Low Voltage Drives Market Analysis

The global low voltage drives market is segmented and analyzed for demand and supply by end-user industry into automotive, oil & gas, chemicals & petrochemicals, F&B, water & wastewater, power generation, metal & mining, pulp & paper, HVAC, and discrete industries. Out of which, the automotive segment is anticipated to garner the highest revenue by the end of 2037. The growth of the segment can be attributed to growing automotive production, along with growing energy consumption in manufacturing. Around 79 million automobiles were produced globally in 2021. Comparing this number to the prior year, a rise of about 2% may be calculated. In addition, the government's increasing focus on promoting e-mobility vehicles, which could be used in challenging environments and have high shock and vibration tolerances, has expanded market penetration. However, the easiest approach to increase the power of electric drives is to increase voltage, which is in line with consumer expectations for more from electric vehicles. By doing so, the electrical safety issue is only made worse. Hence, the importance for low voltage drives in automotive sector is growing.

The global low voltage drives market is also segmented and analyzed for demand and supply by type into AC drives, DC drives, and serve drives. Amongst which, the AC drives segment is anticipated to grow significantly over the forecast period, backed by its ability to consume less energy. Lower energy use translates into lower productivity costs. Low voltage AC drives assist in achieving high frequency and higher machinery performance at low voltage since industry uses energy-intensive gear. This feature broadens the range of industrial equipment and machinery to which it could be applied. Particularly in the mining industry, AC drives make the machinery more environmentally friendly owing to their energy efficiency. Moreover, the fact that the speed could be changed depending on the situation is another crucial element. This is crucial in every industry, despite it's particularly crucial in the drilling-intensive construction, gas, and oil industries, as well as the mining sector. As a result of the energy use being significantly changed according to speed, hydraulic and pneumatic drilling systems are being replaced.

Our in-depth analysis of the global low voltage drives market includes the following segments.