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Low Voltage AC Drives Market Size

Report ID: GMI5773
Published Date: May 2023
Report Format: PDF

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Low Voltage AC Drives Market Size

Low Voltage AC Drives Market size was valued at USD 14.8 billion in 2023 and is set to grow at a CAGR of 4.6% from 2024 to 2032, owing to the increasing demand for rising electricity consumption across developing economies along with the expansion of energy storage capacity will positively influence the demand for AC. The rising demand for energy efficient units across industrial automation sector along with introduction of stringent government mandates with an aim to promote environment sustainability will complement the industry landscape.

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The gaining popularity of concept of smart manufacturing in large industrial automation fields coupled with shifting focus toward enhancements in technical accompanied by launch of Industrial Internet of Things (IIoT) with an aim to offer efficient sizing of systems to optimize & ensure energy efficiency will stimulate the low voltage AC drives market growth.

Low Voltage AC Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
Low Voltage AC Drives Market Size in 2023:	USD 14.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.6%
2032 Value Projection:	USD 22.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	640
Tables, Charts & Figures:	932
Segments covered:	Power Range, Efficiency Class, Application, End-Use and Region
Growth Drivers:	Rising energy demand along with increasing electricity capacity addition Accelerating investments across development of industrial infrastructure Growing automotive industry Encouraging regulatory framework to support energy efficiency
Pitfalls & Challenges:	Significant cost of initial deployment coupled with availability of medium voltage alternatives for higher capacities

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Low voltage AC drives are also known as low voltage variable frequency drives (VFDs), are the electronic devices that are utilized to control the speed, acceleration, torque, deceleration, and rotation direction of motor by changing the frequency of electrical supply to the motors. These units are widely used across a variety of industrial applications including conveyor systems, pumps, fans, and compressors in several verticals. These drives can offer improved process control, increased energy savings, and reduce wear and tear on motors and other equipment. They can also help to reduce the overall cost of a system by allowing for the use of smaller motors and reducing the need for mechanical speed control devices.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of low voltage AC drives was more than USD 14.8 billion in 2023 with an estimated 4.6% CAGR from 2024 to 2032, due to significant increase in energy demand across emerging economies and the need for higher energy storage capacities.

Micro low voltage AC drives industry share will register over 4% CAGR through 2032, owing to key product benefits such as ease of installation & operation, small size, user friendly interface and advanced features including PID controllers and communication protocols.

The O&G end-user segment will record significant growth during the coming years, with the need for reliable operations of pumps & compressors and product deployment with gas turbine motors.

APAC market value exceeded USD 6.4 billion in 2022 and is expanding with a surge in investments across the manufacturing sector where power machinery is used, along with higher interest in adopting energy-efficient technologies.