Low Voltage Drives Market Size

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.

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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.