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What's Driving the Low Voltage Drives Market Trends? | Major Key Companies are ABB, Danfoss, Honeywell, Emerson, Fuji Electric, Johnson Controls, Schneider and Siemens
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Pages: 830
Tables: 1687
Charts / Figures: 34
Companies covered: 16
Countries covered: 38
Escalating demand for optimized energy use fueled by rapid industrialization is set to expand low voltage drives market size, in conjunction with the upsurge in electricity prices and introduction of energy efficiency standards. Technological adoption across small and medium businesses coupled with rising number of retrofitting initiatives across industrial, residential and commercial establishments will boost product demand. Implementation of stringent government regulations pertaining to environmental sustainability will further stimulate the consumption of low voltage frequency drives over the projected timeframe.
Low voltage drives industry share is estimated to exhibit considerable growth owing to rising deployment of renewable power generation technologies into the grid, along with tightening regulations to ensure energy efficiency.
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Asia Pacific (APAC) processed food segment has witnessed significant growth in recent years on account of rapid urbanization, rising household income levels, changing lifestyle, growing population and the expansion of multinational companies in the region. Increasing population and a subsequent rise in processed food demand globally will boost APAC low voltage drives market growth over the forecast period, as these products find wide applications in the processed food manufacturing sector. Growing dependence of people from all age groups towards processed food will push product consumption across the region.
U.S. and China are two of the world's largest electric power consumers, accounting for almost 70% of demand growth in 2018 globally. China experienced a surge in power demand by 8.5%, whereas the U.S. saw a jump of nearly 4% due to a colder-than-average winter and a hotter summer.
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