Global Low-voltage Electric Drives Facts and Figures

Global Low-voltage Electric Drives Facts and Figures

The global low-voltage electric drives market is anticipated to expand at a Compound Annual Growth Rate (CAGR) of 3.4% from 2024 to 2029, reaching a value of USD 11,512.6 million by the end of 2029. This market is segmented by product type into Low-voltage AC drives, Low-voltage DC drives, and Low-voltage servo drives. In 2023, the Low-voltage AC drives segment dominated the market, with a projected valuation of USD 9,656.7 million by 2029. Additionally, the Low-voltage servo drives segment is expected to demonstrate the highest CAGR of 4.0% during the forecast period from 2024 to 2029.

The global low-voltage electric drives market is further categorized into various sectors including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The discrete manufacturing segment is forecasted to reach USD 1,685.1 million by 2029, reflecting a CAGR of 4.2% between 2024 and 2029.

Geographically, Asia-Pacific emerged as the leading player in the global low-voltage electric drives market in 2023, closely followed by Europe and North America. The North American region is projected to achieve a valuation of USD 3,143.6 million by 2029, while the Asia-Pacific region is expected to exhibit a higher CAGR of 4.1% during the forecasted period from 2024 to 2029.

Key players in the global low-voltage electric drives market include Siemens AG, ABB, Ltd., Danfoss A/S, Schneider Electric SE, Shanghai Electric Group Co., Ltd., Toshiba Corporation, WEG SA, and Yaskawa Electric Corporation. According to Tanalyze Ltd.'s report, these top companies collectively held over 40% of the market share in 2022, underscoring their significant influence within the industry.

This study aims to analyze the global market for various segments of low-voltage electric drives, including:

Product Type: Low-voltage AC Drives, Low-voltage DC Drives, and Low-voltage Servo Drives.

End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.

Region: North America (USA, Canada, and Mexico), Europe (Germany, Italy, Russia, United Kingdom, France, Poland, Sweden, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, and Rest of Asia Pacific), Latin America (Brazil, Chile, Colombia, and Latin America), MEA (Saudi Arabia, UAE, Iran, Turkey, South Africa, and Rest of MEA).