LONDON--(BUSINESS WIRE)--According to Technavio Research Report " Global Medium Voltage Motors Market product (AC motors, and DC motors), end-user (process industries, discrete industries, and HVAC) and geography (APAC, North America, Europe, MEA, and South America) is witnessed to grow USD 1.19 billion, at a CAGR of 4% from 2019 to 2023”.
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AC motors product segment will garner the highest share
Internal fixation products was the largest segment of the global medium voltage motors market in 2018 and is expected to grow faster than the overall market during the forecast period. Most AC motors are available as induction motors or synchronous motors. The demand for induction motors is high compared with synchronous motors as they are self-starting motors and require low maintenance costs. The availability of variable frequency drives (VFDs) has increased the suitability of induction motors for variable speed applications. Such factors are expected to fuel the growth of the AC motors segment in the medium voltage motors market during the forecast period.
Development of medium voltage drives and distribution systems
Industrial motors require electric drives to control the speed, torque, and direction of an electrical motor. Similarly, the negative impact of fluctuating power supply, which can result in the inefficient performance of connected equipment, including motors, increases the need for switchgears. Switchgears help stabilize the unsteady flow of power and shield connected devices. Thus, the availability of electric drives and distribution management system (DMS) is expected to increase the adoption of medium voltage motors, thereby fueling the global medium voltage motors market growth during the next five years.
“The global medium voltage motors market size by AC motors is expected to grow significantly due to several operational benefits offered by medium voltage AC motors. The operation of AC motors generates less vibration and noise, and the cost of maintenance is lesser than that of DC motors. Moreover, AC motors do not require rectifiers, which results in cost savings. Therefore, the quiet operations and optimum performance of medium voltage AC motors are expected to increase their adoption over the next five years,” says a senior research analyst at Technavio.
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Medium voltage motors to witness fastest adoption in APAC.
APAC was the largest geographical segment in 2018 and is expected to be the fastest growing region of the global medium voltage motors market during the forecast period. Most highly populated countries such as India, China, Indonesia, and Bangladesh are developing, and other small countries such as Thailand and Vietnam are emerging as industrial hubs. Moreover, the growth of the population and the rising disposable income of people are leading to an increase in investments in the power generation, steel and cement, and water and wastewater industries. Hence, the demand for medium voltage motors for blowers, coal handling systems, and feedwater pumps is expected to increase significantly in APAC.
Few Major Vendors in the global medium voltage motors market are:
- ABB Ltd.
- General Electric Co.
- TECO Electric & Machinery Co. Ltd.
- Toshiba Corp.
- WEG SA.
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