Low Voltage Drives Market
Low Voltage Drives Market (Efficiency Class - IE 1 Low Voltage Drives, IE 2 Low Voltage Drives, IE 3 Low Voltage Drives, IE 4 Low Voltage Drives, and DC Low Voltage Drives; Sector - Food and Beverage, Manufacturing, Water & Wastewater, Commercial HVAC, Power Generation, Metallurgy, Infrastructure, Automotive, Shipbuilding and Marine, and Textile; Capacity - 0.75 - 2.1 kW, 2.2 - 7.4 kW, 7.5 - 45 kW, 46 - 75 kW, 76 - 110 kW, 111 - 375 kW, and > 375 kW) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2022
Press Release :
Global Low Voltage Drives Market: Snapshot
The prolific rise in the industrialization and the steady increase in the need for energy across the world has fueled the demand for low voltage drives in a number of industries, such as the mining, oil and gas, food and beverages, packaging, and automotive. This, as a result, is reflecting greatly on the global market for low voltage drives. Various features of low voltage drives, such as positive energy balance, enhanced quality and productivity, high safety levels, and low energy consumption, are also driving the growth of this market substantially.
The opportunity in the worldwide market for low voltage drives is expected to soar exceptionally between 2017 and 2022, rising at a CAGR of 5.60%. The market, which is anticipated to reach U$16.53 bn by the end of 2017, will attain a value of more than 21 bn by 2022.
Soaring Need for Energy Ensures High Demand for Low Voltage Drives in APEJ
Broadly, on the regional basis, the global market for low voltage drives is classified into Europe, the Middle East and Africa (MEA), North America, Asia Pacific excluding Japan (APEJ), and Japan. The intense need for energy in APEJ has established the region as the leading market for low voltage drives across the world. The industrial development in various emerging economies in the Asia Pacific region, such as India and China, is leading to an increased demand for low-voltage motors in a number of industries, especially in automotive and electronics, which is likely to ensure the dominance of the APEJ market for low voltage drives in the years to come.
North America and Europe are also projected to witness a steady rise in the demand for these drives over the next few years, thanks to the increasing inclination toward cleaner energy, specifically for solar and wind projects. Apart from this the presence of stringent rules and policies pertaining to motor efficacy and the replacement and upgradation of old equipment are also expected to boost the demand for low voltage drives in both the regions in the near future. IE2 and IE3 type devices witness a widespread adoption in Australia, Canada, the U.S., New Zealand, and several economies in Europe.
IE 1 and IE 2 Drives Display Stronger Demand
Primarily, low voltage drives are available in five efficiency classes, that is, IE 1, IE 2, IE 3, IE 4, and DC. The demand for IE 2 and IE 3 low voltage drives are higher than other type of products on account of their specific characteristics, such as corrosion resistance and flexible terminal box. Over the coming years, the demand for IE4 drives will also increase, owing to the less energy consumption offered by them.
Low voltage drives find significant application in a number of sectors, such as the food and beverages, manufacturing, commercial HVAC, water and wastewater, power generation, shipbuilding and marine, infrastructure, metallurgy, automotive, and the textile. Among these, the automotive sectors is reporting a stronger demand for these drives and the trend is anticipated to continue in the near future. Low voltage drives are available in the capacity of 0.75 - 2.1 kW, 2.2 - 7.4 kW, 7.5 - 45 kW, 46 - 75 kW, 76 - 110 kW, 111 - 375 kW, and > 375 kW across the world.
The global low voltage drives market demonstrates a highly competitive business landscape. At the forefront of this market are Rockwell Automation Inc., Danfoss A/S, YASKAWA Electric Corp., SEW Eurodrive GMBH & Co.KG, Nidec Control Techniques Ltd., KEB Automation KG, General Electric Co., ABB Ltd., Schneider Electric SE, and Siemens Ltd.
Growing Industrialization Levels to Bring Tremendous Growth Opportunities for the Low Voltage Drives Market
The low voltage drives market is anticipated to gain extensively across the assessment period of 2017-2022 on the back of the rising industrialization levels across various regions around the world. The rising investments toward infrastructure development in densely populated regions like India and China is also a vital factor that will positively affect the growth of the low voltage drives market.
- Low voltage drives are used for controlling the speed and motor torque by the alteration of the input frequency of electro-mechanical motors. These voltage drives are specifically designed to operate at output voltages less than 690 V. The overwhelming benefits attached to the drives will bring good growth prospects through the forecast period of 2017-2022.
- Manufacturers in the low voltage drives market are always involved in intense research and development activities. The activities help in discovering novel insights that assist in boosting the revenues of the low voltage drives market extensively. Furthermore, mergers and acquisitions also play a critical role in the growth of the low voltage drives market. Manufacturers in the low voltage drives market indulge in these activities to strengthen their foothold, leading to an increase in the growth rate of the low voltage drives market.
- The growing use of low voltage drives across a large number of applications will prove to be a vital growth-generating factor. However, the novel coronavirus pandemic has ruined the growth prospects of the low voltage drives market to a considerable extent. The increasing prevalence of the virus forced many countries to go into strict lockdowns. These lockdowns had a grave influence on the production and demand of low voltage drives as all the factories were shut during the lockdown period.
- Nevertheless, the government bodies of numerous countries introduced relaxations in the lockdown norms, which will prove to be a relief for the players in the low voltage drives market.
Global Low Voltage Drives Market: Overview
Driven by the soaring industrialization across the world, the low voltage drives find extensive usage in the mining, oil and gas, packaging, automotive, and the food and beverages industries. The steady rise in the need for energy, fueled by the shrinking of energy resources, and the augmenting trend of cleaner energy generation are reflecting positively on the growth of the global market for low voltage drives.
In this research report, an in-depth and strategic analysis and the growth forecast of the worldwide low voltage drives market for the period between 2017 and 2022 is offered to readers. Under the scope of this study, the analyses of various segments in this market that are differentiated on the basis of the efficiency, sector, capacity, and the geography, are included. The report, further, provides a comprehensive assessment of several factors, such as the market drivers, limitations, and opportunities, which are influencing the growth of this market.
With all these factors, the prominent trends that impact the overall growth of this market have been determined in this study. Moreover, an exhaustive evaluation of this market, together with the growth estimation for the forecast period has also been discussed in research report. Along with this, it also focuses on the rise in the demand for various types of low voltage drives across the world in the near future.
Global Low Voltage Drives Market: Segmentation
The report consists of detailed assessments of the performance of various segments in the global low voltage drives market, classified on the basis of efficiency, sector, capacity, and the geography. Based on the efficiency, the market has been classified into IE 1 low voltage drives, IE 2 low voltage drives, IE 3 low voltage drives, IE 4 low voltage drives, and DC low voltage drives.
By the sector, the market has been categorized into the F&B manufacturing, water and wastewater, commercial HVAC, power generation, metallurgy, infrastructure, automotive, shipbuilding and marine, and the textile sectors. In terms of capacity, the market has been bifurcated into 0.75 - 2.1 kW, 2.2 - 7.4 kW, 7.5 - 45 kW, 46 - 75 kW, 76 - 110 kW, 111 - 375 kW, and > 375 kW.
Global Low Voltage Drives Market: Geographical Outlook
On the basis of geography, the worldwide market for low voltage drives has been segmented into Europe, the Middle East and Africa (MEA), North America, Asia Pacific excluding Japan (APEJ), and Japan. Furthermore, the performance analysis for the key countries, such as Canada, the U.S., Brazil, Mexico, Argentina, Germany, France, the U.K., Spain, Italy, Japan, India, China, Singapore, Malaysia, Thailand, Australia, South Africa, Nigeria, and Israel, have also been presented in this research report.
Further, the report provides a qualitative analysis of the factors accountable for driving as well as limiting the growth of the low voltage drives market in each of these regions. It also talks about regional or country specific trends, which impact the overall market globally.
Global Low Voltage Drives Market: Competitive Analysis
For improved decision making, the competitive assessment, as well as profile reviews of the leading players in this market, is covered within the scope of this research report. Apart from this, the respective market share, major developments, and prominent business strategies, taken up by the key participants for the expansion of their businesses have also been studied in this report.
Rockwell Automation Inc., Danfoss A/S, YASKAWA Electric Corp., SEW Eurodrive GMBH & Co.KG, Nidec Control Techniques Ltd., KEB Automation KG, General Electric Co., ABB Ltd., Schneider Electric SE, and Siemens Ltd. are some of the key companies operational in the global low voltage drives market.