Low Voltage Drives Market to Exhibit a CAGR of 5% during Forecast Period 2017 - 2022

As the requirement for energy increases across the world and the industrialization continues to rise, the demand for low voltage drives also grows. According to the exhaustive report titled “Low Voltage Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2022” recently submitted to the database of “Market Research Reports Search Engine”, the low voltage drives market is expected to exhibit a CAGR of 5.60% during its forecast period 2017 to 2022. The low voltage drives are primarily used in sectors such as automotive, food & beverages, packaging, oil & gas and mining.

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Low voltage drives offer tremendous features such as low energy consumption, enhanced quality and productivity, high safety levels and positive energy balance and because of these features the market for low voltage drives continue to grow substantially.

As per the report study, the low voltage drives market is expected to grow with a value nearly U$16.53 by the end of 2017 and further anticipates the market to increase with value 21bn approximately by the end of 2022.

The report segments the market for low voltage drives geographically into regions and countries for a detailed insight. The market for low voltage drives considers the regions for North America, Europe, Japan, the Middle East & Africa and Asia Pacific excluding Japan. As per the report, Asia Pacific excluding Japan region comes out to be the largest region in the world as this region has the strong need for energy. As per the report, in in Asia Pacific region, there is a huge demand for energy in developing countries such as India and China due to industrial development in electronics and automotive sectors.

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The report projects the low voltage drives market in Europe and North America to be rising steadily in coming years. This is because the world is becoming more inclined towards cleaner energy especially in the area of wind and solar. The report further says that the devices such as IE2 and IE3 will witness adoption in countries New Zealand, the U.S., Canada, Australia and some of the countries in Europe.

The study report begins with an executive summary that describes the entire content of the report in a snapshot. The executive summary is then followed by market overview which includes market taxonomy, market definition, year on year growth, market dynamics, supply chain, cost structure, pricing analysis, raw material analysis, list of distributors, key participants and current and projected market size for the period 2012 to 2022.

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This release was published on openPR.