Global Low Voltage Industrial Controls Market is Segmented By Type(Circuit Breakers, Contactors, Motor Starters), By Application(Transportation, Manufacturing, Aerospace & Defense), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) â Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Low Voltage Industrial Controls Market Size, Demand Insights
The global low voltage industrial controls market size is growing at a high CAGR during the forecast period (2022-2029).
Low Voltage Industrial Controls Market Scope and Summary
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Type, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Circuits, electronic modules, and other equipment are used in industrial control to operate many types of machinery in a manufacturing plant. They are also used in the home and automobile industries. Most industrial machines are powered by electric motors, which require carefully managed power to avoid machine damage and improve performance and efficiency. Low-voltage industrial controls effectively and safely regulate machines while conserving energy.
Various industrial control items, such as circuit breakers, relays, and motor starters, aid in machines' smooth and effective operation during voltage variations. Low-voltage industrial controls are used in various residential, commercial, transportation, and industries, including manufacturing and process. It improves the consistency and efficiency of all major industries, including residential.
Low Voltage Industrial Controls Market Dynamics and Trends
The industrial controls market will benefit from rising demand for cloud-based services and increased implementation of smart grid solutions to protect key infrastructures from cyberattacks. The scarcity of skilled laborers may stifle business expansion.
The rising demand for IoT-based smart solutions & automation in various industries
The industrial control market is growing due to rising demand for IoT-based smart solutions and automation in various industries, mass production in the manufacturing sector, adoption of industrial control systems in various end-uses such as automotive and mining, and increased R&D investments.
However, the industrial control market is being held back by a rise in cyber-attacks, a lack of authentication procedures, a scarcity of experienced people, and a lack of awareness about industrial security solutions. Furthermore, smart grid deployment for critical infrastructure cyber-attack security and cloud computing for industrial control systems (ICS) present the profit potential for the industrial controls market.
The rise in demand for mechanization
The rising need for industrial mechanization in developed areas, rules supporting energy reserves across major industries, a thriving power sector, and expanded production of power capabilities internationally are all driving market expansion for low-voltage motor control centers. Automation boosts an organization's productivity and enhances human resource efficiency. As a result, due to recent technological breakthroughs, most manufacturing companies and sectors are using automation as a productive element of their operations.
The widespread use of automation in various industries aids electricity production by various electric motors. It supports the growth of the low voltage control center market across numerous sectors and provides profitable chances for the industry's major players. Stakeholders, businesses, and governments are all working together to improve the performance of manufacturing operations.
Lack of skilled labor
Some various obstacles and restrictions will stifle overall market expansion. Factors like a shortage of skilled labor and a lack of processes and standards also hinder the market's expansion. Furthermore, falling crude oil prices are causing a drop in investments in the oil and gas sector. It will cause growth to slow in the future years.
Furthermore, large initial expenditures and high costs compared to its competitors and the maintenance complexity associated with motor control centers are significant barriers to the global market for low-voltage motor control centers. However, technological advancements due to continuous R&D, rising demand for integrated & smart protection, and motor control devices, and the potential in emerging untapped markets may offer opportunities.
COVID-19 Impact on Low Voltage Industrial Controls Market Growth
As COVID-19 began to close non-essential operations and borders in late March 2020, several packaging companies produced industry surveys to give useful information about the impact of COVID-19 on chemical producers, material suppliers, and machinery manufacturers.
Critical industries were working at capacity levels of up to 95 percent. Following the COVID-19 issue, demand for low-voltage industrial controls in transportation, aerospace, and defense is expected to increase as firms embrace sustainability measures.
Low Voltage Industrial Controls Market Segment and Shares Analysis
By product, the low-voltage industrial controls market is segmented into circuit breakers, contactors, and motor starters.
Stringent occupational safety regulations for the adoption of motor starters
Increased rates of industrial accidents causing significant harm to employees' health have prompted governments in several nations to enact rigorous labor rules, which has increased demand for motor starters to assure a machine's safe start. Rapid industrialization, combined with rising employment rates in emerging nations, has fueled the adoption of motor starters to safeguard employees from a major injuries, which is expected to drive market expansion in the coming years.
New government rules and laws regulating the efficient use of energy will likely persuade businesses to invest in the lucrative mining prospects available, which is expected to improve the mining sector.
Low Voltage Industrial Controls Market Geographical Analysis
A large manufacturing base in North America
North America is predicted to have a substantial share of the global market. Many switchgear product and component manufacturers, system integrators, government entities, suppliers, and vendors comprise the industrial control value chain. As a member of the value chain, the organization plays a critical role in ensuring that products meet industry standards to compete with global companies. U.S. and Canada each have their own set of electrical regulations.
The huge manufacturing base, wider inclination for advanced technology solutions in manufacturing, environments, and federal rules governing the manufacturing ecosystem are factors in the widespread use of low-voltage industrial control systems in the U.S. Because the major electronics and semiconductor industries are situated in the U.S., it is the largest market by geography.
Low Voltage Industrial Controls Companies and Competitive Landscape
Low-voltage industrial control manufacturers continue to research and develop technologically improved low-voltage industrial controls. Market participants employ mergers and acquisitions, regional expansion, greater manufacturing capacity, partnerships, and collaborations to stay competitive. In April 2019, for example, ABB signed a deal with the UAE utility authority to upgrade the current circuit breaker. ABB's Ekip will replace out-of-date trip units with a digital upgrade.
Major global low-voltage industrial controls market companies include ABB Ltd., Siemens Energy, Schneider Electric, Rockwell Automation, GE Company, Eaton Corporation, Mitsubishi Electric, Chint Group, WEG SA, and Fuji Electric Corp. of America.
Siemens Energy
Overview: Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm, headquartered in Munich and globally. The corporation's key divisions are industry, energy, healthcare, and, infrastructure & cities, which reflect the company's core activities. The company is a well-known manufacturer of medical diagnostics equipment. Its medical healthcare segment, which accounts for around 12% of total revenues, is its second-most lucrative division, after the industrial automation division.
The company's stock is included in the Euro Stoxx 50 stock market index. Across 293,000 individuals work for Siemens and its subsidiaries around the world. In fiscal 2020, the Siemens Group generated US$ 60.2 billion in sales and US$ 4.57 billion in net earnings.
Product Portfolio: Siemens' portfolio includes applications for designing, financing, building, operating, and maintaining modern smart grid and power distribution systems. The firm offers cutting-edge industrial controls and power distribution solutions. The underlying power distribution and industrial controls are crucial in guaranteeing the smooth operation of digital production environments as well as the development and operation of industrial or commercial buildings: For this reason, SIRIUS, SENTRON, SIVACON, and ALPHA offer a wide range of systems and components that can be used for standard-compliant, requirement-based electrification.
Key Development: Siemens Ltd. (India) inked a deal to buy New Delhi-based C&S Electric Limited in 2020 to fulfill the growing need for electrification across India's industry, infrastructure, and buildings. Siemens' position will be strengthened by acquiring one of the leading electrical and electronic equipment providers for infrastructure, power generation, transmission, and distribution. Siemens Ltd. will purchase roughly 99 percent of C&S Electric Limited's equity share capital under the terms of the deal.
Frequently Asked Questions
What is the Projected CAGR value of the Low Voltage Industrial Controls Market?
The Low Voltage Industrial Controls Market is expected to grow at a high CAGR from 2022 to 2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Low Voltage Industrial Controls Market during 2022-2029.
Which is the fastest-growing region in the Low Voltage Industrial Controls Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.