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Asia Pacific Low Voltage Drives Market Size By Power Range (Micro, Low), By Capacity (< 2.2 kW, 2.2 kW - < 7.5 kW, 7.5 kW - < 22 kW, 22 kW - < 75 kW, ≥ 75 kW - <110 kW, ≥ 110 kW - < 500 kW, ≥ 500 kW), By Drive (AC {Efficiency Class [IE1, IE2, IE3, IE4]}, DC, Servo), By Technology (Standard, Regenerative), By System (Open Loop, Closed Loop), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Textile, Marine), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5373
  • Published Date: Oct 2022
  • Report Format: PDF

Industry Statistics

Asia Pacific Low Voltage Drives Market size valued at USD 7 billion in 2021 and is projected to grow at more than 4% CAGR from 2022 to 2030.
 

The rapid growth of the manufacturing sector and increasing population are driving the expansion of power generation infrastructure across the Asia Pacific region. As per the World Economic Forum, the proportion of the population with electricity access in Southeast Asia increased to 95% in 2020. Governments in the APAC region are also implementing favorable schemes to improve the effectiveness and efficiency of power supply in critical applications.
 

APAC Low Voltage Drives Market Overview

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A notable example is the Asia Power Quality Initiative (APQI), a collaborative program formed by the International Copper Association India (ICAI), International Copper Association (ICA), the University of Bergamo (Italy), the European Copper Institute (ECI), and the Electrical and Electronics Institute. This initiative aims to build capacities and awareness on issues associated with power quality. The growing demand for effective electricity supply across industrial applications will increase the adoption of low voltage drives in the region.
 

Rising replacement costs and high initial expenses may hamper the Asia Pacific low voltage drives market growth. Delayed cross-border movements have caused fluctuations in the availability and pricing of raw materials. Moreover, the adoption of low voltage drive technology as an important component across industrial operations, supported by stringent efficiency standards may help overcome the restraining factors and present opportunities for industry progression.
 

Wide use across industrial applications to favor the adoption of lower power LV drives

APAC Low Voltage Drives Market Size

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Asia Pacific low voltage drives market revenue from the low power range segment is expected to depict over 4% growth rate through 2030. The rise in electricity costs and shifting preference toward energy savings have encouraged the installation of low power range drives. These units change the output speed and torque of motors without the use of manual pulleys, reducing the circuit size and overall maintenance.
 

Furthermore, low voltage drives are used across data centers to cool the IT equipment. They are integrated into fans that operate at variable speeds depending on the data center load. Low power range drives are also used in pumps, compressors, and material handling systems, among other industrial applications.
 

Design simplicity and cost-effectiveness to augment open loop LV drives integration

The APAC low voltage drives market from open loop system is estimated to attain more than 4% CAGR till 2030. Open-loop LV drives are simple in design in comparison to closed-loop drives. These components are typically used in AC drives where the built-in motor speed regulation is within the acceptable range of 3-5%. Additionally, these systems offer higher torque output and flexible control features. Owing to its simple design, the components used in open loop drives are less demanding which reduces the maintenance costs. In addition to affordability, these systems offer a wide and precise spectrum of speed adjustments with high levels of precision.
 

Growing expansion of food & beverage sector

India Low Voltage Drives Market

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The conveyor application in APAC low voltage drives market is predicted to observe 6% gains through 2030. The food industry requires conveyors to quickly transport raw materials and food products from one point to another. Conveyor performance relies heavily on components like LV drives, which are essential for improving reliability, mitigating maintenance requirements, and generating energy savings.
 

Rising integration of pumps & compressors in O&G operations

The Asia Pacific low voltage drives market value from oil & gas end-use segment is anticipated to reach USD 1.8 billion by 2030. This growth is accredited to the growing investment in the discovery and production of hydrocarbon reserves.
 

For instance, in December 2021, Cairns Oil and Gas announced plans to invest up to USD 5 billion over the next two or three years, with the aim of expanding oil production in India to over 500,000 barrels per day. Since most operations in the oil & gas sector require the use of electrical equipment, these developments are creating strong demand for efficient and reliable components like low voltage drives.
 

Continuous growth of manufacturing sector in India

The Indian low voltage drives market size is poised to surpass USD 1.3 billion by 2030. Growing demand for reliable technologies, along with the expanding manufacturing sector is driving the regional market growth. According to the India Brand Equity Foundation, India has the potential to add over USD 500 billion per year to the world’s economy by 2030, becoming a global manufacturing hub. Such accelerated growth, in addition to investments in utility-based electrification, will increase the adoption of electrical components such as low voltage drives in heavy industries.
 

Strategic product launches to define competitive landscape

Top companies operating in the APAC low voltage drives market include Siemens, ABB, Danfoss, Fuji Electric Co., Ltd., Schneider Electric, Rockwell Automation, Inc., GE, Hitachi Hi-Rel Power Electronics Private Limited, Honeywell International, Inc., Eaton, Emerson Electric Co., CG Power and Industrial Solutions Limited, Johnson Controls, Invertek Drives Far East Pte Ltd, Mitsubishi Electric Corporation, Yaskawa Electric Corporation, and Hiconics Eco-energy Technology Co., Ltd. These leaders are planning product launches to expand their business operations and reinforce their market position.
 

Citing an instance, in June 2022, Yaskawa Electric Singapore unveiled Sigma-10 (Σ-X) series AC servo drive. These units deliver optimal equipment performance and high production efficiency. The servo drives also support data collection without altering the equipment design. This launch was intended to expand Yasakawa’s existing portfolio of low voltage drives.
 

Impact of COVID-19 crisis on low voltage drives market in the Asia Pacific

The region witnessed varying demand for electricity during the COVID-19 pandemic. According to the International Energy Agency (IEA), the first three months of 2020 showed a decline in power demand across China. Between April and May, however, China was recording appreciable demand, while decreases in electricity demand were observed in Japan, India, and Australia. Furthermore, there was a sharp decline in factory operations across the region, on account of strict lockdown measures. Although China saw some manufacturing activity, countries such as South Korea witnessed an unprecedented decline in manufacturing.
 

The Asia Pacific low voltage drives market research report includes in-depth coverage of the industry with estimates & forecasts in terms of “Units” & “USD Million” from 2018 to 2030, for the following segments:

Market Insights, By Power Range

  • Micro
  • Low

Market Insights, By Capacity

  • < 2.2 kW
  • 2.2 kW - < 7.5 kW
  • 7.5 kW - < 22 kW
  • 22 kW - < 75 kW
  • ≥ 75 kW - <110 kW
  • ≥ 110 kW - < 500 kW
  • ≥ 500 kW

Market Insights, By Drive

  • AC
    • By Efficiency class
      • IE 1
      • IE 2
      • IE 3
      • IE 4
      • Others
  • DC
  • Servo

Market Insights, By Technology

  • Standard
  • Regenerative

Market Insights, By System

  • Open loop
  • Closed loop

Market Insights, By Application

  • Pump
  • Fan
  • Conveyor
  • Compressor
  • Extruder
  • Others

Market Insights, By End-Use

  • Oil & gas
  • Power generation
  • Food processing
  • Automotive
  • Mining & metal
  • Pulp & paper
  • Textile
  • Marine
  • Others

The above information has been provided for the following countries:

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Singapore
  • Malaysia
  • Philippines
  • Vietnam
  • Indonesia

 

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of APAC low voltage drives crossed USD 7 billion in 2021 and will depict over 4% CAGR through 2030 due to rapid commercialization and industrialization in emerging economies.

The low voltage drives demand in Asia Pacific oil & gas industry is projected to be worth over USD 1.8 billion by 2030, with increasing investments in hydrocarbon production and extensive use of electrical equipment in O&G operations.

The Indian market size will exceed USD 1.3 billion by 2030 on account of the rapid expansion of the manufacturing sector, as well as rising investment in utility-based electrification.

Siemens, ABB, Danfoss, Fuji Electric Co., Ltd., Schneider Electric, Invertek Drives Far East Pte Ltd, Yaskawa Electric Corporation, and Rockwell Automation, are a few of the companies operating in the APAC market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 19
  • Tables & Figures: 920
  • Countries covered: 11
  • Pages: 690

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