The low voltage drives market size is expected to record a valuation of USD 25.5 billion by 2030, according to the most recent study by Global Market Insights Inc. The industry growth is attributed to the rising infrastructural investments along with increasing demand for clean power alternatives with low energy losses.
Stringent government norms to support a sustainable environment along with rising focus on highly efficient units across end users will foster the business scenario. Ongoing technological advancements to introduce innovative product portfolios enhanced features will positively influence the industry dynamics. For instance, in September 2019, Siemens introduced the Simatic Micro-Drive F-TM Servodrive in its micro drive range. The units facilitate easy connections with controllers and support quick commissioning. Additionally, continuous upgrades in electrical networks across industrial and commercial sectors owing to the strict energy-efficiency regulations will sway the market potential.
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The COVID 19 crisis has slightly impacted the low voltage drives market, leading to a delay in the industrial operations along with reduced workforce management. The introduction of state and national level lockdowns coupled with other stringent measures by the governments has adversely impacted the industry landscape. However, growing energy consumption across developing economies, increasing focus towards energy efficient devices, and positive regulatory framework are some of the key factors positively accelerating the market landscape.
The ≥ 75 kW – <110 kW low voltage drives market is set to grow substantially due to the increasing sustainable electricity demand across large & medium-scale industries along with a positive outlook toward advancements in sustainable energy solutions. Continuous increase in electricity capacity additions coupled with rising infrastructural investments by emerging players and government bodies will boost the market dynamics. Furthermore, energy storage capacity expansion coupled with rising electricity consumption across emerging countries will spur the business landscape.
The AC low voltage drives market is anticipated to observe substantial growth on account of the ongoing developments across small & medium-scale operations along with the increasing integration of economical devices. Easy installations, compact size, and reduced maintenance are among the major attributes that will complement the product demand. Additionally, the rising applicability of reliable units across power generation, food processing, and oil & gas sectors will further enhance industry scenario.
The growing measures towards integrating reliable & efficient equipment alternatives to ensure component safety across food & beverage facilities to positively cater to the food processing segment outlook. In addition, the rising demand for steam fans, mixers, and centrifuges in the food industry will, in turn, escalate product penetration. Moreover, extensive features, including compact size, flexible & easy operations, and precise torque control, will fuel the market growth.
Europe low voltage drives market is estimated to attain significant growth rate owing to the stringent government norms & regulations regarding the development of sustainable electricity infrastructure along with a rising shift toward energy consumption. Furthermore, shifting focus toward optimum power utilizations, reduced mechanical & product losses, and the increasing adoption of energy-efficient systems will augment the market expansion.
Major participants operating in the low voltage drives market include Siemens, Danfoss, ABB, Beckhoff Automation, YASKAWA ELECTRIC CORPORATION, CG Power & Industrial Solutions, NIDEC CORPORATION, Fuji Electric Co., Ltd., Bosch Rexroth AG, GE, Emerson Electric, Hitachi, Ltd., Rockwell Automation, Mitsubishi Electric Corporation, Schneider Electric, Johnson Controls, Honeywell International Inc., Hiconics Eco-energy Technology, Eaton, and WEG.
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Some of the key findings of the low voltage drives market report include:
- Increasing consumer focus on advanced electricity units along with integrated & sustainable technologies to fulfill the escalating power demand will propel the market demand.
- The ongoing refurbishment of industrial infrastructures coupled with the development of smart technologies & efficient design tools will proliferate the business outlook.
- Rising electricity consumption coupled with continuous inclinations toward energy-saving solutions will increase the business potential.
Table of Contents (ToC) of the report
Chapter 3 Low Voltage Drives Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.3.1 International Standards
3.3.2 North America
3.3.3 Europe
3.3.4 Asia Pacific
3.3.5 Middle East & Africa
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Global, North America & Europe
3.5.1.1.1 Increasing focus toward energy efficiency
3.5.1.1.2 Introduction of energy efficiency levels
3.5.1.1.3 Technological advancements
3.5.1.1.4 Flourishing automotive sector
3.5.1.2 Asia Pacific
3.5.1.2.1 Increasing electricity capacity addition
3.5.1.2.2 Growing infrastructural spending
3.5.1.3 Middle East & Africa and Latin America
3.5.1.3.1 Increasing demand for electricity
3.5.2 Industry pitfalls & challenges
3.5.2.1 High implementations cost
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/low-voltage-drives-market
