Low Voltage Drives Market to Grow as Electronics Industry Embraces Innovation
The demand within the global low voltage drives market is set to escalate in the years to follow. The use of these drives across a variety of electronic applications has played an integral role in market growth. The need for managing AC and DC voltages has shifted the focus towards power-management technologies. AC grids need to be monitored and managed, and low voltage drives play an integral role in accomplishing this. Electric power companies use low voltage drives for the purpose of research and development. The electronics and electric industry has undergone key developments in recent times, and this is centrum of growth in the market.
Transparency Market Research (TMR) assesses the global low voltage drives market to expand at a CAGR of 5.6% over the period between 2017 and 2022. The total volume of revenues within the low voltage drives market is also slated to increase in the years to follow.
Need for Efficiency across Low-Voltage Applications
The overall power conversion efficiency in IGBT can be managed with the help of low voltage drives. Other key applications of low voltage drives pertaining to the electronics industry are also a sound indicator of market growth. The noise smoothening feature endowed by these drives has also garnered the attention of the masses. It is safe to assert that the global low voltage drives market would gather voluminous revenues in the years to follow. A wide range of applications for low voltage drives are restricted to voltage-management applications. This factor, coupled with the presence of a pragmatic research fraternity, has generated fresh perspectives within the global market.
Advancements in Electronic Manufacturing
The electronics industry is treading along a lucrative pathway, and has been quick to endorse new technologies. The utility of low voltage drives in the electronics industry is incontestable, and this factor has generated fresh avenues for market growth. Moreover, the resilience of the market vendors in adhering to the practices followed in the electronics industry has also generated fresh revenues. The use of trademarks to provide a seal of credibility to low voltage drives, and other similar devices, has generated tremendous demand within the global low voltage drives market.
Siemens has been at the forefront of advancement within the global low voltage drives market. The company recently launched predictive services that use Drive Systems, under its local service agreement. The company has made rapid strides of growth in the electronic industry, and has emerged as a key player in the low voltage drives market. The use of unique drive systems to accomplish its predictive service project shall be a launch pad for the growth of the global low voltage drives market.
The global low voltage drive market can be segmented by:
- Food and beverage
- Water and wastewater management
- Power Generation
- North America
- Asia Pacific
- The Middle East
- Latin America
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