Low Voltage Drives Market Size, By Power Range (Micro, Low), By Capacity (< 2.2 kW, 2.2 - < 7.5 kW, 7.5 kW - < 22 kW, 22 kW - < 75 kW, &#8805; 75 kW - <110 kW, &#8805; 110 kW - < 500 kW, &#8805; 500 kW), By Drive (AC {By Efficiency Class [IE 1, IE 2, IE 3

Low Voltage Drives Market Size, By Power Range (Micro, Low), By Capacity (< 2.2 kW, 2.2 - < 7.5 kW, 7.5 kW - < 22 kW, 22 kW - < 75 kW, ≥ 75 kW - <110 kW, ≥ 110 kW - < 500 kW, ≥ 500 kW), By Drive (AC {By Efficiency Class [IE 1, IE 2, IE 3, IE 4]}, DC, Servo), By Technology (Standard, Regenerative), By System (Open Loop, Closed Loop), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Textile, Marine), Covid-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The low voltage drives market is foreseen to observe substantial growth by 2030 owing to rising demand for cost-effective and technologically advanced drives. In addition, growing investment toward infrastructural development and burgeoning electricity demand are slated to boost market growth over the forecast period.

During the COVID-19 outbreak, supply chain disruptions due to restrictions on movement worldwide hampered industry growth. However, ease in lockdown restrictions and high focus on the healthcare sector have augmented product adoption in recent years.

Moreover, key participants have been engaging in technological advancement and strategic growth ventures, thereby fueling low voltage drives market expansion. For instance, in February 2022, Eaton, a power management company, introduced low-voltage power components for commercial vehicles and off-highway applications. The products have been designed for several industries, including construction, military, and agricultural sectors.

Similarly, in May 2022, Siemens, a multinational industrial manufacturer, added low voltage SIMOTICS SD200 severe-duty motors to its low voltage drive series. The SD200 motor offers 75-800 hp output and consists of 444-5013 cast-iron frames and can shift from F1 to F2 and F3 orientation with ease.

To quote another instance, in May 2022, ABB, a multinational corporation, joined hands with Plug Power Inc., a developer of hydrogen fuel, to deliver electrical systems for two new power plants. As per the deal, ABB agreed to supply low voltage variable speed drives, gas & air insulation gears, and more.

In another instance, in May 2022, Beckhoff Automation, an automation technology company, showcased several low-voltage compact motion control technologies for potential use in autonomous mobile robots as well as automated guided vehicles. The novel motion control technologies offer robust safety features and can even meet up to a Category 4 PLe safety.

The low voltage drives market has been bifurcated in terms of capacity, power range, application, drive, system, end-use, technology, and region. Based on capacity, the market has been categorized into ≥500 kW, ≥110 kW - <500 kW, ≥75 kW - <110 kW, 22 kW - <75kW, 7.5 kW - <22 kW, 2.2 kW - <7.5 kW, and <2.2 kW. The low voltage drives market share from the <2.2 kW segment is expected to showcase robust expansion in the forthcoming years due to product benefits like compact size, easy installation, and enhanced ability to control motor speed to reduce electricity consumption.

In the regional landscape, the Latin America low voltage drives market is estimated to grow at a CAGR of over 3% over the analysis period to attain a considerable share in the overall industry revenue by 2030.