LONDON--(BUSINESS WIRE)--Technavio has announced the top six leading vendors in their recent global low voltage motors market report until 2021. This research report also lists six other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global low voltage motors market for 2017-2021 provides a detailed industry analysis based on the type (International efficiency (IE) 1, IE2, IE3, and IE4), end-user (process industries, discrete industries, and HVAC), and geography (APAC, the Americas, and EMEA).
“The global low voltage motors market is projected to grow at a CAGR of nearly 10% over the forecast period. The increasing demand for motors that can provide protection against thermal overload is one of the key factors driving the market growth,” says Sushmit Chakraborty, a lead analyst at Technavio for automation research.
Competitive vendor landscape
Several global and regional vendors are present in the global low voltage motors market. This makes the competition between the leading and other vendors intense, reflecting high market fragmentation. To prosper in this fragmented market, the leading vendors aim to manufacture innovative low voltage motors while the regional vendors try to provide price-effective low voltage motors. To stay competitive in the market, companies are extensively adopting procedures for manufacturing energy-efficient low voltage motors.
Pricing, technology, innovation, and quality of the low voltage motors define the major inclinations of the end-users. Companies are mainly focusing on manufacturing low voltage motors that fulfill the criteria mentioned above of the end-users. The companies with innovation in ideas and eminent technical and financial resources can expand their footprints across the world giving cut-throat competition to the various regional vendors.
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Top six vendors in the global low voltage motors market
ABB is a prominent vendor in power and automation technologies that enable the end-users to improve their performance. The company focuses on making products that will have a reduced impact on the environment. The company's wide range of low voltage solutions is used across all the major industries, including the residential sector.
The company focuses on innovation every time before developing a product design for a wide range of markets and applications. The company's continuous development programs help in achieving its strategic goals. Working along with customers to understand their specifications better is the key to success of the company.
GE focuses on manufacturing such products for the end-users that provide them with a better financial advantage. The group focuses on two major ideologies, ecomagination and healthymagination. In ecomagination the group encourages creative thinking to build something innovative.
Nidec has a large customer base around the world. It follows the principle of working smart and hard with high spirit to strengthen every operation. It manufactures motors for all things that spin and move. The company is a prominent vendor for manufacturing small precision motors.
Siemens is a prominent producer of energy-efficient and resource-saving technologies in the world. It deals in supplying systems for power generation, transmission, and medical diagnosis. The company is further strengthening its position in the market with the help of new concepts, innovative ideas, and strategically strong business models.
WEG aims at bringing continuous improvement through innovation and teamwork. It works on the ideologies of leadership, innovation, teamwork, and flexibility. Manufacturing cost-effective and highly productive products are the company's main objective. The company remains committed toward creating efficient products for the end-users.
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