The Low Voltage Motor Control Centre (LV MCC) offers centralized control and protection of low voltage motors and is mainly used in industries like cement, steel, food & beverage, oil & gas, mining and power generation sectors. It helps optimize motor control through centralized monitoring and enhances productivity. LV MCC contains circuit breakers, starters, contactors and relays that help start, stop and protect low voltage motors. They save space, wiring costs and ensure smooth operations by automating process control.
The global Low Voltage Motor Control Centers Market is estimated to be valued at US$ 4700.74 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the low voltage motor control center market is the rising adoption of smart LV MCC. Conventional LV MCC lacked remote monitoring capabilities but the new smart variants come equipped with Internet of Things (IoT) and cloud-based technologies. They facilitate remote access and monitoring of motor performance in real-time through computers and mobile apps. This helps predict maintenance needs in advance, reduce downtime and improve process efficiency. The data collected is also useful for analyzing energy consumption patterns and costs. As industries focus on automation and digitization to enhance productivity, the demand for smart LV MCC is expected to increase significantly over the forecast period.
Threat of new entrants: Low voltage motor control centers require significant investments and established distribution networks. Therefore, the threat of new entrants is low.
Bargaining power of buyers: The presence of several manufacturers reduces the bargaining power of individual buyers in the low voltage motor control center market.
Bargaining power of suppliers: Major raw material suppliers such as aluminum, copper, and plastics have a moderate level of bargaining power due to the availability of substitute materials.
Threat of new substitutes: There are no close substitutes for low voltage motor control centers. However, renewable energy sources such as solar and wind power are potential threats.
Competitive rivalry: The global low voltage motor control center market is fragmented with the presence of several international and regional players. Manufacturers compete based on product quality, innovation, and pricing.
The global low voltage motor control center market is expected to witness high growth during the forecast period. Global Low Voltage Motor Control Center Market Size is projected to reach a value of US$ 7700.71 Bn by 2031, expanding at a CAGR of 7.4% during the forecast period.
Regional analysis: North America region currently dominates the low voltage motor control center market and is expected to maintain its leading position throughout the forecast period. Majority of key players are based in North America. Availability of skilled labor and growing industrial automation are major factors contributing to the large share of North America.
Key players: Key players operating in the low voltage motor control center are ExxonMobil Chemical Company, LyondellBasell Industries, 3H Vinacom Co., Hanwha Chemicals, Arkema Group, AkzoNobel N.V., Falcone Specialities AG, Borealis AG, and PolyOne Corporation. ExxonMobil and LyondellBasell Industries are the global leaders in terms of production capacity and market share.