(MENAFN- GlobeNewsWire - Nasdaq) Industries are quickly embracing automation, driving a surge in demand for LV MCCs. These centers offer efficiency by streamlining operations and enhancing control over motor-driven processes, fueled by the widespread adoption of automation technologies.
NEWARK, Del, April 04, 2024 (GLOBE NEWSWIRE) -- According to Future market Insights (FMI), the low voltage motor control center market is estimated to be worth US$ 4.6 billion in 2024 and is projected to be valued at US$ 10 billion in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 8.1% .
Growing urbanization and industrialization in emerging economies are expected to create opportunities for low-voltage motor control center market expansion due to increased demand for electric distribution solutions and increased infrastructural development.
Increasing innovation in low-voltage motor control center designs, including the integration of IoT Smart sensors and predictive maintenance capabilities, enhances functionality and reliability, driving market growth.
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The growing deployment of automation in various industries demands effective motor control, which drives the low-voltage motor control center. Increasing infrastructural development, such as commercial buildings, data centers, and transportation systems, creates demand for low-voltage motor control centers.
The adoption of LV MCCs, meant to provide asset and worker protection, is fueled by adherence to safety regulations in sectors such as mining, petrochemicals, and oil and gas.
Edge computing technologies are gaining traction in low-voltage motor control center application, enabling faster data processing and reduced latency and improved decision making at the edge of the network.
Key Takeaways from the Market Study:
From 2019 to 2023, the low-voltage motor control center market expanded at a CAGR of 10.2% . The conventional motor control centers segment is expected to rise at a CAGR of 7.9% from 2024 to 2034, according to type. The demand for low-voltage motor control centers in the United Kingdom is predicted to grow at a CAGR of 9.3% through 2034. In the United States, the low-voltage motor control center industry is estimated to register a CAGR of 8.4% from 2024 to 2034. China is projected to expand by a CAGR of 8.9% between 2024 and 2034. The low voltage motor control center market in Japan is anticipated to record a CAGR of 9.5% during 2034.
“ The increasing integration of smart technologies and increased focus on energy efficiency are driving the low-voltage motor control center market,” – opines Nikhil Kaitwade , Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
The market players in the low-voltage motor control center market are collaborating with other industry stakeholders, including suppliers, technology partners, and customers, enabling leading players to leverage synergies, access new markets, and accelerate innovation.
Some players are also opting for eco-friendly manufacturing processes and using energy-efficient technologies to minimize their environmental footprints.
Mitsubishi Electric's LV MCCs are renowned for their excellent efficiency, dependability, and performance. They offer a wide variety of LV MCCs. The company focuses on developing innovative technology to enhance motor control and power distribution capabilities.
Key Companies Profiled:
Tesco Controls Inc. Mitsubhishi Electric Corporation Allis Electric Co Ltd Weg SA Eaton Corporation PLC Rockwell Automation Inc. Siemens AG
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Low Voltage Motor Control Center Market Segmentation Analysis:
By Type:
Conventional Motor Control Centers Intelligent Motor Control Centers
By Component:
Busbars Circuit Breakers & Fuses Overload Relays Variable Speed Drivers Soft Starters Others
By End User:
By Region:
North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East and Africa
About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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