
- These technologies offer precise control over motor speed and power consumption, optimizing motor performance based on specific load requirements. This fine-tuned control significantly increases energy efficiency and reduces power consumption. Businesses, in particular, are increasingly committed to reducing their energy usage to lower operational costs and meet stringent environmental regulations, driving the adoption of energy-efficient medium voltage motors.
Medium Voltage Motors Market: Regional Landscape
- In medium voltage motors, Asia Pacific is poised for significant growth in the coming years. This region emerged as the leader, boasting the largest global medium voltage motors market share in 2022.
- The impetus behind this growth can be attributed to the rapid industrialization, urbanization, and infrastructure development that characterize Asia Pacific. Notably, China and India are the linchpin markets within this region, exhibiting a robust demand for medium-voltage motors.
- Across the North American landscape, the medium voltage motors market is propelled by a growing appetite for energy-efficient motor solutions. Industries operating within oil & gas, power generation, and water and wastewater management are spearheading this demand for enhanced motor efficiency.
- The United States is the region's most influential market, emphasizing technological innovation in propulsion systems and hosting a substantial presence of key industry players.
Medium Voltage Motors Market: Key Developments
- The Hoyer Group introduced an innovative solution to the industrial landscape, unveiling the Hoyer Smart Motor Sensor. This cutting-edge sensor empowers owners of industrial applications to monitor their low-voltage motors remotely.
Medium Voltage Motors Market: Segmentation
Power
- Up to 200 kW
- 200 to 2000 kW
- 2000 to 10000 kW
- 10000 to 20000 kW
- Above 20000 kW
Voltage
- 1.4 KV to 7 KV
- 7.1 KV to 14 KV
- Above 14 KV
Type
- Synchronous Motors
- Asynchronous Motors
- DC Motor
Application
- Pump
- Compressor
- Conveyor
- Mill
- Fans and Ventilation
- Blower
- Thrusters
- Others
End-use
- Chemicals & Petrochemicals
- Paper & Pulp
- Food & Beverages
- Metals & Mining
- Energy & Power
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Place an Order Copy of Medium Voltage Motors Market Report @ https://www.transparencymarketresearch.com/checkout.php?rep_id=85832<ype=S
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
