Low Voltage Drives Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Low Voltage Drives Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Low Voltage Drives Market size is expected to record a 4.3% CAGR between 2024 and 2032, spurred by a surge in partnerships and collaborations.

Companies are joined forces to bolster the development and deployment of low voltage drives, merging diverse expertise and technologies. These efforts are enhancing drive efficiency, broadening functionality, and ensuring compatibility with emerging systems. Moreover, these collaborations are introducing innovative features and optimizing performance across a range of applications. For example, in June 2024, Siemens deepened its alliance with Electro George to roll out cutting-edge low voltage solutions in Egypt. This partnership is set to boost the availability and technological prowess of low voltage drives to deliver advanced and energy-efficient solutions to the region.

The low voltage drives industry is segmented based on power range, capacity, drive, technology, system, application, end-use, and region.

The market share from the 22 kW -< 75 kW capacity segment is expected to witness substantial growth through 2032. This surge is attributed to the rising demand for enhanced performance and energy efficiency across various applications. Drives in the 22 kW -< 75 kW range are engineered for precise motor speed control, contributing to the efficiency of the overall system. Current developments are also focused on features like digital connectivity, predictive maintenance, and energy-saving technologies to cater to evolving industry needs.

In terms of drive, the low voltage drives market value from the DC segment is slated to generate notable revenue during 2024-2032. This is fueled by the growing preference for DC drives, known for their precise control and efficient performance. These drives are being fine-tuned for superior motor speed regulation and torque control, bolstering system reliability and efficiency. Moreover, the addition of features like digital communication interfaces and programmable functions is paving the way for more adaptable control solutions.

Europe low voltage drives industry size is likely to record a notable CAGR through 2032 largely due to the expanding renewable energy sources. These drives are being tailored to optimize renewable energy installations, ensuring precise control over electrical systems and boosting energy efficiency. As advancements continue, they promise to further elevate the compatibility and efficiency of low voltage drives, aiding Europe's shift towards a sustainable and energy-efficient power infrastructure.