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Industrial High Voltage Motor Market - Global Opportunity Analysis and Industry Forecast, 2020 –2027

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Dec 2020 | 37 Views
 
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COVID-19

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Industrial high voltage motors are widely used in industrial fans, machine tools, household appliances and power tools. The motors are powered by direct current (DC) or alternating current (AC) sources such as batteries, motor vehicles or rectifiers, power grid, inverters or generators.  Motors with highly standardized characteristics are used in industries as they provide convenient mechanical power. These motors have longer life and less maintenance and are widely used for ship propulsion, pipeline compression and pumped-storage applications as they have longer life and less maintenance.  These high voltage motors are commonly considered as customized product also, the customization done in these motors is done with according to need and demand of clients for industrial operation. 

These high voltage motors are being used different end-use industries such as oil & gas, water & wastewater treatment, chemicals & petrochemicals, power generation, metal processing, and utilities sector among others, also these motors can perform in challenging industrial environments. There is need of proper maintenance and have long life. Thus, they are widely used in varied industries for machine tools, power tools, household appliance and others.  They also have their use in vehicles, mills and crushers, working machinery, fans and compressors, drilling, conveyers, separations and beneficial equipment. Also, these motors are used in centrifuge pumps, and others. 

Market scope and structure analysis:

                Report Metric

                                         Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD Millions)

  Segments covered

  End-user industry, and Region

  Geographies covered

North America (US and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

 

  • ABB
  • Siemens AG
  • General Electric Company
  • Toshiba Corporation
  • WEG
  • TECO Energy Inc.
  • CG Power and Industrial Solutions Limited



 

 

Covid-19 impact on industry -

COVID-19 pandemic has shut-down the production of various products in the industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of industrial high voltage tool market significantly in the last few months, as is likely to continue during 2020.

COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.

The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.

Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.

Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

There is surge in demand for these motors in industrial sector for its power consumption and improved response rate, and rise in adoption in industries systems are the factors that drive the market. However, varying raw material prices and availability of substitute products hinder the market growth.

Replacement with the industrial high voltage motors 

There is Increase in focus on energy conservation in industrial sector due to high power consumption of motors used in industrial sector is one of the major factors that drives the industrial high voltage motors market in the next few years, these motors can be customized in terms of efficiency, voltage, and application. So, it is expected to promote the demand for industrial high voltage motors, thereby driving the market. Also, other factor affecting is technological advancements such as Industrial Internet of Things (IIoT), offer many opportunities for motor manufacturers to develop advanced industrial high voltage motors that can be used in diverse applications in different industries that includes including automotive, construction and other industrial sector. In addition, integration of automation technique in industrial sector has augmented the demand for industrial high voltage motors. Also, high initial investment associated with purchase of industrial high voltage motors is expected to limit the growth of the market. Apart from this, high maintenance cost is expected to restrict the adoption of energy-efficient motors among users in various industrial sectors. This, in turn, is expected to restrain the industrial high voltage motors market in the near future. 

Increase in usage of industrial high voltage motors 

The prevalent trend in motors of different kinds is increased performance and specialization, efficiency, power density and torque density. There is an increased demand for specialized motors for specific applications. Most of the companies are developing specialized motors in order to modify the design and manufacturing for the end users. 

Manufacturers are increasingly modifying their product in compliance with the needs of operations in industry. End-users in this require customized high voltage motors mostly when they cannot determine the difference between the versions of medium voltage and high voltage motors. One of the key solutions that high voltage motors provide is meeting the worldwide energy efficient standards.

Key segments covered:

              Segments

                                Sub-segments

  End user

  • Oil & Gas Industry
  • Chemicals & Petrochemicals Industry
  • Water & Wastewater (W&WW) Treatment Industry
  • Utilities Sector
  • Others


 

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA
     

Key benefits of the report:

  • This study presents the analytical depiction of the industry high voltage motor market along with the current trends and future estimations to determine the future of the market 
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the industrial high voltage motor market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
 
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