by The Low Voltage Motor Control Center provides a centralized control and protection system for multiple motors and equipment loads in industries such as manufacturing, transportation, power, and mining. It contains circuit breakers, motor starters, and a controller which enables centralized monitoring and operation of motors and equipment from a single location. This centralized control helps reduce maintenance costs, increase productivity through optimized process control, and improve electrical safety.
The global 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 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Low Voltage Motor Control Center market is the adoption of ruggedized control systems for harsh industrial environments. Ruggedized Motor Control Centers offer enhanced protection against dust, moisture, corrosion and vibration, allowing their operation in environments with high levels of contamination. They help improve reliability of motor systems installed in challenging outdoor or heavy duty applications such as mining, oil & gas production, wastewater treatment plants. Their modular and compartmentalized design allows for easy maintenance and replacement of individual components without shutting down the entire system. Growth in process industries is expected to drive the demand for ruggedized low voltage motor control centers over the forecast period.
Porter’s Analysis
Threat of new entrants: Low voltage motor control centers require large capital investments and established distribution networks. These factors pose significant barriers to new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products. However, switching costs are low.
Bargaining power of suppliers: Major suppliers have significant bargaining power due to their technological expertise and economies of scale. This can influence prices.
Threat of new substitutes: Limited threat as low voltage motor control centers are a mature product with few substitutes that offer similar functionality.
Competitive rivalry: Intense competition among leading vendors to gain market share through innovations and competitive pricing.
Key Takeaways
The global Low Voltage Motor Control Center Market Share is expected to witness high growth. The market size for 2023 is US$ 4080.5 Mn and is forecast to reach US$ US$ 6321.2 Mn by 2030, registering a CAGR of 6.2% during the forecast period.
Regional analysis comprises:
North America dominates the market currently due to significant investments in modernizing electrical infrastructure. Asia Pacific is expected to grow at the fastest pace owing to rapid industrialization and growth of manufacturing industries in China, India, and Southeast Asian countries.
Key players operating in the low voltage motor control centers are Exxon Mobil Corporation, Saudi Basic Industries Corporation, Royal Dutch Shell Plc., China Petroleum & Chemical Corporation, Chevron Phillips Chemical Company LLC, Total S.A., LyondellBasell Industries N.V., National Petrochemical Company, INEOS Group, and Dow Inc. Key players are focusing on innovations to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
