by Market Overview:
A low voltage motor control center (LV MCC) is an assembly of one or more enclosed sections having a common power bus and principally containing motor control units. It is used to provide control circuits for groups of low voltage motors. The LV MCC accepts motor control instructions from either automatic control devices like programmable logic controllers or directly from human-machine interface devices. Industries such as oil and gas, mining, metals and minerals, waste and wastewater utilize LV MCCs for controlling pumps, fans, compressors and other equipment essential for production and process automation.
Market Dynamics:
Increasing automation in industries such as automotive, food and beverage, oil and gas, chemicals, metals and mining is expected to drive the growth of the low voltage motor control center market over the forecast period. Adoption of industrial automation helps improve productivity, quality control and reduce operational costs for manufacturers. For instance, automated material handling systems, conveyors, inspection machines rely on low voltage motors and drives which are controlled through LV MCC panels. Also, growing demand for energy-efficient solutions is further expected to propel the low voltage motor control center market. LV MCCs help optimize motor performance through advanced control strategies like variable speed drives, soft starters which reduces energy consumption.
The global Low Voltage Motor Control Center Market Demand 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.
SWOT Analysis
Strength: Low Voltage Motor Control Center provides centralized control of motors thus enabling efficient monitoring and management. They offer protection, measurement and control functions which results in improved reliability. Adoption of Low Voltage Motor Control Center helps in reducing operational costs through minimized downtime and maintenance efforts.
Weakness: High initial investment costs associated with installation and commissioning of Low Voltage Motor Control Center can be prohibitive for small and medium enterprises. Technical complexities involved in design, configuration and programming of Motor Control Centers require specialized skills and expertise.
Opportunity: Growing industrial automation trends across process and discrete industries stimulates demand for Low Voltage Motor Control Centers to efficiently control multiple motors and devices. Rapid infrastructure development activities in emerging economies of Asia Pacific and Middle East & Africa create new opportunities.
Threats: Availability of inexpensive alternatives such as individual motor starters poses pricing challenges. Economic slowdowns can adversely impact capital expenditures of end-use industries on motor control equipment upgrades.
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 industrial automation and infrastructure modernization projects worldwide. Rapid adoption of Low Voltage Motor Control Centers enable centralized monitoring and control of motors used across various process plants, factories, buildings and facilities more efficiently.
Regional analysis: North America dominates the global Low Voltage Motor Control Center market holding around 30% of total share, led by strong investments in process industries and rapid industrialization activities in the United States and Canada. Asia Pacific exhibits the fastest growth, emerging as the second largest regional market supported by rising manufacturing output and expanding construction sector in China, India, Indonesia and other developing Asian countries.
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. Key players are focused on development of innovative motor control solutions integrated with smart sensors and connectivity capabilities to tap into evolving industry automation needs.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
