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 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A low voltage motor control center serves as a central location to remotely operate and monitor motor control equipment. It provides motor starters, controllers, circuit breakers and protect devices for low voltage motors in various industrial applications. It also helps in centralized control and monitoring of equipment.
Market key trends:
One of the key trends in the low voltage motor control center market is growing adoption of intelligent motor control centers. Intelligent motor control centers come equipped with monitoring and control features such as vibration monitoring, energy management, thermal imaging, motor diagnostics etc. they provide real-time data on motor and equipment health. This helps in predictive maintenance and reduces downtime. They also optimize energy consumption by controlling motors as per the load requirement.
Segment Analysis
Content: The global low voltage motor control center market is segmented by component, type, end use industry, and geography. By component, the market is classified into circuit breakers & fuses, overload relays, variable speed drives, soft starters, and others. Among these, the circuit breakers & fuses segment dominated with around 35% market share in 2022 owing to its wide usage for short circuit protection and overload protection in motor control centers.
Key Takeaways
Market size: The Global Low Voltage Motor Control Center Market size was valued at US$ 4080.5 Mn in 2023 and is expected to reach US$ 6758.3 Mn by 2030, expanding at a CAGR of 7.1% during the forecast period.
Regional analysis: North America held the highest share of 35% in the global market in 2023 owing to the growing industrial sector and infrastructure development activities in the region. Asia Pacific is expected to witness the fastest growth over the forecast period due to rapid industrialization and growth of manufacturing industries in emerging economies such as China and India.
Key players: 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. ABB Ltd. dominated with around 15% market share in 2023 owing to its wide product portfolio and strong distribution network across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it