INDUSTRY NEWS LV AC MOTOR MARKET REVENUE EXPECTED TO SLOW IN 2024, SAYS REPORT


According to new research from market intelligence specialist Interact Analysis, the global low voltage (LV) AC motor market witnessed a slowdown in revenue growth during 2023 to 4.2%, with the sector forecast to be heading for an even slower 2024. The market is expected to reach almost $16.6bn this year, with average sale


price for motors up by just 1.2%. There were substantial differences between regions during 2023, as APAC outpaced global growth in LV AC motors and revenues rose by 6.4% in real terms. Growth in China returned amid signs of recovery in its manufacturing industry. Having outperformed EMEA and APAC in 2022, revenue growth in the


Americas region fell back to 4.3% in 2023, as economic uncertainty led to a ‘wait and see’ mentality among many customers. Meanwhile, revenue growth was flat in EMEA at 0.1% and it was the only region expected to see unit shipments contract in 2023, as key manufacturing bases such as France, Germany, Italy and the UK continue to struggle in the short term. Commenting on the Low Voltage AC Motor Market – 2023 report, Interact


Analysis research manager, Blake Griffin, said: “We are seeing increasing consolidation of the supplier base in the LV AC motor market, particularly in the US. For example, following an increase in its market share of 1.7% during 2021, WEG is expected to continue growing its stake further following its acquisition of


BLUE DIAMOND RETURNS TO UK OWNERSHIP


Blue Diamond Technologies has announced a return to UK ownership following its purchase, four years ago, by Swedish seal and bearing manufacturer Trelleborg Group. The company was incorporated in 1977 as a stockist and distributor of engineering and industrial components. Richard Worley, former managing director and his brother, James, former


operations director, aim to build on the company’s previous reputation for reliability and service, setting it back on a path for growth to match its previous success in supplying a wide range of industries within the UK and beyond. This event forestalls the likely closure of the company and secures jobs for


over a dozen local employees. www.blue-diamond.co.uk


ABB TO ACQUIRE REAL TECH


ABB has agreed to acquire Canadian company Real Tech, a leading supplier of optical sensor technology that enables real-time water monitoring and testing. The acquisition will see ABB expand its presence in the water segment and complement its product portfolio with optical technology critical for smart water management. Real Tech’s product portfolio provides critical measurements in real-time, enabling better process control and continuous water quality assurance. Real Tech’s patented solutions cover the entire digital water value chain for water quality monitoring with a focus on data creation and analytics. Jacques Mulbert, division president, ABB Measurement & Analytics, said:


“We look forward to jointly driving the innovation and growth journey of Real Tech. Joining forces with ABB will accelerate the deployment of Real Tech’s technologies through the vast ABB global sales and service network, making a step change in access to market.”


www.abb.co.uk


Regal Rexnord’s industrial motors business in late 2023. “Among the leading


vendors, ABB remains the largest vendor of LV AC motors and grew its share in 2022. It has now added Siemens NEMA motor business to its portfolio, increasing its 2023 value by approximately $75m. Siemens has de-emphasized motors and has split the motors business off into its own company: Innomotics. Nidec is expected to experience growth in 2023, while we predict Wolong will see its share grow as the Chinese market outpaces other regions into 2024.”


www.InteractAnalysis.com


FIBOX ENCLOSURES FORGES AHEAD IN SUSTAINABILITY


Ecovadis, the world’s largest and most trusted provider of business sustainability ratings, has awarded the Fibox Group a bronze medal in recognition of their achievements in sustainability. It is self-evident that sustainability is an on-going process and that there is always something that can be done better, more efficiently and effectively. This award constitutes a well appreciated milestone in their journey. The world is facing some serious


challenges and sustainability, interpreted as environmental, social, and ethical performance, has become an essential factor for all tiers of business and their respective trading partners. Equally, and running alongside this, is a necessity for transparency. The Fibox Group takes this commitment seriously and has already made significant improvements in reducing their environmental impact whilst improving communication and enhancing the wellbeing of their employees. Fibox electrical enclosures and cabinets are already established in the


global market as durable and recyclable alternatives to traditional steel or polyester equivalents. This award by Ecovadis demonstrates that the Fibox Group is on the right path in its endeavour to improve their ethical obligations to the company, to customers, stakeholders, the supply chain, and, importantly, the environment. A journey of continuous improvement.


T: 01642 604400 www.box.com salesuk@box.com


DECEMBER/JANUARY 2024 DESIGN SOLUTIONS 7


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