Medium Voltage Motors Market Share, Industry Analysis [2031]

Report Description

Medium Voltage Motors Market Outlook

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Macro-economic Factors

Rising Industrialization

The industrial sector plays a key role in fostering socioeconomic resilience. Industrialization is driven by many factors, such as government policy, labor-saving inventions, entrepreneurial ambitions, and demand for goods and services.

Industrialization has a significant impact on the mass production of goods and services across the globe. Thus, industrialization contributes to economic growth by enhancing productivity, innovations, and exports throughout the globe. This has surged the production of various essential materials, such as food and beverage, semiconductors, chemicals, and pharmaceuticals.

Medium voltage motors are used in heavy-duty applications, such as pumps, compressors, and mills, among others. The rising demand from the oil & gas and wastewater management industries contributes to the growth of the medium voltage motors market. Thus, industrialization impacts the manufacturing sector and leads to the growth of the market.

Inflation

Inflation refers to the rate of increasing prices over a certain period of time and decreasing purchasing power for both consumers and businesses. Inflation plays an important role in almost every industry and has a significant role in the medium voltage motors market. It affects the price of motors, debt, and overall operations of the product and market. Thus, inflation affects the price and significantly the global market growth.

In 2022, the global inflation rate has increased by around 8%. Inflation impacts the price of medium-voltage motors, which, in turn, impacts the end-use sectors for medium-voltage motors. Unevenly rising prices of these motors inevitably reduce the purchasing power of some end-use industries with low capital expenditure. Thus, the analysis of the inflation rate is an important factor in the study of the market.

Economic Growth

Economic growth refers to an increase in the level of economic activity in a country or region over time. Typically, it is quantified by a gain in gross domestic product (GDP). Economic expansion is a crucial macroeconomic aspect that has a substantial impact on the medium voltage motors market. This is attributed to the fact that a growing economy often results in the expansion and investment of firms in new projects, which increases the demand for fast and efficient equipment, thereby increasing the demand for medium-voltage motors.

According to the Asian Development Bank, the gross domestic product (GDP) of India is expected to reach 6.4% in fiscal year (FY) 2023 ending on 31 March 2024, and rise to 6.7% in FY2024, driven by private investment and private consumption on the back of government policies to improve logistics, transport infrastructure, and the business ecosystem.

Medium Voltage Motors Market Dynamics

Market Driver - Increasing Demand from Wastewater Management

Medium voltage motors play an important role in wastewater management, by providing the power to operate various critical equipment and processes. These motors have high efficiency, reliability, and have ability to handle heavy loads, making them suitable for wastewater application.

Medium voltage motors are used to drive pumps that move wastewater throughout the process of treatment. The demand for proper wastewater management increases with the increasing various industrial activities, which further propels the demand for medium voltage motors.

Market Driver - Increasing Demand for Energy-efficient Motors

Medium voltage motors are used in various industrial applications that require high power and torque, such as pumps, compressors, and other manufacturing equipment. These motors consume a significant amount of electricity, which improves the energy efficiency.

These motors are important for reducing energy consumption, lowering operating costs, and mitigating environmental impacts. Furthermore, many medium-voltage motor manufacturers are focusing on designing energy-efficient, durable, and reliable motors, thereby fueling the market.

Market Restraint - High Cost

Medium voltage motors usually has high initial cost, which poses a financial barrier for some users. Furthermore, installation and maintenance of medium voltage motors requires skilled labors and proper equipment, which significantly increases the overall cost of ownership. Thus, restraining the market.

Market Opportunity - Digitization of Medium Voltage Motors

Digitization of medium voltage motors refers to the integration of digital technologies into the operation, design, and overall maintenance of the medium voltage motors. Digitization helps to maintain and boost the competitiveness of the product.

The adoption of IoT technology provides real-time monitoring of motor parameters, such as temperature, vibration, and speed, which enhances performance, reliability, and efficiency, thereby impacting the market. Digitization further helps to optimize motor operation and reduce energy consumption.

Scope of Medium Voltage Motors Market Report  

The report on the global Medium Voltage Motors Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Medium Voltage Motors Market Segmental Outlook

Based on type, the medium voltage motors market is bifurcated into AC Motors and DC Motors. The AC motors segment is expected to expand at a CAGR of 6.4% during the forecast period. AC motors are operated on alternating current. However, alternating current periodically changes direction that means the current is alternating between positive and negative.

AC motors are relatively cheaper than DC Motors. AC induction motors have various industrial and non-industrial applications, which contribute to their relatively lower price as there is a significant demand. Furthermore, the AC motors are applied in industrial applications, whereas DC motors are applied to those applications that require a proper speed control.  

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On the basis efficiency, the medium voltage motors market is segmented into IE 1, IE 2, IE 3, and IE 4. The IEC International Efficiency 60034-30-1 standard categorizes motors into four classes based on efficiency: IE1, IE2, IE3, and IE4. The IE 3 segment is expected to expand at a CAGR of 8.0% during the forecast period, owing to the rising adoption of IE3 motors in order to certify higher efficiency and improved power saving.

On the basis of the pole, the market is divided into 2 poles, 4 poles, 6 poles, and above 6 poles. The number of north and south permanent magnetic poles on the rotor of a motor is known as the pole count. The number of north and south poles is constant on the rotor.

Stresses on the magnet bond lines are decreased when the number of magnetic poles increases, allowing for the inclusion of tiny magnets in the motor. Additionally, a high number of pole count maximizes the ratio of inner diameter (ID) to outer diameter (OD), which lowers the motor weight. The 2 poles segment held 44.2% market share in 2022. This growth is attributed to the high demand for fast running motors.

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On the basis of end-user, the market is categorized into oil & gas, mining, chemical, pharmaceutical, wastewater, and others. Medium voltage motors, such as induction motors, are used in the oil and gas industry to supply power for numerous applications across onshore and offshore drilling operations.

The oil and gas industry uses these kinds of motors to power pumps, fans, and compressors, among other fluid-control apparatus. Improved medium voltage electrical motors are used in the oil & gas industry, which raises the overall operational efficiency.

The wastewater segment is expected to expand at a CAGR of 7.6% during the forecast period. Medium voltage motors are used to support effective management of water and wastewater, preserve the quality of the water, and guarantee the correct operation of water distribution and treatment systems. That mean, medium voltage motors are employed to power pumps, blowers, mixers, centrifugal pumps, and other equipment, in order to transport water.

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Regional Outlook

On the basis of region, the global medium voltage motors market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific accounted for a large market share in 2022 and the market in the region is expected to exhibit exceptional growth, due to rapid industrialization and urbanization. The wide presence of oil & gas, chemical, and wastewater industries in China, India, and Japan are contributing to the market expansion. Furthermore, increasing investments in pharmaceuticals and chemical industries are fueling the medium voltage motors market in this region.

In North America, the medium voltage motors market demonstrates a significant growth, due to the well-established industries in the region. The increasing demand for medium voltage motors from the oil & gas, pharmaceutical, and food & beverages industries is expected to boost the market in this region.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Medium Voltage Motors Market

• Historical, Current and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Medium Voltage Motors Market Performance