by The 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 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Low voltage Motor Control Centers (MCCs) serve as the main power distribution system for industrial facilities and infrastructure sites. They are used to distribute electrical power from the main source to various motor loads throughout a industrial, commercial or process facility. MCCs provide fault current and overload protection and distribute electrical power to motors, motor starters and other devices throughout a plant or facility.
Market key trends:
Global Low Voltage Motor Control Center Market is witnessing growth owing to increasing digitalization and industrial automation. With growing adoption of Industry 4.0 and smart factory concepts, integration of low voltage motor control centers with cloud-based monitoring and analysis platforms is increasing. This allows remote monitoring of the MCC and provides access to real-time control, data analytics and diagnostics. Integration of advanced communication protocols has enabled connectivity between MCC, robotics, automated guided vehicles and other devices on the plant floor. This is favoring demand for low voltage MCCs having capabilities to interface with automation networks.
Porter’s Analysis
Threat of new entrants: Low voltage motor control centers require large capital investment and established distribution channels. This poses high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power since low voltage motor control centers are differentiated products and switching costs are high for buyers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of component substitutes and less differentiation in components.
Threat of new substitutes: Low threat as installation of programmable logic controllers instead of motor control centers require significant investment from end users.
Competitive rivalry: High as players compete on the basis of product innovation, customization, and after-sales services.
SWOT Analysis
Strength: Low voltage motor control centers provide centralized control of electrical equipment. They offer safety, simplicity, energy efficiency and easy maintenance.
Weakness: High initial investment and routine maintenance costs. Upgradation requires downtime.
Opportunity: Increasing investments in industrial automation and infrastructure modernization in developing nations. Rise in demand for smart motor control centers.
Threats: Economic slowdowns can reduce capital expenditure. Competition from component-level motor controls.
Key Takeaways
The global low voltage motor control center market is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing investments in industrial automation. The market size for 2023 is estimated to reach US$ 4080.5 Mn.
Regional analysis: North America dominates the low voltage motor control center market currently due to extensive industrial sector. Asia Pacific is expected to witness fastest growth owing to rising industrialization and improving living standards in China and India.
Key players: Key players operating in the low voltage motor control center market are Tesco Controls Inc., ABB Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Allis Electric Co. Ltd., Siemens AG, Weg SA, Rockwell Automation Inc., and Eaton Corporation PLC. Players focus on new product developments to gain higher market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
