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Low Voltage Motor Control Center Market - Growth, Trends, and Forecast (2020 - 2025)

Low Voltage Motor Control Center Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 139 pages
  • ID: 5891628
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The global Low Voltage Motor Control Center (LVMCC) market was valued at USD XX billion in 2019 and is expected to reach a value of USD XX billion by 2025, at a CAGR of 9.5%, over the forecast period of (2020-2025). The global market is expected to register a significant growth of the low voltage motor control center due to increase in industrial automation and rise in demand of low voltage electric motors across industries.

- Increase awareness of green sources of energy and instability of crude oil prices could lead to positive growth of the LVMCC market. Moreover, increasing investment in power efficient projects to meet the ongoing demand of energy may also fuel the market.
- As the electrical power is the most ubiquitous asset of the industrial manufacturing plants and electrical power is required all the time to operate various process, adoption of LVMCC is expected to grow over the forecast period.
- Rising industrialisation around the world has boosted the demand for high energy efficient control systems and has shifted manufacturer’s preference from low-efficiency to energy-saving, high-efficiency systems.
- Maintenance & monitoring of industrial low-voltage motor control center is precedence task and might hinder the widespread applications across industries.
- Low-voltage motors control center are employed in various end-user industries such as food & beverages, mining, automotive, electronics, textile, oil & gas, automotive, and packaging etc.

Key Market Trends
Oil and Gas refineries End User to Account for Significant Share

- Low Voltage Motor Control Centers are used in oil and gas refineries to centrally control the electric motors driving various industrial process such as pumping, production and processing, air compressors, drilling etc. As per recent report published by the National Petroleum Council (NPC) in the United States total global energy demand will growth by 50% to 60% between 2019 to 2030. In result, oil companies would boost its production to meet the surging demand and drive the growth of the market.
- SK energy Co. Ltd has set up new vacuum residue desulfurization unit for production of low-sulfur fuel oil at Ulsan refining complex in South Korea to order to meet the International Maritime Organization’s (IMO) mandate of marine fuel with a sulfur content below 0.5%.
- National governments have conducted several policy reforms aimed to attract investment in the exploration and production field to boost the declined domestic oil production.

Low Voltage Motor Control Center Market is expected to dominate the market

- As per IEA report, developing economies in the Asia-Pacific region are expected to account for almost two-thirds of the global energy demand growth by 2040. In order to sustain economic growth, most countries will increasingly rely on energy imports mainly for oil and gas.
- India will overtake China as a global leader in oil demand growth in the mid?2020s. It’s oil imports are expected to reach 9.3 million barrels a day (mb/d) by 2040, up from 3.8 mb/d in 2017. India will increase number of domestic oil production facilities in order to meet the growing demand.
- North America and Europe are the largest automotive markets globally, but Asia is the emerging markets and expected to grow share of global vehicle sales. New technologies such as hybrid cars that can optimise energy performance with zero exhaust are driving the growth of electric vehicle in emerging frontiers.

Competitive Landscape
The Low Voltage Motor Control Center market consists of several major players. Few of the major players currently dominate the market in terms of market share. These major players with a prominent share in the market are focusing on expanding customer base across foreign countries through strategic alliances.

Jan 2020 - Schneider Electric Solar Spain, the Spanish entity of the Schneider Electric solar business division, has entered into a Strategic alliance with Qbera Capital LLP to provide solar electricity to the Sub Saharan Africa (SSA). Both parties would focus on developing solar energy and energy efficient projects in greater area of Sub-Saharan continent.

Jan 2020 - Siemens India has announced its plan to acquire C&S Electric, electrical and electronic equipment maker for Rs 2,100 crores to strengthen company’s position as a supplier of low voltage power distribution and electrical installation technology.

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