Low Voltage Motor Control Centres Market to Reach Over USD 5.20 Billion by 2028

Market Summary:

The global Low Voltage Motor Control Centres (LVMCC) is estimated to reach over USD 5.20 billion by 2028 and grow at a Compound Annual Growth Rate (CAGR) of 5% during the forecast period.

Low Voltage Motor Control Centres (LVMCC) is the component of all electrical distribution systems and consists of several enclosed sections having a common power bus and motor control units. These make available the most secure and suitable method for automation, power distribution in a compact and economic package, and grouping electrical motor control. Also, they have application is various sectors such as oil and gas, metal and mining, and power generation. Furthermore, the other application includes automotive and transportation, chemicals and petrochemicals, water and wastewater, food and beverages, others. Nowadays, the enduring trend in industrial automation, as well as rules and regulations regarding energy reserves, are increasing the demand for Low Voltage Motor Control Centres (LVMCC), further propelling the growth of the market.

Type Segment Outlook:

Based on the type segment, the market is split into conventional motor control Centres and intelligent motor control Centres. The conventional motor control center sub-segment for Low Voltage Motor Control Centres Market is projected to grow at the fastest CAGR owing to advantages of conventional motor control centers such as enhanced reliability and operability, high level of safety, quick and smooth maintenance, easy expansion, and modification. Also, the mounting demand for industrial automation in developed regions is also likely to reinforce the demand for the conventional motor control center further propelling the growth of the market.

Component Segment Outlook:

Based on the component segment, the market is divided into variable speed drives, busbars, overload relays, soft starters, circuit breakers & fuses, others. The busbars sub-segment for Low Voltage Motor Control Centres Market is anticipated to hold the largest share of the segment owing to a wide range of applications. The rising prominence on the safety of the workforce is also fuelling the demand for this segment further propelling the market growth.

Regional Outlook

Asia Pacific is anticipated to hold the largest share of the low voltage motor control Centres market and is anticipated to grow at the fastest compound annual growth rate (CAGR), as a result of the presence of emerging economies in this region as India, China, and other countries. The end-user industries in the Asia Pacific market include oil and gas, metal and mining, power generation, automotive and transportation, chemicals and petrochemicals, water and wastewater, food and beverages, others, expected to increase the market growth in the region over the forecast period.

Competitive Landscape:

The leading players in the Low Voltage Motor Control Centres (LVMCC) include Tesco Controls Inc., Mitsubishi Electric Corporation, Allis Electric Co Ltd, Weg SA, Eaton Corporation PLC, Rockwell Automation Inc, Siemens AG, Schneider Electric SE, ABB Ltd., among others.