by Low voltage motor control centers (LV MCCs) are custom assembled enclosures used to control and protect low voltage motors and other electrically powered mechanical equipment. LV MCCs are used across various industries such as oil & gas, food & beverage, mining, and wastewater treatment plants to power conveyor belts, pumps, fans, compressors and other mechanical processes. They offer advantages such as reduced installation time and costs, compact design allowing more equipment to be controlled from one location, standardized components for ease of maintenance and replacement, among others.
The global Low Voltage Motor Control Center Market is estimated to be valued at US$ 4,700.74 billion in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing Adoption of LV MCC in Industrial Automation
With constant demand for increased productivity and reduced costs, industrial automation has become increasingly important. LV MCCs allow centralized control of equipment across industrial processes from a single location, enabling remote monitoring and management of industrial operations. They also facilitate integration of automation hardware such as drives, sensors, PLCs etc., providing plug-and-play solutions for automated processes. This has propelled their adoption across industries aiming to enhance productivity through automation. Additionally, incorporation of advanced technologies such as internet of things (IoT) and analytics in LV MCCs provides real-time process visibility, predictive maintenance capabilities further boosting their deployment across manufacturing facilities. Rising penetration of industrial automation worldwide due to aforesaid benefits is a key driver favoring growth of the global LV MCC market over the forecast period.
Segment Analysis
The global low voltage motor control center market is dominated by the commercial segment, which holds around 35% of the total market share. This is mainly because of the widespread use of low voltage motors in various commercial applications such as HVAC systems, lifts and elevators, and pumping systems. The industrial segment is another major segment in this market, accounting for over 30% share. Low voltage motors find extensive usage in industries for material handling, machine operations, process pumping etc. The residential segment is growing at a steady pace due to rising construction activities across the developing world.
PEST Analysis
Political: Government regulations regarding energy efficiency and carbon emissions are favorable for low voltage motor control centers as they optimize energy consumption. The infrastructure spending plans in various countries boost opportunities.
Economic: Growth in end-use industries such as oil & gas, utility, mining is driving market demand. Rising industrialization and construction activities in developing nations accelerate adoption.
Social: Factors such as increasing electrification rate, urbanization, growing focus on energy savings support market growth. Population growth necessitates expansion of commercial facilities.
Technological: Internet of Things (IoT) integration and development of smart motor control systems enhance efficiency. Adoption of technologies such as remote monitoring improves operational management.
Key Takeaways
The global low voltage motor control center market is expected to witness high growth over the forecast period of 2024 to 2031. Global Low Voltage Motor Control Center Market Size is estimated to be valued at US$ 4700.74 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031.
Asia Pacific currently holds the leading market share and is expected to maintain its dominance during the forecast period. Rapid industrialization and infrastructure development in China and India offer immense opportunities.
The key players in the market are focusing on expanding their regional presence and product portfolio through strategic partnerships and new product launches. ExxonMobil Chemical Company, LyondellBasell Industries, Hanwha Chemicals, Arkema Group and AkzoNobel N.V. are some of the leading players operating in the low voltage motor control center market.
