Press release
Low Voltage AC Drives Market Witnesses Significant Growth, Projected to Reach USD 26.59 Billion by 2030
Low voltage AC drives Market
Low voltage AC drives, also referred to as Variable Frequency Drives (VFDs), serve as crucial components in the control and automation of electric motors. The market is witnessing a steady rise attributed to the growing emphasis on energy efficiency and sustainability. Increasing industrial automation, coupled with the implementation of Industry 4.0 concepts, is expected to fuel the demand for low voltage AC drives. Furthermore, infrastructure projects in smart cities and urban development initiatives are likely to bolster the adoption of low voltage AC drives in applications such as pumps, fans, and conveyors, enhancing the efficient control of electric motors.
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Report Scope:
This report offers a comprehensive analysis of the global low voltage AC drives market, covering historical data from 2018 to 2023 and forecasts up to 2030. Segmentation is based on application (pumps and fans, conveyors and material handling, compressors, extruders and mixers), end-user (manufacturing, HVAC and building automation, water and wastewater treatment), and voltage range (micro drives, low-voltage drives).
Research Methodology:
The research methodology involves extensive primary and secondary research, incorporating insights from industry experts, market participants, and key stakeholders. Data analysis utilizes advanced analytical tools to provide accurate market forecasts and insights.
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Drivers:
Increasing emphasis on energy efficiency and sustainability driving demand for low voltage AC drives.
Industrial automation and adoption of Industry 4.0 concepts boosting market growth.
Infrastructure projects in smart cities driving demand for efficient motor control systems.
Restraints:
Relatively high initial cost of low voltage AC drives may hinder adoption, especially among smaller businesses.
Economic fluctuations impacting capital investments in industries.
Complexity in configuration and operation of low voltage AC drives deterring potential customers.
Segmentation:
Application: Segments include pumps and fans, conveyors and material handling, compressors, and extruders and mixers.
End-User: Industries covered are manufacturing, HVAC and building automation, and water and wastewater treatment.
Voltage Range: Segmented into micro drives, low-voltage drives, and high-voltage drives.
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Regional Analysis:
North America: Significant contributor to the market, driven by a focus on energy efficiency and sustainability.
Europe: Prominent market due to stringent energy efficiency regulations and emphasis on reducing energy consumption.
Asia Pacific: Fastest-growing market, attributed to rapid industrialization in countries like China and India.
Latin America: Witnessing rising demand driven by investments in infrastructure and industrial sectors.
Middle East and Africa: Experiencing moderate growth in the low voltage AC drives market.
Key players
1. Mitsubishi Electric Corporation
2. ABB
3. Siemens
4. Beckhoff Automation
5. Emerson Electric Co.
6. Eaton
7. Hitachi, Ltd.
8. Johnson Controls
9. NIDEC CORPORATION
10. Honeywell International Inc
11. Bosch Rexroth AG
12. YASKAWA ELECTRIC CORPORATION
13. Rockwell Automation
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