Low Voltage Electric Drives Market Size, Growth & Statistical Report to 2030
The global low voltage electric drives market is expected to experience a substantial CAGR of over 4% throughout the forecast period spanning from 2023 to 2030. This market’s growth is propelled by several key factors, including industrial automation, the pursuit of energy efficiency and cost savings, the ongoing trend of industrialization, government regulations, technological advancements, and the expanding renewable energy sector. These elements collectively drive the demand for low voltage electric drives, which enable precise motor control, enhance energy efficiency, lower operational expenses, and align with sustainability objectives.
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Market Trends:
- Growing demand for energy efficiency: Low voltage electric drives can help to improve the energy efficiency of industrial processes by controlling the speed and torque of motors. This can lead to significant energy savings and reduced carbon emissions.
- Adoption of smart drives: Smart drives are low voltage electric drives that are equipped with sensors and communication capabilities. This allows them to collect data and communicate with other devices, which can be used to improve the efficiency and performance of industrial processes.
- Increasing demand for variable speed drives: Variable speed drives (VSDs) are a type of low voltage electric drives that allow for precise control of motor speed. VSDs are widely used in a variety of industrial applications, such as fans, pumps, and compressors.
- Growing demand for integrated drives: Integrated drives are low voltage electric drives that are integrated with other components, such as motors and controllers. This can help to reduce the size and cost of drive systems.
According to the recent report published by RC Market Analytics, the Global Low Voltage Electric Drives Market is expected to provide sustainable growth opportunities during the forecast period from 2023 to 2030. This latest industry research study analyzes the low voltage electric drives market by various product segments, applications, regions and countries while assessing regional performances of numerous leading market participants. The report offers a holistic view of the low voltage electric drives industry encompassing numerous stakeholders including raw material suppliers, providers, distributors, consumers and government agencies, among others. Furthermore, the report includes detailed quantitative and qualitative analysis of the global market considering market history, product development, regional dynamics, competitive landscape, and key success factors (KSFs) in the industry.
Browse the Full Report Discretion of Global Low Voltage Electric Drives Market
Geographically, the low voltage electric drives market report comprises dedicated sections centering on the regional market revenue and trends. The low voltage electric drives market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Low voltage electric drives market estimates have also been provided for the historical years 2020 & 2021 along with forecast for the period from 2023 – 2030.The report includes a deep-dive analysis of key countries including the U.S., Canada, the U.K., Germany, France, Italy, China, Japan, India, Australia, Mexico, Brazil and South Africa, among others. Thereby, the report identifies unique growth opportunities across the world based on trends occurring in various developed and developing economies.
The Low Voltage Electric Drives Market Segmentation:
By Voltage Range:
- Less than 1 kV
- 1 kV to 5 kV
- 5 kV to 10 kV
By Control Method:
- AC Drives
- DC Drives
- Servo Drives
By End-Use Industry:
- Automotive
- Oil and Gas
- Energy and Power
- Manufacturing
- Chemicals and Petrochemicals
- Mining and Metals
- Food and Beverage
- Water and Wastewater
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Some of the major market players operating in the global low voltage electric drives market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., Danfoss A/S, Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Yaskawa Electric Corporation, WEG Industries, and Eaton Corporation plc.
Recent Developments:
- In March 2022, Harju Elekter UAB and U.S. Steel Corporation (Exploratory Ventures LLC) entered into a contract to manufacture low voltage drives and MCC (Motor Control Center) systems for the management of 1500 motors at the new Big River Steel complex in Arkansas. The production and delivery of these systems will take place until April 2023. The value of the contract is estimated to be around EUR 10 million.
- Rockwell Automation and Comau announced a collaboration in 2021 to develop new automation solutions for the automotive industry. This collaboration aims to integrate Rockwell Automation’s control systems with Comau’s robotic technologies to enhance automotive manufacturing processes.
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Key Questions Answered by Low Voltage Electric Drives Market Report:
- Product popularity and adoption based on various country-level dynamics
- Regional presence and product development for leading market participants
- Market forecasts and trend analysis based on ongoing investments and economic growth in key countries
- Competitive landscape based on revenue, product offerings, years of presence, number of employees and market concentration, among others
- Various industry models such as SWOT analysis, Pestle Analysis, Porter’s Five Force model, Value Chain Analysis pertaining to Low Voltage Electric Drives market
- Analysis of the key factors driving and restraining the growth of the global, regional and country-level markets from 2020-2027
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