Low Voltage Drives Market Size By Power Range (Micro, Low), By Capacity (<2.2 kW, 2.2-7.4 kW, 7.5-22 kW, 23-75 kW, 76-110 kW, 111-500 kW, >500 kW), By Drive (AC { By Efficiency [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) Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2021 – 2028

Published Date: Aug 2021  |  Report ID: GMI4148  |  Authors: Ankit Gupta, Nikhil Paranjape

Report Format: PDF   |   Pages: 850   |   Base Year: 2020

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Low Voltage Drives Market size was valued at over USD 11 billion in 2020 and is projected to grow at over 3% CAGR between 2021 and 2028. Stringent government norms and mandates to promote environment sustainability coupled with rising electricity demand will foster the business scenario. Increasing focus toward energy efficiency along with rising infrastructural investments across emerging nations will complement the industry landscape.

Low Voltage Drives Market

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LV drives control the motor speed and torque by shifting input frequency of electro-mechanical motors. These products account for power rating ranging from < 2 kW to > 500 kW, which differ output speed of the motor.

Escalating energy demand coupled with shifting trend toward energy savings will propel the adoption of DC voltage drives

Low Voltage Drives Market Size By Drive

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The servo low voltage drive market witnessed an annual installation of over 5 million units in 2020 and is anticipated to grow at a rate of over 3% through 2028. Technological advancements across small & medium enterprises coupled with ongoing retrofitting activities across residential, commercial, and industrial establishments will stimulate the overall industry outlook. The growing integration of low as well as medium energy units on account of easy installation & compact size across various industries including food processing, power generation, and oil & gas will further strengthen the business landscape.

Increasing electricity consumption across developing economies along with the expansion of energy storage capacity will positively influence the demand for low power range drives. The ability to provide energy savings, high efficiency, reduced start-up current requirement & mechanical strength, and increased power will further sway the product demand.

Rising awareness toward environment safety and adoption of energy-efficient equipment will sway the industry statistics

The growing demand for energy-efficient electrical equipment along with rising dependency on reliable & efficient systems will drive the micro low voltage drives market growth. These systems offer a wide range of stepless, highly efficient, and smooth speed & torque controls for standard drives with limited maintenance and compact size package. Micro drives are utilized in numerous commercial and industrial applications with a power rating of < 2 to 22 kW, further boosting their adoption across residential and commercial sectors.

The escalating investments in the development of residential and commercial establishments along with rising awareness toward environment safety and adoption of energy-efficient equipment will influence the demand for low-voltage drives. The retrofitting and refurbishment of the electrical network across households and government offices on account of stringent building emission and energy efficiency norms will stimulate the industry forecasts.

Increasing demand for LV drives across large and medium scale industries will accelerate the product adoption

The escalating energy demand accompanied by increasing electricity cost and shifting inclination toward energy saving solutions has up surged the penetration of low power drives primarily across the HVAC industry. These drives account for the power rating of 111 kW to 500 kW range and can vary the output speed of motor without utilizing mechanical pulleys, thereby reducing a number of mechanical components and overall maintenance.

The > 500 kW capacity low voltage drives market is projected to grow on account of its increasing adoption across oil & gas, food processing, power generation, automotive, mining & metals, textile, pulp & paper, and marine industries. Moreover, the ongoing usage of these drives to provide pulse width modulation signals to generate analog signals to determine frequency fluctuations across a definite timeframe will further sway the technology adoption.

Growing focus on component safety & reliability will complement the business trends

The oil & gas low voltage drives market is set to surpass over USD 2.5 billion by 2028. The rising demand for air compressors and pumps in the petrochemical industry for production process is anticipated to complement the business growth. In addition, the growing focus on component safety & reliability along with rising awareness toward alternative energy sources will complement the industry outlook.

The Asia Pacific LV drive market is projected to dominate the overall industry on account of rising infrastructural expenditure along with increasing electricity demand across the region

Asia Pacific Low Voltage Drives Market Size By Capacity

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The Asia Pacific low voltage drives market is anticipated to exceed USD 7 billion by 2028. The growing power consumption along with ongoing investments in the development of energy-efficient systems will foster the product installation. Paradigm shift toward energy consumption, low costs, equipment longevity, and maintenance will drive the deployment of effective electrical components across the region. Manufacturers, installers, and utilities have consistently aligned their focus toward optimum energy utilization through reduction of mechanical and product associated losses, which will further stimulate the product demand.

The Japan LV drives industry will witness growth owing to the decline in overall electrical losses resulting in improved operational efficiencies, further instituting a platform for grid reliability and stability. Increasing total number of industrial facilities, urban stretches, commercial premises, and utility communities has further led toward the integration of a variety of electrical components to support and enhance the overall industry statistics.

Strategic partnerships and agreements will enhance the overall market presence

Major players are focusing on new product launches, mergers & acquisitions, and R&D investments to gain a competitive advantage across the industry. Eminent players operating across the low voltage drives market include Johnson Controls, Honeywell International Inc., Eaton, Emerson Electric Co., CG Power and Industrial Solutions, Hiconics Eco-energy, Siemens, ABB, Danfoss, Nidec Corporation, Fuji Electric Co., Ltd., Schneider Electric, WEG, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Yaskawa Electric Corporation, Hitachi Ltd., Bosch Rexroth AG, and Beckhoff Automation.

The LV drive market witnessed a minimal impact owing to power sector being the necessity and the backbone of the industry. In addition, major manufacturers are focused to bring the business to its normal operating conditions while maintaining the government regulations and norms.

The low voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of 000 Units' & 'USD' from 2018 to 2028 for the following segments:

By Power Range

  • Micro
  • Low

By Capacity

  • < 2.2 kW
  • 2.2 - 7.4 kW
  • 7.5 - 22 kW
  • 23 - 75 kW
  • 76 - 110 kW
  • 111 - 500 kW
  • > 500 kW

By Drive

  • AC
    • IE 1
    • IE 2
    • IE 3
    • IE 4
    • Others
  • DC
  • Servo

By Technology

  • Standard
  • Regenerative

By System

  • Open Loop
  • Closed Loop

By Application

  • Pump
  • Fan
  • Conveyer
  • Compressor
  • Extruder
  • Others

By End-Use

  • Oil & Gas
  • Power Generation
  • Food Processing
  • Automotive
  • Mining & Metals
  • Pulp & Paper
  • Textile
  • Marine
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Norway
    • Sweden
    • Poland
    • Netherlands
    • Belgium
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Thailand
    • Singapore
    • Malaysia
    • Philippines
    • Vietnam
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Jordan
    • Iran
    • South Africa
    • Nigeria
    • Egypt
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Chile

Frequently Asked Questions (FAQ) :

The global industry size of low voltage drives exceeded USD 11 billion in 2020 and will record more than 3% CAGR up to 2028.
The micro low voltage drives industry will grow considerably through 2028 driven by the higher need for energy-efficient electrical equipment and the increasing dependency on reliable & efficient systems.
The market revenue from the oil & gas sector could cross USD 2.5 billion up to 2028 with growing need for air compressors and pumps across the petrochemical industry for the production process.
The low voltage drives market size in Asia Pacific could surpass USD 7 billion over 2028 driven by higher power consumption and continuous investments for the development of energy-efficient systems.

Premium Report Details

  • Published Date: Aug 2021
  • Pages: 850
  • Tables: 1713
  • Charts / Figures: 39
  • Companies covered: 19
  • Countries covered: 38

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