Low Voltage Drives Market Size - By Power Range (Micro, Low), By Drive (AC, DC, Servo), By Technology (Standard, Regenerative), By System (Open Loop, Closed Loop), Capacity, Application, End-use & Global Forecast, 2024 - 2032

Low Voltage Drives Market Size

Low Voltage Drives Market was valued at over USD 19.2 billion in 2023 and is projected to grow at over 4.3% CAGR between 2024 and 2032.
 

Low voltage drives are widely integrated to regulate the torque & speed of AC motors across low & high-power applications. The low cost, easy availability, and smaller size in line with the capability to boost process productivity across industrial operations will proliferate the business scenario. In addition, high-efficiency system requirements along with substantial energy savings will accelerate the product landscape.
 

The COVID-19 pandemic has marginally impacted the low voltage drives market owing to the disruptions in the supply chain logistics coupled with the temporary shutdown of industrial establishments. The stringent measures by regional governments to limit the cross-border trade activities and impose national lockdowns has adversely affected the product demand. However, the growing focus towards emergency sector such as healthcare facilities and adoption of new combat measures by the key players has somehow counterbalanced the industry dynamics.
 

The low power range drives market is predicted to observe a 4% growth rate till 2030 due to the significantly mounting investments across private & public sectors. Moreover, the escalating integration of clean energy networks coupled with increasing demand for energy savings for developing modern infrastructure will augment the industry scenario. Furthermore, robust urbanization in line with a rising inclination toward optimum electricity utilization will escalate market potential.
 

Low Voltage Drives Market Analysis

The ≥ 500 kW low voltage drives market is anticipated to surge owing to the increasing acceptance of reliable & high-performance drives that enhance product adoption across the oil & gas sector. Simple installations, controlled module options, and rising installation of systems with the ability to control frequency fluctuations for a definitive timeframe will propel product penetration. Additionally, the growing usage of energy -efficient systems across food processing, pulp & paper, power generation, textile, and mining & metal industries along with the flourishing automotive sector will fuel the industry demand.
 

The servo drives segment is estimated to attain significant expansion on account of the rising consumer focus on renewable power along with the continuous introduction of innovative products with advanced automation capabilities. Ongoing investments for developing modern electrical infrastructure due to the escalating electricity requirements across developing nations will spur the market revenue.
 

Increased speed, excellent positioning & motion control, and the ability to account for expected errors along with the advantage of a feedback monitoring device are some of the features contributing to product penetration. In addition, safe operations because of the advanced technological solutions along with growing applications across logistics and mobile conveyor technologies offering high performance will positively impact business outlook. The low voltage AC drives market revenue is likely to cross USD 22.1 billion by 2032 on account of growing demand for rising electricity consumption.
 

The regenerative low voltage drives market is poised to register substantial gains during the forecast period. This growth is attributed to the stringent government laws pertaining to building emissions along with the continuous upgrading of electrical networks across government & household buildings. Simple installations, optimized cost & space, maximum performance, and the capability to save energy are some of the key attributes that will stimulate demand for regenerative low voltage drives. Furthermore, increasing applications of highly efficient drives for various applications, including cranes, test benches, downhill conveyors, and elevators & centrifuges, will positively influence the business potential.
 

The closed loop low voltage drives market will witness considerable growth on account of increasing technological advancements across the electricity sector coupled with continuous retrofitting activities across commercial, residential, and industrial facilities. High accuracy, reliable operations, and the advantage of offering high performance because of the ability to adjust the output to the required condition will foster product demand. Moreover, rising investments across the private & public sectors for expanding the sustainable power sector in line with growing focus on energy efficiency will fuel the business dynamics.
 

The conveyor application is slated to showcase robust growth during the forecast timeline.  This growth is credited to the rising demand for energy savings across end users in line with the capability of offering reliable & controlled operations. These drives offer accurate and smooth control of motor speed & torque, thereby increasing conveyor life in line with providing lower operational & maintenance costs. Additionally, these drives offer efficient & low starting current and high torque, eliminating voltage fluctuations & current peaks along with minimizing conveyor slippage risks; this, in turn, will sway the industry progression.
 

The automotive low voltage drives market will bolster on account of the continuously expanding automotive production capabilities along with increasing energy consumption across new manufacturing facilities the emerging economies. The paradigm shift toward the acceptance of electric automobiles across end users in line with surging requirements to improve vehicle safety has shifted the consumer focus toward adopting these drives. In addition, rising government focus on the expansion of e-mobility vehicles in line with their applications across harsh environments and their ability to tolerate high shock loads and vibration levels have stimulated product penetration.
 

The Asia Pacific low voltage drives market exceeded USD 7.5 billion in 2021. This growth is attributed to the favorable government incentives toward developing sustainable transport and other industrial expansion. Continuous product innovations in line with ongoing technological expansion across the electrical infrastructure will propel the market expansion. For instance, in January 2022, ABB launched the flameproof (FLP) low voltage motors in India. It provides safe & reliable operations in explosive environments and is available in IE2 & IE3 efficiency class. The product is equipped with remote monitoring, enhancing the company’s product portfolio in the country.
 

Low Voltage Drives Market Share

The major participants operating across the market include :

• Mitsubishi Electric Corporation
• ABB
• Siemens
• Beckhoff Automation
• Emerson Electric Co
• Eaton
• Hitachi, Ltd
• Johnson Controls
• NIDEC CORPORATION
• Honeywell International Inc
• Bosch Rexroth AG
• YASKAWA ELECTRIC CORPORATION
• Rockwell Automation, Inc
• WEG
• Schneider Electric
• Electric Co., Ltd
• Eco-energy Technology Co., Ltd
• CG Power & Industrial Solutions Ltd
• GE
• Danfoss

Inorganic growth ventures, mergers & acquisitions, and continuous technological advancements will shape the market trends.
 

The low voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘000 units & USD million from 2018 to 2030, for the following segments:

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Market, By Power Range

• Micro
• Low

Market, By Capacity

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

Market, By Drive

• AC
  • Efficiency Class
    • IE1
    • IE2
    • IE3
    • IE4
    • Others
• DC
• Servo

Market, By Technology

• Standard
• Regenerative

Market, By System

• Open loop
• Closed loop

Market, By Application

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

Market, 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 country:

• 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
  • Alegria
• Latin America
  • Brazil
  • Argentina
  • Chile