Asia Pacific Low Voltage Drives Market Size

Asia Pacific Low Voltage Drives Market Size

Asia Pacific Low Voltage Drives Market was valued at USD 12.9 billion in 2023 and is projected to grow at more than 4.1% CAGR from 2024 to 2032.

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.

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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.