Selbyville, Delaware, Oct. 11, 2022 (GLOBE NEWSWIRE) --
The APAC low voltage drives market is expected to record a valuation of USD 12 billion by 2030, according to a new research report by Global Market Insights Inc.
Rapid urbanization has increased investments in commercial buildings. Private and public investors are financing the development of smart infrastructure, to improve the reliability and efficiency of the electricity supply. The power generators used in smart grids are integrated with voltage drives to ensure that the right voltage level is maintained. The growing deregulation of the energy sector, the rise of microgrids, and distributed energy are among the key factors fostering the deployment of power electronic components such as low voltage drives.
APAC low voltage drives market from the 22 kW - < 75 kW capacity segment accounted for USD 720 million in 2021. The combination of humidity and high temperatures increases the importance of air conditioning across the region. With growing urbanization, the cooling requirements of ASEAN countries is increasing at a steady pace. Air conditioning accounts for a major proportion of the household energy usage in ASEAN. Components such as 22 kW - < 75 kW capacity voltage drives are thus crucial in optimizing the operations of HVAC units.
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The Asia Pacific low voltage drives market from AC drive segment is estimated to attain more than 5% growth rate till 2030. AC drives enable motors in various electrical components to operate at accurate speeds by varying the motor speed according to the application. This results in substantial energy savings, in turn reducing plant operating costs and overall motor maintenance costs. Consequently, the adoption of energy-efficient circuit components like AC drives in heavy-duty machinery will increase.
The standard technology segment in APAC low voltage drives market is projected to grow at a CAGR of over 4% through 2030. This growth is attributed to the rising demand for policies favoring energy efficiency. For instance, the International Energy Agency (IEA) is collaborating with the ASEAN Secretariat, the ASEAN Centre for Energy (ACE), and the Energy Efficiency and Energy Conservation Sub Sector Network to develop extensive roadmaps for space and building cooling in the region. These measures will promote the installation of energy-efficient components such as low voltage drives in HVAC systems.
Asia Pacific low voltage drives market from the fan application segment will depict substantial growth, due to the increasing demand for optimized fan units across industrial applications. Centrifugal fans are used in process cooling to remove heat and maintain the appropriate temperature. The integration of AC low voltage drives in these units can help reduce a sizeable percent of the energy costs.
The power generation end-use segment is predicted to hold a commendable share of the APAC low voltage drives market during the forecast period. One of the key factors driving this growth is the upgradation of initiatives focused on the development of environment-friendly networks with high energy savings.
Japan industry will register significant revenue, with the rapid development of industrial automation and increased demand for power generation. According to the BP Statistical Review of World Energy 2022, Japan produced more than 1,019 TWh of electricity in 2021, indicating a rise of close to 2.3% from the 2020 levels. Furthermore, the urbanization across the country and the adoption of industrial robots will bolster product deployment.
Some of the key players involved in the APAC low voltage drives market include Schneider Electric, Rockwell Automation, Inc., GE, Hitachi Hi-Rel Power Electronics Private Limited, Honeywell International, Inc., Eaton, Emerson Electric Co., CG Power, and Industrial Solutions Limited, Johnson Controls, Invertek Drives Far East Pte Ltd and Nidec Corporation. These leaders are focusing on unveiling new products to expand their offerings and business operations in the region.
Citing an instance, in April 2021, Siemens launched Simotics S-1FS2 to expand the application of its Sinamics S210 servo drive system. The product is broadly used in the pharmaceuticals and food & beverage industries and claims to deliver high-resolution 22-bit multiturn encoders. This launch allowed the company to reinforce its product portfolio across the servo drives & motors sector and improve its competitive advantage.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Asia Pacific Low Voltage Drives Market Insights
2.1 Industry ecosystem analysis
2.2 Innovation & technology landscape
2.3 Regulatory landscape
2.4 COVID- 19 impact on the industry outlook
2.5 Industry impact forces
2.5.1 Growth drivers
2.5.1.1 Increasing electricity capacity addition
2.5.1.2 Rapid rate of industrialization and commercialization
2.5.1.3 Growing infrastructural spending
2.5.2 Industry pitfalls & challenges
2.5.2.1 High implementations cost
2.6 Growth potential analysis
2.7 Porter's Analysis
2.8 Competitive landscape, 2022
2.9 PESTEL Analysis
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About Global Market Insights Inc.
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.
