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The medium voltage (MV) motors market size is estimated to grow at a CAGR of 4.84% between 2023 and 2028. The market size is forecast to increase by USD 1.29 billion. The growth of the market depends on several factors such as the revival of the CAPEX cycle in the energy sector, the rising focus on energy efficiency due to high power consumption in industrial motors, and the limitations of power ratings in medium-voltage motors. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (process industries, discrete industries, and HVAC), product (AC motors and DC motors), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Medium Voltage Motors Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
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.
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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.
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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.
In 2020, the outbreak of the COVID-19 pandemic adversely affected the growth of the medium voltage motors market in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities, which spurred demand for medium voltage motors as the demand for various types of equipment from different end-users, including process industries, increased, which stabilized the growth of the medium voltage motors market in the region. Thus, due to the rapid growth in electric vehicle sales across China, India, and other countries in APAC, the Medium Voltage Motors Market in the region is expected to grow significantly 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 medium voltage motors market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Medium Voltage Motors Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.84% |
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Market Growth 2024-2028 |
USD 1.29 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.45 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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Market dynamics |
Parent market analysis, Market 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. |
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Customization purview |
If our 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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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