COVID-19 Impact on Global Low Voltage AC Drive Market
- Low voltage AC drives are primarily used in industrial machinery. The COVID-19 outbreak has significantly hampered the demand for these drives. Many manufacturers of these products have completely or partially shut their plants owing to lockdowns imposed by governments to curb the spread of the pandemic. Thus, low demand for industrial products due to the COVID-19 pandemic is negatively affecting the global low voltage AC drive market.
Key Drivers and Restraints of Global Low Voltage AC Drive Market
- Increase in awareness about the adoption of energy-efficient equipment is expected to drive the low voltage AC drive market during the forecast period. Rise in demand for energy-efficient electrical equipment is likely to play an important role, as low voltage AC drives offer a highly efficient and speed & torque controls for standard drives along with limited maintenance and compact size.
- Growth in industrialization and urbanization is also estimated to drive the global Low voltage AC drive market. Significant rate of industrialization and urbanization across the globe has led to a rise in consumption of electricity. This is projected to boost the demand for low voltage AC drives in the near future.
Global Low Voltage AC Drive Market: Segmentation
- The global low voltage AC drive market can be segmented in terms of capacity, application, and end-user
- In terms of capacity, the global low voltage AC drive market can be divided into Up to 10 kW, 10 kW to 50 kW, 50 kW to 100 kW, and above 100 kW. 10 kW to 50 kW and 50 kW to 100 kW segments are expected to expand at a high CAGR in the near future.
- Based on application, the global low voltage AC drive market can be classified into pump, fan, conveyor, compressor, and others. Pump and compressor segments are expected to expand significantly during the forecast period owing to the higher demand for these in oil & gas and power industries.
- Based on end-user, the global market can be classified into oil & gas, power generation, food processing, mining & metals, automotive, and others. Oil & gas and power were key segments of the global market in 2020 and are estimated to continue their dominance in the near future.
Global Low Voltage AC Drive Market: Regional Outlook
- Based on region, the global low voltage AC drive market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific was the dominant region of the global low voltage AC drive market in 2020. This can be ascribed to the rise in demand for oil & gas, power, and food processing in the region. China is the dominating country in the region.
- The market in North America and Europe is projected to expand at a high CAGR during the forecast period, as countries in these regions are focusing on upgrading their network infrastructure due to rise in demand for energy efficient equipment. This is anticipated to boost the demand for electronic products.
- The market in Middle East & Africa and Latin America is projected to expand at a steady CAGR during the forecast period, owing to steady growth in investments in automobile, oil & gas, and power industries in these regions
Key Players Operating in Global Market
- ABB Ltd.
- Schneider Electric Se
- Siemens AG
- Mitsubishi Electrical Corporation
- Fuji Electric Co. Ltd.
- Emerson Electric Co.
- Hitachi Ltd.
- Parker Hannifin Corporation
- Rockwell Automation, Inc.
- Toshiba International Corporation.
Global Low Voltage AC Drive Market: Research Scope
Global Low Voltage AC Drive Market, by Capacity
- Up to 10 kW
- 10 kW to 50 kW
- 50 kW to 100 kW
- Above 100 kW
Global Low Voltage AC Drive Market, by Application
Global Low Voltage AC Drive Market, by End-user
- Oil & Gas
- Power Generation
- Food Processing
- Mining & Metals
Global Low Voltage AC Drive Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Global Low Voltage AC Drive Market: Introduction
- Low voltage AC drives are employed in AC motors, as these drive have built-in features to adjust the speed and torque of AC motors. Low voltage AC drive could replace the use of DC and slip-ring motors together with their control systems. These drives offer advantages such as improved process efficiency, reduced energy consumption, and improved productivity.