Global Low Voltage Electric Drives Market Size

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.