Medium Voltage Motors Market Size to grow by USD 1287.42 million between 2024-2028
According to a research report “ Medium Voltage Motors Market” by End-user (Process industries, Discrete industries, HVAC) Product (AC motors, DC motors) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1287.42 million, at a CAGR of 4.84% during the forecast period. The global energy market is experiencing significant growth, with the International Energy Agency (IEA) reporting a 2.1% increase in energy demand in 2017 and a 2.3% rise in 2018. Fossil fuels, particularly crude oil, natural gas, and coal, accounted for over 70% of this growth. Consequently, crude oil consumption surged to 100.08 million barrels per day (MBPD) in 2018 from 96.94 MBPD in 2016, as per the US Energy Information Administration (EIA). With existing oil and gas reservoirs maturing or depleting, the necessity to explore and produce from new reserves is increasingly imperative.
Browse market data tables, figures, and in-depth TOC on “Medium Voltage Motors Market” by End-user (Process industries, Discrete industries, HVAC) Product (AC motors, DC motors) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By End-user, the Process industries segment is projected to dominate the market size in 2024
In the realm of AC motors, two primary types dominate the market: induction motors and synchronous motors. Induction motors, also known as three-phase induction motors, operate by inducing a current in the rotor through electromagnetic induction from the stator windings. Notably, rotors in induction motors do not draw power directly from the power supply. Instead, synchronous motors receive electricity directly through their rotor windings, ensuring seamless and synchronous rotation. Synchronous motors incorporate damper windings, enabling them to initiate like induction motors, while offering the advantage of consistent speed alignment with the power supply. For industrial applications, three-phase squirrel cage induction motors are commonly preferred due to their self-starting nature and reduced maintenance costs compared to synchronous motors.
By Product, AC motors segment is expected to hold the largest market size for the year 2024
Medium voltage motors play a pivotal role in various process industries, including oil and gas, power generation, chemicals and petrochemicals, iron and steel, cement, pulp and paper, and water and wastewater treatment plants. These industries are undergoing significant transitions to enhance energy efficiency, reduce emission intensity, and diversify their product offerings. For instance, the oil and gas sector is evolving from traditional gasoline and diesel production to refinery and petrochemical plants, which in turn are utilized in the manufacturing of consumer goods, fertilizers, construction materials, and automobiles. Concurrently, the power generation industry is moving away from coal-dominated thermal power towards natural gas-fired power plants, driven by the affordability, accessibility, and environmental benefits of natural gas.
APAC is forecasted to hold the largest market size by region in 2024
The Asia Pacific (APAC) region, home to approximately 60% of the global population, is witnessing significant industrial growth. Countries such as China, India, Indonesia, and Bangladesh, with their large and rapidly urbanizing populations, are driving demand for medium voltage motors in sectors like power generation and manufacturing. Emerging economies like Vietnam and Thailand are also gaining prominence as industrial hubs. The demand for medium voltage motors in APAC is on the rise, fueled by the construction of new thermal power plants in countries like India, Bangladesh, Pakistan, and Vietnam, which will require motors for blowers, coal handling systems, and feedwater pumps.
The Medium Voltage Motors Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Title: Medium Voltage Motors: Intelligent, Eco-friendly Solutions for Discrete and Process Industries Medium Voltage Motors (MVMs) are essential components in various industries, including HVAC, Discrete Industries, and Process Industries. These motors, available as AC and DC variants, offer intelligent features and eco-friendly options that cater to critical applications in Water treatment facilities, Transportation systems, and Renewable energy initiatives. MVMs come with advanced condition monitoring technology, smart features, and energy-efficiency standards, making them ideal for industries focusing on reducing carbon footprints. High-strength alloys, such as stainless steel and copper, ensure durability and longevity. Key components like the shaft, seals, cooling system, terminal box, stator, bearings, and rotor are designed for optimal performance and reliability. MVMs in DC motors use brushes, while AC motors employ squirrel cage rotors or slip rings. MVMs' eco-friendly options include renewable energy integration, and their energy-efficient design reduces overall energy consumption. Incorporating these motors into your industrial processes not only enhances operational efficiency but also contributes to a greener future.
Market Research Overview
Title: Medium Voltage Motors Market: HVAC, DC Motors, AC Motors, and the Future of Smart Technologies The Medium Voltage Motors (MVM) market is witnessing significant growth due to the increasing demand for energy efficiency, reliability, and performance in various industries. MVMs are used extensively in HVAC systems, transportation systems, water treatment facilities, and critical applications. The integration of Big Data Analytics and Internet of Things (IoT) in MVMs has revolutionized the industry. Communication capabilities, sensors, and condition monitoring technology enable businesses to optimize energy consumption, reduce power losses, and minimize electrical noise and vibration. MVMs come in two main types: AC Motors and DC Motors. AC Motors are widely used in factory automation and industrialization activities, while DC Motors find applications in discrete industries and process industries. Smart technologies such as motor controllers, variable speed drives, and intelligent features are becoming increasingly popular. These eco-friendly options help reduce carbon footprints and comply with energy-efficiency standards. MVMs are used in various applications, including hotels, data centers, retail stores, manufacturing facilities, office buildings, and critical applications. Applications range from cooling systems and marine propulsion to drilling equipment, crushers, rolling mills, conveyors, generators, compressors, blowers, fans, pumps, ceramics, high-strength alloys, stainless steel, copper, and more. The future of MVMs lies in smart grids and power grids, which require intelligent features and real-time monitoring of parameters such as temperature, current, and vibration. The market is expected to grow further due to renewable energy initiatives and the increasing demand for energy-efficient motors.
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