Selbyville, Delaware, Aug. 05, 2021 (GLOBE NEWSWIRE) --
The low voltage drives market revenue is anticipated to cross USD 16 billion by 2028, as reported in the latest study by Global Market Insights Inc. Increasing focus on energy efficiency along with growing infrastructural spending will drive the industry scenario. Ongoing technological advancements including battery-operated motion control devices that support quick problem identification and offer efficient work at various loads & speeds will enhance the LV drive acceptance across a wide range of applications.
Network reliability, reduction of overall maintenance, energy consumption, equipment longevity, energy generation, and supply costs will augment the regenerative LV drive demand. For instance, ABB integrated positioning control into its variable speed drive ‘ACS880’, allowing operators to fulfil motion systems demand offering regenerative solutions and minimizing the overall product cost. The significant potential of the device to reduce energy consumption and the associated monetary benefit from installing the drives will continue to drive the business expansion.
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Higher efficiency, operator friendly, cost-effective, and ease of implementation will enhance the demand for DC drives. The growing utilization of these systems across high power, regenerative, and other industrial applications will further influence the product demand. Accelerating investments across the manufacturing sector including mine winders, paper mills, printing presses, rolling mills, textile mills, cranes, and hoists will further enhance the product adoption over the forecast timeframe.
Some prime findings of the low voltage drives market report include:
- A paradigm shift toward the adoption of advanced and smart LV drives will boost the industry landscape.
- Growing infrastructural spending on account of rapid urban and industrial development will boost the business scenario.
- Major players operating across the low voltage drives industry include Eaton, Emerson Electric Co., Mitsubishi Electric Corporation, and CG Power, and Industrial Solutions
- Ongoing technological adoption along with rising investment by major manufacturers to launch new products will thrust the technological adoption.
Browse key industry insights spread across 850 pages with 799 market data tables & 39 figures & charts from the report, “Low Voltage Drives Market Forecasts By Power Range (Micro, Low), Capacity (<2.2 kW, 2.2-7.4 kW, 7.5-22 kW, 23-75 kW, 76-110 kW, 111-500 kW, >500 kW), Drive (AC, DC, Servo), Technology (Standard, Regenerative), System (Open Loop, Closed Loop), Application (Pump, Fan, Conveyor, Compressor, Extruder), End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Textile, Marine) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/low-voltage-drives-market
The growing threat of increasing energy prices coupled with concerns pertaining to availability and environmental impact will augment interest in energy-efficient technologies across North America. The regional low voltage drives market is driven by ongoing technological innovation reinforced by government efforts and policies, aimed at energy efficiency. The continued adoption of improved performance and higher efficiency motors across energy-intensive manufacturing industries will continue to boost the installation of LVDs in the region.
During the pandemic, the low voltage drives market observed a marginal or no delay in the overall business scenario. In addition, upcoming government regulations and norms to increase the energy efficiency solutions will positively sway the product demand.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.