Low Voltage Electric Drives Market Forecasts to 2030 – Global Analysis By Type (AC Drives, DC Drives, Servo Drives and Other Types), End User (Automotive, Oil & Gas, Chemical & Petrochemical, Food and Beverages, Water & Wastewater, Power Generation, Metal

Low Voltage Electric Drives Market Forecasts to 2030 – Global Analysis By Type (AC Drives, DC Drives, Servo Drives and Other Types), End User (Automotive, Oil & Gas, Chemical & Petrochemical, Food and Beverages, Water & Wastewater, Power Generation, Metal & Mining, Pulp & Paper, HVAC(Heating, Ventilation, and Air Conditioning), Discrete Industries and Other End Users) and By GeographyAccording to Stratistics MRC, the Global Low Voltage Electric Drives Market is growing at a CAGR of 6.3% during the forecast period. Electrical systems known as electric drives are used to regulate an electrical machine's motion. By using specific parameters, it regulates the conversion of electrical energy into mechanical power. They are divided into low-voltage, medium-voltage, high-voltage, and extra-high-voltage categories based on voltage. Low voltage is defined as either 0 to 1500 V DC or 0 to 1000 V AC RMS by the International Electrotechnical Commission (IEC) Standard IEC 61140:2016. The torque and speed of alternating current motors are controlled by low-voltage drivers in high-power applications. The low-voltage drives have features that improve quality and productivity, reduce energy consumption, and have a positive energy balance.

According to ABB Ltd., it has made significant strides in the field of low voltage electric drives. The company has been actively involved in collaborations and partnerships to enhance its offerings. Notably, ABB partnered with Hitachi Construction Machinery in 2021 to develop an integrated low voltage electric drive and EV charging system.

Market Dynamics:

Driver:

Positive aspects of low-voltage drives

The low-voltage drives are inexpensive and compact. They can increase productivity and are easily accessible. During the forecast period, these technical characteristics will drive the market for low-voltage electric drives. The development of the industrial sector in developing nations is even increasing funding for infrastructure, which has a significant impact on market expansion. The market is growing as a result of new technological developments and a surge in investments. Government initiatives and guidelines for energy efficiency are also promoting market expansion. However, the market for low voltage electric drives is expanding as a result of a number of factors, including population growth, rapid urbanization, and rising energy consumption.

Restraint:

High cost of implementation

The global Low Voltage Electric Drives market expected to hinder growth during the forecast period. Installing low-voltage drives causes an increase in initial capital costs, which puts a strain on manufacturing companies and slows market expansion. Additionally, the market for low-voltage electric drives is hampered by a lack of technical personnel for operation and maintenance, and technical problems like the need to upgrade and replace existing equipment to meet low-voltage drive specifications are lowering the market value of low-voltage electric drives.

Opportunity:

Increased use of low-voltage drives

The global Low Voltage Electric Drives market expected to drive growth during the forecast period. A lucrative opportunity for market expansion is presented by the rise in the use of low-voltage drives in the automotive sector. Electric vehicles can also be used in challenging environment and can withstand high shock loads and vibration levels which help the market grow. Additionally, increased consumer awareness of energy-efficient solutions is promoting market expansion. A significant opportunity for the market for low-voltage electric drives is also presented by an increase in government spending to support automation for industrial development.

Threat:

High Level of Competition

The global Low Voltage Electric Drives market expected to hamper growth during the forecast period. Market participants face formidable obstacles as a result of the fierce competition present in the low-voltage electric drive market. Price wars may break out as a result of numerous rivals providing comparable goods and services, which will put more pressure on maintaining market share and squeezing profit margins. Moreover, businesses must constantly innovate, differentiate their offerings, and add value for customers through cutting-edge features, increased productivity, and cutting-edge technologies if they want to stay competitive.

Covid-19 Impact:

The COVID-19 pandemic has significantly affected the low-voltage electric drive market. Lockdowns, travel restrictions, and supply chain disruptions have all caused significant disruptions that have slowed down manufacturing activities and delayed projects in a variety of industries. The demand for low-voltage electric drives has been hampered by the uncertainty surrounding the pandemic, which has caused capital expenditures to be cautious. Moreover, the financial difficulties that businesses are experiencing and the decreased investment in infrastructure projects have also slowed market expansion.

The automotive segment is expected to be the largest during the forecast period

The segment with the largest market share during the projection period is the automotive industry. Low-voltage electric drives are more and more needed in automotive applications as the demand for electric vehicles (EVs) and hybrid vehicles rises. These drives are necessary to power a number of auto parts, including electric power steering, HVAC, electric pumps, and other auxiliary systems. The push to lower emissions and increase fuel economy has encouraged automakers to use more electric and hybrid technologies, which has increased demand for low-voltage electric drives in the automotive industry. Furthermore, it is anticipated that developments in battery technology and the growing emphasis on autonomous driving will accelerate the adoption of low-voltage electric drives in the automotive sector.

The servo drives segment is expected to have the highest CAGR during the forecast period

The market for low-voltage electric drives has the highest CAGR for the servo drives segment during the anticipated period. Numerous industries utilize servo drives for precise and high-performance motion control applications. They are suitable for applications requiring precise movements, such as robotics, CNC machines, packaging equipment, and industrial automation systems, because they offer cutting-edge features like accurate position control, speed control, and torque control. The growth of the servo drive segment is being driven by the rising demand for automation as well as the need for increased productivity and efficiency.

Region with largest share:

The low-voltage electric drive market is anticipated to have the largest share during the forecast period in the Asia-Pacific region. This can be attributed to the existence of significant manufacturing centers like China, Japan, and South Korea, where the automotive and industrial automation sectors have flourished. The market demand in the area is driven by these industries' substantial deployment of low-voltage electric drives for a variety of applications. However, market dynamics can change, so for the most recent information on the region with the largest market share in the low-voltage electric drive segment, it is crucial to consult the most recent industry reports and analyses.

Region with highest CAGR:

During the anticipated period, the low-voltage electric drive market is anticipated to have the highest CAGR in the Europe region. The market for low-voltage electric drives has seen Europe become a key player. The region's emphasis on energy conservation and sustainability, along with strict regulations governing carbon emissions, has increased demand for low-voltage electric drives in a variety of industries. As leaders in industrial automation and digitalization, nations like Germany, France, and Italy have thriving manufacturing sectors. Low-voltage electric drives are increasingly in demand in Europe as a result of rising electric vehicle adoption rates as well as a growing focus on renewable energy sources.

Key players in the market

Some of the key players in Low Voltage Electric Drives market include ABB Limited, Beckhoff Automation, CG Power & Industrial Solutions Ltd., Fuji Electric Co., Ltd., Hiconics Eco-energy Technology Co., Ltd., Hitachi, Ltd., Johnson Controls, Nidec Corporation, Rockwell Automation, Schneider Electric, Siemens AG and Yaskawa America, Inc.

Key Developments:

In March 2022, a contract between Harju Elekter UAB and U.S. Steel Corporation (Exploratory Ventures LLC) was signed in March 2022 to produce low voltage drives and MCC systems to manage 1500 motors at the new Big River Steel complex in Arkansas. Production and deliveries will continue up to April 2023. The contract is worth approximately EUR 10 million.

In January 2022, ABB introduced flameproof low-voltage motors in India. The motors operate safely and reliably in explosive situations and include a remote monitoring feature, which expands the company portfolio in the country.

In November 2021, Innovative shaft generators with a Power-Take-Off (PTO) solution, consisting of novel drive systems and permanent magnet technology, will be part of ABB's equipment package for Himilaya Shipping's ultra-large bulk carriers. Low-voltage electric drives and transformers, as well as engineering, project management, and commissioning services, are all included in ABB's comprehensive scope of supply for the Himalaya Shipping vessels.

Types Covered:
• AC Drives
• DC Drives
• Servo Drives
• Other Types

End Users Covered:
• Automotive
• Oil & Gas
• Chemical & Petrochemical
• Food and Beverages
• Water & Wastewater
• Power Generation
• Metal & Mining
• Pulp & Paper
• HVAC(Heating, Ventilation, and Air Conditioning)
• Discrete Industries
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements