The Medium Voltage Motors Market is being driven by Revival of CAPEX cycle in energy sector
The Medium Voltage Motors Market is expected to grow at a CAGR of 4.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1449.3 million. In the global energy market, there is a growing trend towards renewable sources of electricity generation, such as wind and solar power, over traditional thermal power plants, particularly coal-fired plants. This shift is driven by several factors, including environmental concerns, increasing demand for power in developed countries being met by renewable sources, and competitive pricing of renewable electricity. Multilateral financial institutions, including The World Bank Group and the International Monetary Fund (IMF), have largely ceased financing coal-fired power plants due to their negative environmental impact. Developed countries have largely stagnated in their coal-fired electricity generation capacity, while developing countries in Asia and Africa continue to build such plants. The competitive pricing of renewable electricity, driven by technological advancements and economies of scale, is reducing the investment appeal of thermal power plants.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
229 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.6% |
Market growth 2025-2029 |
USD 1449.3 million |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
4.4 |
Key countries |
US, China, Japan, Germany, India, Canada, South Korea, UK, Australia, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Medium Voltage Motors market encompasses various components and systems including electric motors, rotating machinery, motor control, motor drives, industrial automation, energy management, motor repair, motor re-winding, motor testing, motor diagnostics, motor optimization, and motor efficiency improvement. These elements are integral to motor control systems and motor protection systems, which are crucial for industrial safety, motor reliability, and motor performance. Motor selection, sizing, design, technology, innovation, electric power systems, power electronics, control engineering, electrical engineering, mechanical engineering, and reliability engineering are key considerations in the development and implementation of these systems.
The Medium Voltage Motors market is a significant segment of the thriving global Electrical Components and Equipment industry. This sector encompasses the manufacturing and sale of synchronous motors, asynchronous motors, wound rotor motors, squirrel cage motors, and permanent magnet motors. Furthermore, the market scope includes frequency converters that facilitate optimal motor performance. The parent market, valued at [market size], comprises companies dealing in electrical cables and wires, components, and equipment. Key product categories include water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market size is expanded by revenue generated from renting and leasing electrical components and equipment to diverse end-users, including industrial, commercial, and residential sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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