; Low Voltage Tension Motor Market Size, Share, Forecast, 2034

Low Voltage Tension Motor Market

Low Voltage Tension Motor Market Size, Share, and Analysis, By Product Type (IE1, IE2, IE3, and IE4), By Installation (Overhead and Underground), By Application (Automotive, Manufacturing, Mining, Electronics, Textile, Food Beverage, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Published on: Dec-2023
Report Code: FG EP 01795
No. of Pages: 170-350
Report Format: PDF

Low Voltage Tension Motor Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 41.7 billion and is projected to reach USD 86.9 billion by the completion of 2034.

Product Overview

Low voltage tension motor is an electric motor designed for applications requiring precise control of tension or force to adjust the tightness or slackness of belts, chains, or materials within a system. These motors operate at low voltage levels to manage tension in systems where power or safety constraints exist. Furthermore, low voltage tension motors play a critical role in industrial settings, providing consistent tension (force) for optimal performance across various applications such as conveyor systems, printing presses, and textile machinery. Additionally, the structure of these motors allows minor modifications to enhance operational reliability and efficiency. Therefore, these motors serve as an essential component in industrial settings, delivering precise performance, safety enhancements, and easy integration to meet the unique demands of each application.

Source: Fatpos Global

Market Highlights

Low Voltage Tension Motor Market is anticipated to demonstrate a Compound Annual Growth Rate (CAGR) of 6.8% throughout the forecast period spanning from 2024 to 2034

Low Voltage Tension Motor Market is projected to achieve USD 86.9 billion during the forecast period, due to the growing need for sustainable motors and increasing adoption of industrial automation in various sectors including manufacturing and material handling. Emerging economies that are undergoing industrialization are contributing to market expansion as there is a rising focus on energy efficiency in these nations, where low voltage motors play an important role for their ability to save energy. Furthermore, technical advancements aimed at improving production and placing more importance on safety and regulation contribute to market growth. Consequently, key industry players are prioritizing innovation and collaborations in this competitive environment to expand their product offerings and obtain higher percentages of the market share, which indicates a constantly evolving marketplace for low voltage tension motors.

Source: Fatpos Global

Low Voltage Tension Motor Market Segmentation

Manufacturing segment will prevail as low voltage tension motors are frequently used in manufacturing operations

Based on Application, Low Voltage Tension Motor Market is segmented into Automotive, Manufacturing, Mining, Electronics, Textile, Food Beverage, and Others. The manufacturing segment dominates the use of low voltage tension motors due to the dependence of this sector on various machinery required for manufacturing procedures. These motors provide power to essential components such as conveyor systems and assembly line, which ensures accurate tension (force) control for material handling and operational efficiency. Furthermore, given their importance in automated systems, demand for these motors is increasing as the manufacturing sector implements automation for better efficiency. Therefore, the global expansion of manufacturing segment, particularly in developing nations, drives the demand for machinery powered by low voltage tension motors, promoting the growth of the market.

IE2 and IE3 segments will expand as they deliver more efficiency across a wide range of applications

By Product Type, the Low Voltage Tension Motor Market is divided into IE1, IE2, IE3, and IE4. IE2 and IE3 segments are anticipated to dominate the market, owing to their features such as flexible terminal boxes and corrosion resistance. IE2 motors offer increased efficiency and low heat emission, making them suitable for a wide range of applications such as inverters, air-handling units, refrigeration facilities, hydraulic power packs, and pumps. Simultaneously, IE3 motors are highly efficient as they use copper conductors to reduce rotor losses. Therefore, due to their improved efficiency and suitability for various applications, both IE2 and IE3 motors are expected to maintain their dominance, however their exact market share may vary depending on industrial requirements and regulatory limitations.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Growing Use of Industrial Automation Will Drive Market Growth for Low Voltage Tension Motors

Increase in industrial automation is a key driver for the expansion of the low voltage tension motor market as these motors play an important role in managing tension (force) levels in automated systems and ensures accurate control of force in various machineries and equipment. Furthermore, industries are seeking greater efficiency and output, which has resulted in a global shift toward the use of automated operations powered by modern technologies such as AI, robots, and IoT. Consequently, low voltage tension motors provide smooth operations, which are critical in material handling, assembly lines, and industrial processes. Moreover, as automation becomes more common throughout industries, the use of low voltage tension motors will increase.

Greater Emphasis on Energy Efficiency Will Provide Opportunities for Growth

Rising focus on energy efficiency is a major driver for the low voltage tension motor market. Motors with better efficiency levels, particularly the IE2 and IE3 variants, are in high demand due to their lower energy consumption and heat production. IE2 motors outperform standard IE1 motors in terms of efficiency, whereas IE3 motors provide outstanding energy conservation. Furthermore, industries are aggressively pursuing motors that are environmentally friendly, have low running expenses, and meet strict environmental standards. Hence, the growing need for energy-efficient motors across industries contributes to market expansion, driven by the need for sustainability and optimal performance requirements.

Restraints

High Cost of Implementation and Retrofitting May Stifle Market Growth

Installing modern and energy-efficient variants of low voltage tension motors, such as IE2 or IE3, requires a significant initial expenditure. Upgrading current infrastructures, which are usually dependent on older and less efficient motors demands considerable monetary spending. This expenditure consists of motor purchase, its installation, necessary system upgrades, and any downtime that may occur during the transition period. These expenses pose as major obstacle for many companies, particularly smaller businesses or those with limited finances and restrict the adoption of low voltage tension motors. Therefore, despite the long-term advantages of energy savings and enhanced performance, the initial capital requirement limits the acceptance and adoption of these advanced motor technologies.

Recent Developments

  • C&S Electric was acquired by Siemens in March 2021. Siemens plans to use this acquisition to develop an export hub for supplying low-voltage goods to worldwide markets.
  • Siemens AG and State Power Investment Corporation Limited (SPIC) signed a Strategic Partnership Framework Agreement (SPFA) for power production technology on March 26, 2019. Both firms work together on high-tech product demonstrations in the field of power plant digitization, hydrogen utilization projects, and smart energy management for a decentralized energy system.
  • WEG released a new range of motors SSW 900 in March 2019, specifically developed for the mining and cement sectors, which require reliable and rugged machinery.

Low Voltage Tension Motor Market

Key Players:

  • ABB Ltd.
  • Siemens AG
  • WEG Industries
  • Nidec Corporation
  • Regal Beloit Corporation
  • Brook Crompton UK Ltd.
  • Emerson Electric Co.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Johnson Electric Holdings Limited
  • Franklin Electric Co., Inc.
  • TECO Electric & Machinery Co., Ltd.
  • Marathon Electric
  • Leroy-Somer Electric Motors
  • Danfoss Group
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Low Voltage Tension Motor Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.  Asia Pacific region dominated the market for low voltage tension motors due to the rapid growth of the electronics and automotive industries. The increasing population of the region and rising disposable incomes fuel the need for efficient manufacturing operations powered by low voltage tension motors. Furthermore, the automobile industry, which is witnessing fast growth and technical advancements, depend on these motors for a variety of applications in assembly lines and machinery. Additionally, there is an increasing demand for low voltage tension motors in critical industries such as power generation, steel, cement, and water treatment plants across the Asia Pacific region.

Source: Fatpos Global

Impact of Covid-19 on Low Voltage Tension Motor Market

COVID-19 pandemic had a profound impact on the low voltage tension motor market as the pandemic caused major disruptions in supply chains and demand dynamics. Global supply chains were significantly disrupted due to factory closures and shortages of materials, which led to notable delays in the production and distribution of low voltage motors. The implementation of lockdown measures and reduced industrial activities during the initial phases of the pandemic resulted in low demand across various sectors, affecting the need for machinery and equipment that are dependent on these motors. However, critical sectors such as healthcare and food production continued to depend on these motors for essential applications. Moreover, as economies gradually reopened and adapted to remote work and safety protocols, certain industries experienced a recovery in demand, indicating a potential revival for the market.

Low Voltage Tension Motor Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Low Voltage Tension Motor Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2034

Base Year

2023

Forecast Period

2024-2034

Historical Period

2019-2022

Growth Rate

CAGR of 6.8% from 2024-2034

Unit

Value (USD Billion)

Segmentation

Main Segments List

By Product Type

  • IE1
  • IE2
  • IE3
  • IE4

By Installation

  • Overhead
  • Underground

By Application

  • Automotive
  • Manufacturing
  • Mining
  • Electronics
  • Textile
  • Food Beverage
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

Low Voltage Tension Motor Market size was values at USD 41.7 billion in 2023 and is projected to reach the value of USD 86.9 billion in 2034, exhibiting a CAGR of 6.8% during the forecast period.

The Low Voltage Tension Motor Market focuses on specialized electric motors that control tension in systems handling materials. These motors, operating at lower voltages, are crucial for precise tension regulation in industries like manufacturing, automotive, mining, and utilities, ensuring smooth operations and safety.

The Manufacturing segment, along with IE2 and IE3 segment accounted for the largest Low Voltage Tension Motor Market share.

Key players in the Low Voltage Tension Motor Market include ABB Ltd., Siemens AG, WEG Industries, Nidec Corporation, Regal Beloit Corporation, Toshiba Corporation, Mitsubishi Electric Corporation, Johnson Electric Holdings Limited, Franklin Electric Co., Inc., Brook Crompton UK Ltd., Marathon Electric, Leroy-Somer Electric Motors, Emerson Electric Co., TECO Electric & Machinery Co., Ltd., Danfoss Group, and Other Prominent Players.

Growing use of industrial automation and greater emphasis on energy efficiency are the factors driving the low voltage tension motor market.

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