North America Low-voltage Electric Drives Facts and Figures

North America Low-voltage Electric Drives Facts and Figures

The market for low-voltage electric drives in North America, in terms of revenue, is projected to experience a Compound Annual Growth Rate (CAGR) of 3.2% from the year 2024 to 2029, culminating in a valuation of USD 3,143.6 million by the end of 2029.

This market is segmented based on product type into three categories: Low-voltage AC drives, Low-voltage DC drives, and Low-voltage servo drives. Of these, the low-voltage AC drives segment held the predominant market share in 2023. However, it is the low-voltage servo drives segment that is forecasted to witness the most rapid growth, with an estimated CAGR of 3.9% during the period extending from 2024 to 2029.

Further segmentation of the low-voltage electric drives market reveals its application across various industries, including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R (Heating, Ventilation, Air Conditioning, and Refrigeration), paper, discrete manufacturing, among others. Notably, the oil & gas sector is expected to achieve a market size of USD 514.6 million by 2029, growing at a CAGR of 2.7% throughout the forecast period. Meanwhile, the food & beverages sector is anticipated to see a more robust growth rate of 4.6%, reaching a market valuation of USD 309.4 million in 2029.

Key players in the North American low-voltage electric drives market include Rockwell Automation, Inc., ABB, Ltd., Siemens AG, Danfoss A/S, Schneider Electric SE, Nidec Corporation, Yaskawa Electric Corporation, and WEG SA. According to a report by Tanalyze Ltd., these top eight companies collectively accounted for an 80% share of the market in 2022, highlighting their significant influence within the industry.

This study aims to analyze the North America 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: USA, Canada, and Mexico.