New York , Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global low voltage drives market size is predicted to grow at a CAGR of over 5% from 2023 to 2035. The market is projected to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of USD 18 billion in the year 2022. The growth in market is attributed to the increasing demand for energy-efficient and automated industrial processes. A further estimate indicates that industrial automation will raise global productivity by 0.9% to 1.6% annually.
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Low voltage drives are essential for controlling the speed and torque of motors used in automated processes. They are also necessary for regulating the speed of pumps and compressors, as well as for maintaining a constant flow of power to other electronic components. As more industries become automated, the demand for low voltage drives is expected to increase.
Low Voltage Drives Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Automotive segment to garner the highest growth
- Market in North America to grow at a significant rate
Growth in Rising Trend of Industry 4.0 and the Rising Adoption of IoT Technologies to Boost Market Growth
Growing industry 4.0 is expected to have a significant impact on the LVD market. Between 2011 and 2021 there has been a rise of 305%, in the funding allocated to startups involved in developing technology related to Industry 4.0. In the year 2021 a total investment of $2.3 billion was made in these companies. The integration of advanced technologies such as artificial intelligence and robotics is expected to improve LVD systems' efficiency, leading to increased productivity and reduced costs. Additionally, IoT technologies is expected to enable real-time monitoring and control of LVD systems, leading to improved performance and reduced downtime.
Further, IoT technologies are increasingly used in the LVD market to improve efficiency, reduce costs, and enhance productivity. By collecting data from sensors and other devices, IoT technologies can provide visibility into the LVD system's performance, allowing operators to identify and address issues before they become costly problems. Additionally, the use of IoT technologies can help to automate processes, reducing the need for manual intervention and resulting in increased productivity.
Low Voltage Drives Industry: Regional Overview
The global low voltage drives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for Energy-Efficient Electric Motors to Drive the Growth in the Asia Pacific Region
The low voltage drives market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035 driven by the increasing demand for energy-efficient electric motors in industrial, automotive, and consumer electronics applications. The Asia Pacific region is home to some of the largest emerging economies in the world, such as China and India, and these countries are rapidly expanding their manufacturing sectors, which requires electric motors, driving low voltage drives market growth. Moreover, approximately 98% of the region has access to electric power in 2020 as opposed to 67% in 2000, as about 2 billion people have gained access to electricity since 2000. Low voltage drives are able to reduce energy consumption by up to 30% in electric motors by allowing them to run at slower speeds and more efficiently. This has resulted in significant cost savings for many companies, while also reducing their carbon footprint. In addition, low voltage drives have also enabled manufacturers to produce more energy-efficient equipment.
Growing Adoption of Industry 4.0 Technologies to Drive the Growth in the North America Region
The North America low voltage drives market is estimated to garner the largest revenue by the end of 2035 driven by the growing adoption of Industry 4.0 technologies, such as the Internet of Things (IoT) and artificial intelligence (AI). These technologies require low voltage drives to control and monitor various industrial processes, resulting in increased demand for low voltage drives. According to a recent report, connecting parts, machines, and humans will boost productivity by 30 percent and efficiency by 25 percent. U.S. manufacturers can expect a dramatic impact from Industry 4.0 on their competitiveness and job reshoring. Low voltage drives are a key factor in enabling Industry 4.0, as they enable precise control of processes and systems, as well as remote monitoring. This, in turn, helps manufacturers to reduce the costs associated with production, as well as to improve efficiency and productivity.
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Low Voltage Drives Segmentation by End User
- Automotive
- Oil & Gas
- Chemical & Petrochemical
- F&B
- Water & Wastewater
- Power Generation
- Metal & Mining
- Pulp & Paper
- HVAC
- Discrete Industries
The automotive segment in Low Voltage Drives Market is anticipated to hold the largest revenue by the end of 2035. This is due to its growing need for efficient power control in electric vehicles, as well as the need for efficient power control in conventional vehicles. Additionally, the increasing demand for safety and comfort features in vehicles is also driving the growth of the automotive segment in the low voltage drives market. Moreover, the low voltage electric drive proposed by Volabo offers improved performance, efficiency, and safety compared to traditional high-voltage systems. This, combined with its low cost, makes it an attractive option for the auto sector, which is expected to drive segment growth. Volabo also utilizes an intelligent stator cage drives (ISCAD) system. ISCAD systems are designed to minimize losses and maximize efficiency, making them ideal for electric vehicles.
Low Voltage Drives Segmentation by Type
- AC Drives
- DC Drives
- Servo Drives
The AC Drives segment is anticipated to hold the largest revenue by the end of 2035. This is due to its increasing use in various applications, such as in the automotive industry, industrial automation, and renewable energy. AC Drives reduce energy consumption by providing precise control over motor speed and torque, which helps to reduce wear and tear on machinery components, resulting in lower maintenance costs. A study suggests that using AC drives in every suitable application can reduce global electrical energy consumption by as much as 10%. Additionally, the use of AC Drives also helps to reduce energy consumption by reducing the amount of power needed to produce the same amount of work. AC Drives also provide a cost-effective and efficient solution for controlling electric motors, which further contributes to its large revenue potential.
A few of the well-known market leaders in the global low voltage drives market that are profiled by Research Nester are Schneider Electric, Rockwell Automation, Inc., General Electric, Hitachi Hi-Rel Power Electronics Private Limited, Honeywell International, Inc., Eaton Emerson Electric Co., CG Power & Industrial Solutions, Ltd., Johnson Controls, Invertek Drives Far East Pte Ltd., and other key market players.
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Recent Development in the Market
- Honeywell International Inc. has recently launched the Versatilis Transmitters, which are designed for monitoring the condition of rotating equipment like pumps, motors, compressors, fans, blowers and gearboxes. The goal behind this device is to enhance safety, availability and reliability across industries by providing relevant measurements, for such equipment. The Honeywell Versatilis Transmitter operates on a power and long range LoRaWAN protocol making it a versatile solution that can be easily deployed by manufacturers at scale while keeping capital and operating expenses low.
- Rockwell Automation Inc. has expanded its range of PowerFlex variable frequency drives (VFDs) within the CENTERLINE 2500 low voltage motor control centers (MCCs) to support operators in the international IEC markets and boost their productivity, safety measures and energy efficiency levels.
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