NEW YORK — The global low voltage motors market is forecast to grow at a compound annual growth rate (CAGR) of 9.58 percent from 2014 to 2019, according to an analysis from technology research company Technavio.
The HVAC industry is one of the major end-users of low voltage motors, contributing a significant portion of the revenue to the global market, notes Technavio. Overall, the market is backed by high demand from the HVAC, food and beverage, and oil and gas industries in the North America, Middle East and Africa (MEA), and Asia Pacific (APAC) regions. The APAC region is expected to lead the market.
Motors running on 690 V or less are considered as low voltage motors in this report.
Market drivers include the enforcement of various motor efficiency legislation. Market challenges include volatility in raw material prices.
More information on Global Low Voltage Motors Market 2015-2019 is available here.
Publication date: 8/7/2015