Market Size of Low Voltage Motor Control Center Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Low Voltage Motor Control Center Market Analysis
The low voltage motor control center (LVMCC) market was valued at USD 3699.6 million in 2020, and it is expected to reach USD 4456.95 million by 2025, registering a CAGR of 3.2%, during the period of 2021 - 2026. The global market is expected to register a significant growth of the low voltage motor control center due to an increase in industrial automation and the rise in demand for low voltage electric motors across industries.
- The ongoing trend in industrial automation, and rules and regulations regarding energy reserves are driving the market for an intelligent MCC. Vendors have witnessed increasing investments in this arena via, multiple product launches, acquiring IIoT software-based companies, and collaborations. For instance, Rockwell Automation's Centerline LV motor control centers (MCCs) offer information exchange through its IntelliCENTER technology. This fosters communication between plant-floor devices and business-level systems to increase productivity and improve worker safety.
- High labor and and competitive rivalry have triggered the demand for high energy efficient control systems to reduce the resource wastage and enhance the workforce efficiency. Heavy industries, like oil and gas, metal and mining, and petrochemical, among others are observing increased investments in power management solutions. The Asian renewable investment in the future is expected to level the upstream oil and gas spending in the region. India, China, Australia, Japan, Vietnam, and South Korea have been identified as regions to significantly contribute to such development.
- Maintenance and monitoring of industrial low-voltage motor control center is precedence task and might hinder the widespread applications across industries. Additionally, the replacement cost is expensive and result in fewer replacement sales. For instance, Suisun Solano Water Authority estimated USD 134,000 - USD 141,000 as a single MCC replacement cost. With most of the water utilities deploying nearly 3-4 MCCs at a facility, the cost from an end user perspective becomes huge.
