Low Voltage Drives Market size to exceed $16bn by 2028

Low Voltage Drives Market size is projected to surpass USD 16 billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

The low voltage drives industry demand is anticipated to witness over 3% CAGR through 2028. Government regulatory norms and mandates to deploy energy-efficient power structures along with the rising smart manufacturing trends will fuel the overall industry dynamics. Increasing technical advancements focused toward high operational efficiency of electrical products and systems will complement the business landscape.

 

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Increasing industrialization coupled with shifting trends toward the adoption of energy-efficient solutions will complement the low voltage drives market share

Upsurge in the demand for continuous and reliable power supply in order to fulfill the ever-increasing consumption of electricity along with introduction of stringent norms to promote energy efficiency will drive the LV drive installation. The increasing adoption of IE 3 rated drives specifically across European Union will complement the business scenario. Moreover, stabilizing global economic growth coupled with increasing manufacturers aim toward cost competitiveness will continue to drive the product demand.
 

Browse key industry insights spread across 850 pages with 799 market data tables & 39 figures & charts from the report, “Low Voltage Drives Market Statistics By Power Range (Micro, Low), Capacity (<2.2 kW, 2.2-7.4 kW, 7.5-22 kW, 23-75 kW, 76-110 kW, 111-500 kW, >500 kW), Drive (AC { By Efficiency [IE1, IE2, IE3, IE4,]}, DC, Servo), Technology (Standard, Regenerative), System (Open Loop, Closed Loop), Application (Pump, Fan, Conveyor, Compressor, Extruder), End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Textile, Marine) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2028in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/low-voltage-drives-market

 

Stringent regulatory norms to deploy smart drive solutions will propel low voltage drives market statistics

Decreasing system cost primarily on account of upgraded technology of power devices, microcomputer advancements, and enhanced manufacturing techniques will encourage the business development. In addition, ongoing trend toward minimizing costs through improved manufacturability is set to accelerate the development of standard drive systems. For instance, in 2021, WEG launched a decentralized drive package with geared motors and variable speed drives offering drive technology with a wide installation across indoor and outdoor applications. The introduction of cost-competitive energy-efficient solutions along with the involvement of stringent norms as well as directives has increased the adoption of advanced electrical drives across the industry.
 

Ongoing technological advancements coupled with revised regulations to optimize the energy efficiency will propel the overall industry dynamics of Europe

Europe low voltage drives market is projected to surpass USD 4 billion by 2028. Stringent EU eco-design measures for electric motors, responsible for 50% of electricity consumption, have led to a cyclical demand for LVDs across the region. As per the new revised regulation of the European Commission, the optimization of the energy efficiency of these motors can save over 110 TWh of electricity by 2030, which is equivalent to the annual electricity consumption of the Netherlands.
 

Despite the COVID-19 impact, the power sector witnessed a minimal impact. Major industries were operational as well as no restrictions by the regulators toward the construction of sustainable energy projects. Moreover, eminent players operational across the low voltage drives market includes Johnson Controls, Eaton, Emerson Electric Co., Honeywell International Inc., CG Power and Industrial Solutions, Danfoss, Hiconics Eco-energy Technology Co., Nidec Corporation, Siemens, ABB, Schneider Electric, Bosch Rexroth AG, Fuji Electric Co., Ltd., WEG, Rockwell Automation, Inc., Yaskawa Electric Corporation, Mitsubishi Electric Corporation, Hitachi Ltd., and Beckhoff Automation.
 

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