Low Voltage Electric Drives Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Low Voltage Electric Drives Market Analysis
The Global Low Voltage Drives market is anticipated to register a CAGR of 4.3% between 2022 and 2027. A greater focus on energy efficiency and more infrastructure spending will drive the industry's scenario. Continuous technical advancements will make LV drives more acceptable in a wider range of applications, such as battery-powered motion control devices that enable speedy problem diagnostics and effective operation at various loads and speeds.
- Low voltage drives are used in low and high-power applications to control the torque and speed of alternating current motors. Because of the low cost, quick availability, and reduced size, as well as the ability to boost process productivity throughout industrial processes, the business scenario will spread. Furthermore, high-efficiency system requirements and large energy savings will accelerate the product landscape.
- Due to the interruptions in supply chain logistics and the temporary shutdown of manufacturing facilities, the COVID-19 pandemic has only had a marginal impact on the low voltage drive market. The strict restrictions taken by regional governments to restrict international trade and enforce national lockdowns have had a negative impact on product demand. The dynamics of the industry have been somewhat counterbalanced by the increased attention paid to emergency sectors like healthcare facilities and the adoption of new combat strategies by the major competitors.
- Furthermore, with the growing adoption of energy-efficient electrical equipment in the commercial and industrial sectors, the low voltage drive market for the microdrives segment is also predicted to experience significant growth. Product penetration will be positively impacted by the expanding use of these systems for conveyors, fans, mixers, pumps, and integrated/machinery applications, as well as their essential characteristics, which include a variety of stepless and smooth speed and torque control features.
- The factors fueling the market's expansion include the rise in industrialization and urbanization in emerging nations, the rise in industrial automation, and the expanding need for energy-efficient motors. Additionally, several characteristics of low voltage drives, including high safety standards, improved quality and productivity, positive energy balance, and reduced energy consumption, significantly boost the market for low voltage drives.
- The drive market is also predicted to increase shortly due to stringent motor efficacy standards and regulations and the upgrading and replacement of outdated equipment.
Low Voltage Electric Drives Market Trends
This section covers the major market trends shaping the Low Voltage Electric Drives Market according to our research experts:
Automotive Industry is Expected to Boost the Demand
- The automotive low-voltage drive market will be boosted by the continuing expansion of automotive production capacity and rising energy consumption in new manufacturing facilities in emerging nations. The consumer focus has switched toward adopting these drives due to the paradigm shift toward acceptance of electric autos among end-users, in conjunction with the growing demand to increase vehicle safety.
- Furthermore, increased government emphasis on expanding e-mobility cars by their uses in tough areas and their capacity to withstand high shock loads and vibration levels have boosted product penetration. Consumers expect more from electric vehicles, and increasing the voltage is the simplest way to improve electric drives' power. This merely exacerbates the problem of electrical safety.
- Volabo, an Ansys Startup Program member, proposes a low-voltage electric drive that runs on only 48 volts, a safe-to-touch voltage. Volabo also employs an intelligent stator cage drives (ISCAD) system. The configuration replaces the most expensive component of an electric motor, copper winding, with inexpensive and simple-to-manufacture aluminum bars.
- Furthermore, nanoFlowcell has developed technology that enables low-voltage electric drive in a freestanding system without the use of huge supercapacitors. This advancement will be exhibited in the Quant 48Volt variant. The nanoFlowcell's capacity to deliver so much power from such a low-voltage system contributes to the design's inherent safety.
Asia-Pacific is Expected to Dominate the Low Voltage Drives
- The Asia-Pacific Low Voltage Drives market is expected to grow rapidly between 2022 and 2027 due to the implementation of energy efficiency rules and the rising demand for optimum energy solutions. The market landscape would be augmented by growing industrialization investments and a thriving real estate sector. Several government initiatives to expand EV coverage will increase EV accessory demand, further increasing market demand.
- DC low voltage drives are expected to expand significantly through 2027, owing to rising consumer disposable income and urbanization rates, mainly in emerging countries. Due to stringent building emissions regulations, the continuing repair and retrofitting of electrical networks will increase industrial demand. The product has several major advantages, including reduced maintenance, increased efficiency, and ease of implementation, which help to accelerate the market landscape.
- This expansion is due to attractive government incentives for creating sustainable transportation and other industry activities. Continuous product innovation and continued technical expansion across the electrical infrastructure will drive market growth. Also, this can be due to the rise in demand for oil & gas, power, and food processing in the region.
- ABB, for instance, introduced flameproof (FLP) low voltage motors in India in January 2022. It operates safely and reliably in explosive situations and is available in IE2 and IE3 efficiency classes. The offering includes remote monitoring, which expands the company's product line in the country.
Low Voltage Electric Drives Industry Overview
The global low voltage electric drives market is highly fragmented due to several global and regional players. The market trends will be shaped by inorganic growth initiatives, mergers and acquisitions, and ongoing technical improvements. ABB, Siemens, Beckhoff Automation, Emerson Electric Co., Eaton, and Hitachi, Ltd. are some of the significant players in the field.
- November 2021 - Innovative shaft generators with a Power-Take-Off (PTO) solution, consisting of novel drive systems and permanent magnet technology, will be part of ABB's equipment package for Himilaya Shipping's ultra-large bulk carriers. Low-voltage electric drives and transformers, as well as engineering, project management, and commissioning services, are all included in ABB's comprehensive scope of supply for the Himalaya Shipping vessels.
Low Voltage Electric Drives Market Leaders
ABB Limited
Siemens AG
Hitachi, Ltd.
Nidec Corporation
Rockwell Automation
*Disclaimer: Major Players sorted in no particular order
Low Voltage Electric Drives Market News
- March 2022 - A contract between Harju Elekter UAB and U.S. Steel Corporation (Exploratory Ventures LLC) was signed in March 2022 to produce low voltage drives and MCC systems to manage 1500 motors at the new Big River Steel complex in Arkansas. Production and deliveries will continue up to April 2023. The contract is worth approximately EUR 10 million.
Low Voltage Electric Drives Market Report - Table of Contents
1. INTRODUCTION
1.1 Study assumptions and market definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness -Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing focus toward energy efficiency and energy levels
5.1.2 Accelerating the Automotive Industry's Growth
5.2 Market Challenges
5.2.1 High Implementation Cost
6. MARKET SEGMENTATION
6.1 Type
6.1.1 AC Drives
6.1.2 DC Drives
6.1.3 Servo Drives
6.2 End-User Industry
6.2.1 Automotive
6.2.2 Oil & Gas
6.2.3 Chemical & Petrochemical
6.2.4 F&B
6.2.5 Water & Wastewater
6.2.6 Power Generation
6.2.7 Metal & Mining
6.2.8 Pulp & Paper
6.2.9 HVAC
6.2.10 Discrete Industries
6.2.11 Other End-user Industries
6.3 Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 United Kingdom
6.3.2.2 Germany
6.3.2.3 Italy
6.3.2.4 France
6.3.2.5 Russia
6.3.2.6 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 China
6.3.3.2 India
6.3.3.3 Japan
6.3.3.4 South Korea
6.3.3.5 Australia & New Zealand
6.3.3.6 Rest of Asia-Pacific
6.3.4 Latin America
6.3.4.1 Brazil
6.3.4.2 Mexico
6.3.4.3 Chile
6.3.4.4 Rest of Latin America
6.3.5 Middle-East and Africa
6.3.5.1 United Arab Emirates
6.3.5.2 Saudi Arabia
6.3.5.3 Turkey
6.3.5.4 Rest of Middle-East and Africa
7. VENDOR MARKET SHARE
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 ABB Ltd.
8.1.2 Siemens AG
8.1.3 Hitachi, Ltd.
8.1.4 Nidec Corporation
8.1.5 Rockwell Automation
8.1.6 Beckhoff Automation
8.1.7 Johnson Controls
8.1.8 Yaskawa America, Inc.
8.1.9 Schneider Electric
8.1.10 Hiconics Eco-energy Technology Co., Ltd.
8.1.11 Schneider Electric, Fuji Electric Co., Ltd.,
8.1.12 CG Power & Industrial Solutions Ltd.
- *List Not Exhaustive
9. INVESTMENT ANALYSIS
10. FUTURE MARKET OUTLOOK
Low Voltage Electric Drives Industry Segmentation
The study on the global low-voltage electric drive market contains a detailed segmentation by type, end-user, and geography. Several incentive programs in the United States and Europe to replace low-efficiency electric motors early will likely stimulate demand for low-voltage AC drives. Furthermore, due to the increasing implementation of Industry 4.0 policies, there is a significant demand for automation in the manufacturing, power generation, metal and mining, and discrete industry sectors.
| Type | |
| AC Drives | |
| DC Drives | |
| Servo Drives |
| End-User Industry | |
| Automotive | |
| Oil & Gas | |
| Chemical & Petrochemical | |
| F&B | |
| Water & Wastewater | |
| Power Generation | |
| Metal & Mining | |
| Pulp & Paper | |
| HVAC | |
| Discrete Industries | |
| Other End-user Industries |
| Geography | ||||||||
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Low Voltage Electric Drives Market Research FAQs
What is the current Global Low Voltage Electric Drives Market size?
The Global Low Voltage Electric Drives Market is projected to register a CAGR of 4.30% during the forecast period (2024-2029)
Who are the key players in Global Low Voltage Electric Drives Market?
ABB Limited, Siemens AG, Hitachi, Ltd., Nidec Corporation and Rockwell Automation are the major companies operating in the Global Low Voltage Electric Drives Market.
Which is the fastest growing region in Global Low Voltage Electric Drives Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Low Voltage Electric Drives Market?
In 2024, the North America accounts for the largest market share in Global Low Voltage Electric Drives Market.
What years does this Global Low Voltage Electric Drives Market cover?
The report covers the Global Low Voltage Electric Drives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Low Voltage Electric Drives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Low Voltage Electric Drives Industry Report
Statistics for the 2024 Global Low Voltage Electric Drives market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Global Low Voltage Electric Drives analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
