The growing shift towards automation in industries has increased demand for electric motors. As a result, the global motor protector market is projected to grow significantly in the coming decade. This comprehensive report provides valuable guidance for businesses navigating this dynamic landscape by delving into the key drivers, challenges, and investment opportunities shaping the market.
NEWARK, Del., Nov. 22, 2023 /PRNewswire/ -- Motor Protector Market Forecast by Vacuum Contractors, Overload Relays, and Other Product Types, Growth Opportunities and Revenue Forecast, from 2024 to 2034
The worldwide adoption of motor protectors is expected to rise at a CAGR of 3.9% from 2024 to 2034. The global electric motor protector market size is expected to increase from US$ 2,849.4 million in 2024 to US$ 4,341 million by 2034.
Electric motor protection has become critical to reduce risks and safeguard motors in industrial settings, as it can escalate the breakdown of other equipment. However, high upfront expenditures, such as equipment purchases and installation charges, related to the use of motor protection systems could limit the market expansion.
"The motor protector market offers specialized solutions for industrial machines that can handle a wide range of difficult and diverse motor applications. However, the global smart motor protector market is expected to expand at a slower pace due to the need for expensive repairs or replacements of smart motor systems," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Global Motor Protector Market Study Report
- The net revenue generated from sales of electric motor protectors in North America was US$ 575 million in 2023.
- According to our survey, the revenue generated by the Europe motor protector industry was around US$ 657 million in 2023.
- The United States is the leading country in the use of electric motor phase failure protectors and is expected to advance at a 3.5% CAGR through 2034.
- The United Kingdom is expected to drive the Europe market by exhibiting a CAGR of 3.5% over the projected period.
- China is the leading producer of electronic motor safety devices and is anticipated to progress at 4.4% CAGR through 2034.
- India is another notably growing market in Asia for motor protection devices, which is expected to grow at a 4.6% CAGR till 2034.
Motor Protector Market Report Coverage:
2024 to 2034
Historical Data Available for
2019 to 2023
US$ million or billion for Value and Units for Volume
Key Regions Covered
North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania
Key Countries Covered
United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
Key Segments Covered
By Product Type, By Motor Type, By Voltage Type, By Rated Power, By End User Verticals, and By Region
Motor Protector Industry Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!
Competitive Landscape for Motor Protector Market Players
Several small as well as medium-sized market players characterize the motor protector landscape. Key participants in the industry have made new product development their primary approach besides collaborating with regional players to expand their supply chains.
Recent Developments by the Motor Protector Manufacturing Industries
- In September 2020, RS Components started offering small TeSys GV4 motor circuit breakers that combine digital intelligence with strong and dependable safety for motor applications. This new product range is noteworthy for its ability to operate in the most demanding settings, including cement mills, refineries, and crane hoisting machines. Three protection modes are available with the TeSys GV4: electronic thermal magnetic protection, magnetic protection for the GV4L model, and electronic thermal magnetic protection.
- In June 2022, TCI LLC released its new product line of V1K Motor Protection Filter, particularly for industrial use. For situations where the lead length ranges from 100 to 1,000 feet, the filter protects the electric motor by preventing the supply voltage from going beyond 1,000 Volts. The company also claims it can greatly increase the motor and cable's lifespan besides a 30% decrease in the common mode current consumption. V1K filters are now available in open, type 1, and type 3R packaging formats, which are also UL listed.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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