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MV motor sales will dip in 2015 before resuming growth

09 July, 2015

The global market for medium-voltage (MV) motors was worth an estimated $5.7bn in 2014, and is expected to dip to $5.6bn this year, before rebounding to reach $6.8bn by 2019. This represents a CAGR of 3.6% for the period 2014–2019, according to a new research note issued by the analyst IHS.

China is the world’s biggest market for MV motors with a 31% share of global sales in 2014. By 2019, its revenues will be approaching $2.1bn. The US is the second-largest national market, with 2019 revenues projected to be around $1.1bn. According to IHS, the EMEA regional market will be worth nearly $1.8bn in 2019 – similar to the figure for the Americas as a whole.

Last year, the oil and natural gas market was the biggest buyer of MV motors, accounting for 22.3% of global revenues (worth some $1.3bn), followed by power generation on 16.2% ($923m), metals on 13.3% ($758m) and mining on 11.4% ($652m).

There are substantial differences between regional markets. For instance, in 2014, EMEA was the largest consumer of MV motors in the oil and gas sector, while Asia-Pacific was the largest market for users in the power generation and metals sectors.

Source: IHS

In the period to 2019, the chemical, power generation, and water and wastewater subsectors are all expected to outperform the growth of the market as a whole, with CAGRs of 4.6%, 5% and 5.5%, respectively. On the other hand, cement, metals, mining, oil and gas, and pulp and paper, are all forecast to underperform the global average.

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