MV Electric Motor Market Report

Ongoing studies and innovation initiatives are directed towards improving the effectiveness of electric motors. Progress in motor design, materials, and manufacturing processes leads to decreased energy wastage, leading to improved efficiency and reduced operating expenses. The advancement of electric motors with increased power density enables more compact designs with no compromise on performance. These high-power density motors are particularly effective in circumstances requiring limited space, such as vehicle propulsion systems and industrial machines. In September 2022, Mitsubishi Electric Corporation announced a cooperation with Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) on a new electric motor design support system based on Mitsubishi Electric's Maisart AI technology. The system aims to cut down on electricity generation time and achieve the efficiency of manually designed engines. The innovative systems can be applied to creating electric motors for industrial pumps, compressors, and fans. Electric motor market growth is being driven by rising demand for energy-efficient solutions in various industries.

If a powerful motor is employed with a low workload, the hourly operation cost will rise substantially, as a consequence, high operational cost can prevent customers from adopting it and opting for alternative solutions. In addition, MV electric motors are greatly used in machines for coal mining and oil drilling, but there is significant drift in the way people use energy. There is a transition from conventional sources of energy to renewable source of energy, which will affect oil and coal market indirectly affecting MV electric motors market. Additionally, these electric motors are used in machines for pulp and paper industries, but according to the Confederation of European Paper Industries (CEPI), with the rise in digitalization and concerning use of trees and water, paper industry is in decline in recent years which might affect MV electric industry negatively.

Technological advancements that took place in recent years have more or less affected every industry positively as scope for innovations and developments is broadened. For instance, in June 2024, ABB, technology leader in electrification and automation, introduced concept of MV Titanium, the world’s first medium-voltage (MV), speed controlled, industrial motor, in the 1-to-5-megawatt (MW) range that brings connectivity and control features in an easy to specify and install package. The all-in-one concept brings the benefits of energy efficiency to MV motor-driven processes, which today account for 10% of the world’s electricity. The companies strive to gain upper hand in the market through research and development and innovations. For instance, in March 2023, Siemens AG announced to open its legal subsidiary in Germany, Innomotics, which will be a new leading motors and large drives company. Similarly, in May 2023, Hoyer group launched a new Hoyer Smart Sensor. This sensor enables industrial application owners to remotely monitor their medium voltage electric motors.

Asia-Pacific is dominating the market due to its rapid growth in industrialization and growing need from industries like industrial, automotive, and power. This is attributable to advancements in the agriculture sector and enormous investments in industrialization in countries, including China, India, South Korea, and Japan. Further, the increasing production and sales of electric vehicles in countries including China, India and Japan as well as the presence of established OEMs such as Honda Motor Co., Ltd., Hyundai Motor Company, Toyota Industries Corporation, and Nissan Motor Corporation are estimated to boost the growth prospects of the market in this region. Additionally, this region serves as a center for automotive and consumer electronics innovations and there is a considerable increase in the manufacturing for electric cars, wearables, and more. Asia-Pacific region is also experiencing a notable increase in power demand because of fast-growing urbanization in China and India. Moreover, the focus on Industry 4.0 and automation fuels the demand for specialized industrial motors in key sectors like manufacturing and robotics. For instance, in May 2023, ABB India announced that it is expanding its production with a new range of drive modules at its Peenya plant in Bengaluru.