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.
The report covers exhaustive analysis on:
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on low voltage ac drives market segments and geographies.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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