Low Voltage Drives Market size worth over $25.5bn by 2030

Low Voltage Drives Market size is set to surpass USD 25.5 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is credited to the rising electricity demand coupled with increasing consumer focus on sustainable power systems. Ongoing demand for energy-efficient units coupled with the integration of advanced technologies across small & medium-scale enterprises will accelerate the industry expansion. In addition, favorable investments across public & private verticals in line with new product innovations will foster the business landscape.
 

The COVID-19 outbreak has adversely impacted the low voltage drives market due to a continuous decline in industrial operations and reduced workforce. The limited availability of new investments across expansion activities has curtailed the product demand. However, the continuous decrease in infected cases with the resumption of various manufacturing facilities has strengthened the industry dynamics.
 

The continuous advancement of smart drives with ongoing reliable operations will augment the market outlook

The low voltage drives market for micro drives segment is anticipated to showcase substantial gains owing to the rising applications of efficient electrical equipment across commercial and industrial sectors. The growing usage of these systems for conveyors, fans, mixers, pumps, and integrated/machinery applications along with their key attributes including a wide variety of stepless & smooth speed and torque control features will positively impact product penetration. Additionally, compact size & low maintenance and precise speed control and simple integration will spur the market demand.
 

Browse key industry insights spread across 1350 pages with 2569 market data tables & 37 figures & charts from the report, “Low Voltage Drives Market Size, By Power Range (Micro, Low), 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), By Drive (AC {By Efficiency Class [IE 1, IE 2, IE 3, IE 4]}, 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), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/low-voltage-drives-market
 

Rising shift toward sustainable technologies in line with the increasing adoption of highly efficient systems will boost the market expansion

The 22 kW - < 75 kW low voltage drives market share will surge on account of a continuous inclination toward renewable power solutions along with the growing acceptance of high accuracy & optimized process control systems. Rising urban development together with fluctuating electricity costs have led to strong product deployments. Furthermore, increasing power consumption across various applications, such as in warehouse technology and factory logistics with the ability to provide high running smoothness and greater flexibility will escalate the business dynamics.
 

The DC drives market is poised to register significant growth due to the paradigm shift toward energy-saving solutions in line with the rising requirement for improved efficiency electrical equipment. Low shock hazards, precise motor movements, reduced maintenance, improved battery life, and simple installations are among the key features that will sway the product adoption. Moreover, growing applicability of these systems for a variety of applications, including AGVs, medical devices, storage & retrieval warehouse systems, and picking & sorting machines, will propel the industry landscape.
 

Increasing technological advancements and ongoing developments in the automotive sector

The standard low voltage drives market is predicted to observe a significant growth rate because of the growing focus on reliable technologies combined with continuous government support for the development of sustainable infrastructure. The paradigm shift toward adopting modern drives along with the refurbishment of electrical networks will fuel the industry demand. Furthermore, the rising acceptance of efficient electrical equipment coupled with the facilitation to offer smooth speed & torque control with limited maintenance will increase the industry scenario.
 

The open loop system market is projected to rise on account of the increasing demand for high-performance solutions along with rising focus on component safety. The key features, including excellent control performance, high starting torque, and higher low speed torque, fulfill several industrial applications. Additionally, the extensive applicability of these systems owing to high product performance will positively influence the business potential.
 

The low voltage drives market for pumps application is estimated to attain a 3% CAGR by 2030. This growth is attributed to the growing utilization of these drives in maintaining fluctuating system parameters, such as flow rates and head & settling velocity. In addition, the benefit of these drives to eliminate valve requirements for controlling the flow will result in energy savings, boosting industry growth. Furthermore, increasing system applications in production machines, automated guided vehicle systems, and pumps will accelerate the business scenario.
 

Increasing government funds for developing electrical infrastructure and the development of sustainable power solutions

North America low voltage drives market will witness an upsurge due to the paradigm shift toward low emission, safe, and smart solutions across the industrial sector with reduced power distribution network hazards; this will also stimulate the industry progression. For instance, in March 2022, Harju Elekter UAB signed an agreement with the U.S. Steel Corporation to manufacture low voltage drives and MCC systems for motor control across Big River Steel facility in Arkansas, U.S. The contract is set to strengthen the company’s presence and its product portfolio across the region. In addition, the continuous efforts by the administration to minimize the electricity losses with advanced electrical infrastructure and growing investments across expanding industrial infrastructure to cater to the regional industry value.
 

New expansion activities, acquisition & mergers, and advanced product innovations by key industry participants

The major players operating in the low voltage drives market are Siemens, ABB, NIDEC CORPORATION, Bosch Rexroth AG, Schneider Electric, Emerson Electric Co., Mitsubishi Electric Corporation, WEG, Rockwell Automation, Hiconics Eco-energy Technology, Hitachi, Ltd., GE, Beckhoff Automation, Honeywell International Inc., Johnson Controls, Eaton, CG Power & Industrial Solutions, Danfoss, Fuji Electric Co., Ltd., and YASKAWA ELECTRIC CORPORATION.