LONDON--(BUSINESS WIRE)--Jun 14, 2018-- analysts forecast the global industrial high voltage motors market to register a revenue of around USD 7.195 billion by 2022, according to their latest market research report.
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Technavio has published a new market research report on the global industrial high voltage motors market from 2018-2022. (Graphic: Business Wire)
The replacement of outdated electric motors is one of the major trends being witnessed in the . The emergence of new technology trends such as Industrial Internet of Things (IIoT) has fueled the replacement of traditional electric motors with smart ones. The adoption of smart motors in industries should promote the adoption of high voltage motors in end-user industries during the forecast period.
In this report, Technavio analysts highlight the ease of customization in terms of voltage, efficiency, and application as a key factor contributing to the growth of the global industrial high voltage motors market:
Global industrial high voltage motors market: Ease of customization in terms of voltage, efficiency, and application
Manufacturers are increasingly customizing industrial high voltage motors in compliance with the needs of operations. End-users require customized high voltage motors mostly when they cannot determine the difference between the versions of medium voltage and high voltage motors. One of the key solutions that high voltage motors provide is meeting the worldwide energy efficient standards.
According to a senior analyst at Technavio for research on automation, “Customization of available motors helps end-users in managing respective applications. Air-to-air cooled, drip proof, and explosion-proof high voltage motors are a few of the efficient models that require high output, ensuring maximum machine life. This increased their installation in harsh environmental condition.”
Global industrial high voltage motors market: Segmentation and forecast
This market research report segments the global industrial high voltage motors market into the following end-users (oil and gas industry, chemicals and petrochemicals industry, utilities sector, and water and wastewater treatment industry) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major end-users, the oil and gas industry segment held the largest market share in 2017, accounting for more than 28% of the market. This segment is anticipated dominate the global market throughout the forecast period.
APAC was the leading region for the global industrial high voltage motors market in 2017, accounting for a market share of around 36%. This region is expected to grow steadily during the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket sizing Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 06/14/2018 12:05 PM/DISC: 06/14/2018 12:05 PM