Home > Semiconductors & Electronics > Automation > Industrial Automation > Low Voltage AC Drives Market

Low Voltage AC Drives Market Trends

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

Download Free Sample

Low Voltage AC Drives Market Trends

An upsurge in the demand for continuous and reliable power supply in order to counterbalance the ever-increasing electricity consumption along with introduction of stringent norms to promote energy efficiency will encourage the LV AC drives installation. Increasing adoption of IE 3 rated drives specifically in European Union will complement the low voltage AC drives market expansion. Moreover, stabilizing global economic growth coupled with increasing manufacturers’ focus on cost effectiveness will further boost the product demand. The significant potential of the device to reduce energy consumption and the associated monetary benefit from installing the drives will continue to drive the business growth.

Ongoing technological advancements including battery-operated motion control devices that support quick problem identification and offer efficient work at various loads & speeds will enhance the LV drive acceptance across wide range of applications. Network reliability, minimum overall maintenance, energy consumption, equipment longevity, energy generation and supply costs are some of the key parameters stimulating the low voltage AC drives market size. Accelerating infrastructural spending and investments owing to the industrial development and rapid urbanization has seeded the demand for electricity capacity expansion and technological enhancements which will further positively impact the industry outlook.

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.