Low-voltage motor market is expected to increase to more than $23bn by 2017, according to a new report from information and analytics provider IHS.

The report claims that Swiss power and automation firm ABB will strengthen its position in low-voltage motors and will continue to grow faster than the market.

The market size was $14.6bn in 2012, with over 48 million units shipped, and ABB’s market share rose 1% to 14%, according to IHS.

ABB, which acquired Baldor in 2011, is reported to have enhanced its market position since then by continuously investing in the development of high-efficiency motors and improvements in customer service.

The company has also increased its sales of low-voltage motors by over 26% for the past two years.

ABB Discrete Automation and Motion division head Ulrich Spiesshofer said, "The strengthening of our market position reflects the successful integration of Baldor in our total offering."

ABB recently introduced synchronous reluctance motors, which it claims can achieve IE4 levels of efficiency without the use of permanent magnets and compared with an IE2 motor, the energy losses will be reduced by about 40%.