Low Voltage AC Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Global Low Voltage AC Drives Market: Introduction
AC Drives is the electronic device that fluctuates the frequency of the electric motor to regulate the speed, the voltage in a circuit, and the magnetic flux. The low voltage ac drives are used for low voltage operation in varied manufacturing industries, commercial buildings, and among others. The low voltage ac drives provide motion, torque, and speed control for equipment such as compressors, fans, pumps, conveyors, printing machinery, centrifuges, mixers, cranes, and textile machines.
Increasing government initiatives to conserve electricity through energy efficiency norms are further expected to spur the growth of the market in the region. At the end-use industry level, the oil & gas industry expected to have fast growth potential for low voltage ac drives market
Global Low Voltage AC Drives Market: Segmentation
Globally, the low voltage ac drives market can be segmented on the basis of power rating, application type, and end-use industry
Based on the Power Rating, the global low voltage ac drives market can be segmented into,
Based on the Application Type, the global low voltage ac drives market can be segmented into,
Based on the End-Use Industry, the global low voltage ac drives market can be segmented into,
Global Low Voltage AC Drives Market: Dynamics
Low voltage ac drives market is gaining high demand due to its low energy consumption, low production cost, and rapid growth in industrialization and urbanization. Also, increasing government regulation for obtaining energy efficiency expected to drive the market of low voltage ac drives. Low voltage ac drives reduce the wear and tear of mechanical components, thus reducing the downtime required for maintenance and repair of low voltage ac drives. The low voltage ac drive has low cost as compared to its high voltage ac drives which gain the high attraction of customers towards the product.
Due to unstable scenario of the oil and gas industry mainly in the past few years and increasing protectionism, low voltage ac drives market growth include a decline in foreign direct investments (FDIs). This is expected to restrain the growth of low voltage ac drives market to some extent.
As the coronavirus pandemic infected and spread through countries, it affected the global economy right from production to service industries. The pandemic force government to shut down the commercial and educational sector for a specific time period. This rising unemployment of the people working in the industry, restaurant and other places, lower the industrial output, disturb supply chain. COVID-19 expected to have a negative impact on the global market of low voltage ac drives. However, the impact of COVID-19 estimated to recover the industrial activity by the end of the year.
Global Low Voltage AC Drives Market: Regional Outlook
Asia Pacific region is expected to have a high demand for low voltage ac drives market and anticipated to be the most notable contributor for the market growth. Increasing industrialization and urbanization estimated to fuel the growth of low voltage ac drives market in the Asia Pacific region. At the country level, China, Japan, and India expected to be major contributors to the increasing demand for low voltage ac drives. Europe is expected to follow by the Asia Pacific region in the low voltage ac drives market. North America has a big market player in the low voltage ac drives market as compared to other regions and representing ample opportunity for the growth of the market. Latin America and Middle East & Africa (MEA) region estimated to have comparatively less share in the global low voltage ac drives market.
Global Low Voltage AC Drives Market: Market Participants
The key manufacturer involved low voltage ac drives market are focusing on acquisition and joint venture with other local players. For instance, Danfoss Group, Europe based manufacturer of ac drives, acquired Vacon, a manufacturer of variable-speed AC drives.
Some of the key players involved in the low voltage ac drives market include Rockwell Automation, Inc., Yaskawa Electric Corporation, Schneider Electric SE, Honeywell Automation, Siemens AG, Amtech Electronics India Ltd., Hitachi Hi-Rel Power Electronics Pvt. Ltd., TMEIC, Fuji Electric Co., Ltd., Spartan Controls Ltd., Danfoss Group, ABB LTD., TECO Electric Europe Ltd., US Drives, Inc., Mitsubishi Electrical Co., and among others.
The research report presents a comprehensive assessment of the low voltage ac drives market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to low voltage ac drives market segments such as power rating, application type, and end-use industry.
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