Enjoy complimentary customisation on priority with our Enterprise License!
The medium voltage (MV) motors market size is forecast to increase by USD 1.29 billion at a CAGR of 4.84% between 2023 and 2028. The medium voltage motors market expansion hinges on various elements. Primarily, the rejuvenation of capital expenditures (CAPEX) in the energy sector plays a significant role. This revival is driven by the increasing demand for energy efficiency, particularly in industrial motors that consume substantial power. Another factor limiting market growth is the power rating constraints in medium-voltage motors. To address this challenge, advancements in motor technology, such as the development of high-power medium-voltage motors, are being pursued to cater to the evolving industry requirements.
Medium Voltage Motors Market Forecast 2024-2028
To learn more about this report, Request Free Sample
Innovations in the realm of electrical machines are rapidly advancing, with the integration of Internet of Things (IoT) technology transforming traditional components like rotors, bearings, and stators into interconnected systems. These machines are designed with terminal boxes and cooling systems to enhance performance and reliability, supported by seals and shafts crafted from materials like copper, stainless steel, and high-strength alloys to ensure durability. Compliance with energy-efficiency standards and efforts to reduce carbon footprints drive the adoption of smart features and condition monitoring technology, enabling efficient operation and maintenance. With a focus on sustainability, initiatives for renewable energy and clean energy solutions are gaining traction, catering to critical applications in transportation systems and water treatment facilities. The quest for eco-friendly options with intelligent features reflects a commitment to innovation and environmental stewardship. In the pursuit of clean and sustainable energy solutions, the integration of Internet of Things technology enhances the efficiency and reliability of electrical machinery components such as rotors, stators, terminal boxes, cooling systems, and shafts, promoting eco-friendly options.
Electric motors are prime movers in industries, as they convert electric energy into mechanical energy. They account for a large share of the total power consumption of industries. For example, approximately 30% of the global electricity produced is consumed by industrial motors. Thus, an improvement in the energy efficiency of industrial motors or the replacement of low-voltage motors with medium-voltage motors will lower the consumption of electricity by industries.
Moreover, industrial end-users in energy-intensive industries often replace their low-voltage motors that have high power ratings with medium-voltage motors of equivalent output. Such replacements require significant initial investments. However, the investments can be recovered from the reduced electricity consumption. Consequently, the demand for medium-voltage motors for industrial applications is increasing. Hence, such factors will drive the growth of the market during the forecast period.
Any industrial motor requires an electric drive to control the speed, torque, and direction of an electrical motor. Likewise, switch gears are required to mitigate the negative impact of a fluctuating supply of power, as it may lead to the inefficient performance of connected equipment, including motors. Switchgears help stabilize the unsteady flow of power and shield connected devices by controlling, metering, and regulating the flow of electricity in the distribution management system (DMS).
Consequently, switchgear contributes to the optimal performance of machine control systems. The demand for medium voltage motors should increase in response to the availability of electric drives and DMS that are designed for medium voltage applications. Thus, an increase in the demand for medium voltage motors in industrial applications will drive the growth of the market during the forecast period.
Many process industries, such as oil and gas and mining, are key end-users of medium-voltage motors. The upstream oil and gas industry requires motors with high power output for applications such as electric propulsion systems that are used in offshore marine vessels, onshore and offshore drilling, and hydraulic fracturing operations. Medium voltage motors are also required for the operation of power pumps and compressors, which are used in downstream oil and gas applications, such as refineries and petrochemical complexes.
Likewise, medium voltage motors are used in the mining industry in equipment such as hoists, excavators, conveyor systems, and high-pressure grinding mills. The demand for medium voltage motors from these industries is highly dependent on their CAPEX cycle. Thus, fluctuating CAPEX patterns in major end-user industries such as oil and gas and mining pose a challenge to the growth of the global medium voltage motors market.
The process industries segment will account for a major share of the market's growth during the forecast period.?Oil and gas, power generation, chemicals and petrochemicals, iron and steel, cement, pulp and paper, and water and wastewater treatment plants are among the major end-users of medium voltage motors. Most process industries are transitioning to improve their energy efficiency, emission intensity, and product mix.
Customized Report as per your requirements!
The process industries segment was valued at USD 2.51 billion in 2018. The trend of mixing biofuel with gasoline and diesel is increasing in the transportation sector. Consequently, the global biofuel production capacity is rising, and the demand for industrial drives from biofuel production plants is increasing. The transition of process industries is increasing investments in industrial facilities, which is expected to drive the growth of the segment. Therefore, the process industries segment will grow and, in turn, propel the growth of the global medium voltage (MV) motors market during the forecast period.
Based on product, the market has been segmented into AC motors and DC motors. The AC motors segment will account for the largest share of this segment.?Most AC motors are available as induction motors or synchronous motors. For industrial drives, induction motors are mostly available as three-phase squirrel cage motors as industrial motors are self-starting motors. The availability of variable frequency drives (VFDs) has increased the suitability of induction motors for variable speed applications. Hence, the demand for induction motors for applications that require variable speed applications is increasing. Therefore, such factors will propel the growth of the AC motors segment in the global medium voltage motors market during the forecast period.
For more insights on the market share of various regions Download Sample PDF now!
APAC is estimated to contribute 44% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Most large and highly populated countries such as China, India, Indonesia, and Bangladesh are developing, and relatively small countries such as Vietnam and Thailand are emerging as industrial hubs. The demand for medium voltage motors for blowers, coal handling systems, and feedwater pumps is increasing in APAC, and it is estimated to increase further as new thermal power plants are being added in countries such as India, Bangladesh, Pakistan, and Vietnam.
In addition, the rising demand for consumer durables, textiles, fertilizers, residences, and automobiles is increasing the need for chemicals and petrochemicals, cement, steel, and petroleum end-products. Hence, investments in these industries are increasing. Hence, the medium voltage motors market in APAC is estimated to grow during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
In the era of Industry 4.0, the integration of Internet of Things (IoT) technology has revolutionized the landscape of electrical machinery. From rotors and stators to terminal boxes and cooling systems, components are interconnected for optimized performance. Shafts made from ceramics ensure durability, while fans and generators operate seamlessly in various applications, from conveyors to rolling mills and crushers. In sectors like marine propulsion and manufacturing facilities, energy-efficient motors and HVAC systems are paramount, addressing concerns about power quality and electrical noise while minimizing power losses and energy consumption. Real-time monitoring of temperature, vibration, and current using sensors enables proactive maintenance, ensuring system reliability in commercial and industrial spaces, office buildings, and data centers. Governments worldwide are promoting renewable energy initiatives and clean energy solutions, driving global industrialization towards eco-friendly options and smart technologies like smart grids and big data analytics for a sustainable future.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.84% |
Market Growth 2024-2028 |
USD 1.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.45 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., AC Motoren GmbH, Bharat Bijlee Ltd., Eaton Corp. Plc, General Electric Co., HOYER GmbH, Meidensha Corp., Menzel Elektromotoren GmbH, Nidec Corp., O.M.E. Motori Elettrici Srl, Parsons Peebles Ltd., Regal Beloit Corp., Ruselprom Trade Ltd., SEVA tec GmbH, Siemens AG, TECO Electric and Machinery Co. Ltd., Toshiba Corp., VYBO Electric AS, WEG Equipamentos Eletricos S.A., and Wolong Electric Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.