Low Voltage Drives Market – By Power Range (Micro, Low), By Capacity, By Drive (AC, DC, Servo), By Technology, By System, By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-use & Forecast, 2024 - 2032

Low Voltage Drives Market Size

Low Voltage Drives Market was evaluated at USD 19.2 billion in 2023 and is anticipated to observe a growth rate of 4.3% through 2032 on account of the significantly rising investments across public & private verticals to boost the energy-efficiency.
 

Moreover, the growing integration of clean energy networks driven by the stringent standards to maintain the energy efficiency in modern infrastructure will further shape the industry dynamics. For instance, in April 2024, the European Union introduced the EU/2024/1275, an amendment to its Energy Performance of Buildings Directive, aiming to decarbonize the building stock by 2050, boost energy efficiency, and mitigating the GHG emissions by at least 60% by 2030, among other objectives.
 

Low Voltage Drives Market Trends

The low voltage drives industry is projected to observe significant growth owing to their low costs, easy availability, compact sizes, alongside their ability to enhance productivity in industrial operations, among other advantages. Moreover, the growing demand for high-efficiency systems to generate significant energy savings amid rapidly increasing energy consumption is poised to reshape the industry trends.
 

For instance, as per the data updated by the U.S. Energy Information Administration in July 2024, the total industrial energy consumption totaled over 2.4 quadrillion British thermal units (Btu) in February 2023, rising about 3.6% from 2.3 quadrillion Btu in February 2022. Additionally, rapid urbanization, growing focus on efficient electricity usage, and integration of clean energy networks are among the key parameters augmenting the industry landscape.
 

Low Voltage Drives Market Analysis

The low voltage drives industry with 7.5 kW - < 22 kW ratings are poised to surpass USD 7.5 billion by 2032 owing to the escalating demand for reliable, high-performance drives, across different building infrastructure along with industrial operations. The devices offer significant advantages including smooth installation, versatile module options, and the ability to regulate frequency fluctuations adding to their adoption potential. Moreover, various industry verticals consisting of food processing, pulp and paper, power generation, textiles, and automotive are pivoting towards energy-efficient solutions further complementing the industry expansion.
 

The low voltage AC drives industry is set to observe a growth rate of over 4% till 2032 driven by the rising consumer interest in renewable energy and the introduction of new highly automated products from the leading industry players. Moreover, the rapid increase in investments in modern electrical infrastructure to meet their escalating energy demands primarily across the developing nations will cater to the industry growth. In addition, the integration of digital and smart technologies including IoT and AI to enable real-time monitoring, predictive maintenance, and improved efficiency has propelled significant advancements in the LV AC drives technology.
 

Asia Pacific low voltage drives market is projected to surpass USD 13 billion by 2032. Continuous product innovations driven by technological expansion in the electrical infrastructure are set to reshape the regional business landscape. The expanding production capabilities of automotive sector, rising energy demand in new manufacturing facilities, and positive outlook to curb the overall, carbon footprint especially across the emerging economies will positively stimulate the Asia Pacific low voltage drives industry.
 

For instance, the Australian government has introduced its Powering Australia stipulating various targets including mitigating energy bills, reduce emissions through clean energy alternatives, and generate employment opportunities. In addition, the administration further confirmed to reduce the emissions by 43% by 2030 while attaining the net zero emissions by 2050.
 

Low Voltage Drives Market Share

The low voltage drives (LVD) industry is characterized by intense rivalry due to several factors including market saturation, technological advancements, and the presence of numerous key players. Companies continuously invest in R&D to develop more efficient and advanced LVDs differentiating their products by offering unique features, such as enhanced energy efficiency, user-friendly interfaces, and robust designs for harsh environments.
 

Moreover, the key industry players consisting of ABB, Siemens, Yaskawa Electric, Danfoss, Eaton, and Rockwell Automation, Inc, among others have gained a strong foothold backed by the by technological innovation, pricing strategies, and a focus on customer service.
 

Low Voltage Drives Market Companies

The key market players operating across the industry consist of:

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

Low Voltage Drives Industry News

• In March 2024, Invertek Drives Ltd launched a new addition to its Optidrive Coolvert variable frequency drive units designed to serve HVAC-R industry by operating across condensing units (CDUs), heat pumps, and BLDC compressors. The introduced product line includes a couple of new frame sizes called Sizes 3 and 4 to deliver compact design with enhanced space savings, easy setup & integration, extended power ranges, and seamless operations with natural refrigerants in HVAC-R applications.
   
• In February 2024, Danfoss unveiled its iC2 micro drive to enhance the reliability and efficiency across HVAC systems. The compact product is specifically designed to optimize pumps & fans operations along with the ability to control the permanent magnet motors. The VFD unit consist of clear navigation buttons, LED display, frequency setting potentiometer, and status indicators to offer real-time data feedback, remote monitoring, and predictive maintenance proficiency.
   

The low voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 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
  • 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 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
  • South Africa
  • Nigeria
  • Egypt
  • Alegria
• Latin America
  • Brazil
  • Argentina
  • Chile