Low Voltage Drives Market Trends

  • Report ID: 4742
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Low Voltage Drives Market Trends

Growth Drivers

  • Growth in Waste Water - About 379 billion m3 of municipal wastewater are produced worldwide each year. Production of wastewater is anticipated to rise by about 23% by 2030 and by approximately 50% by 2050. Wastewater is referred to as water that has been utilized for a purpose for which it is no longer useful, and its treatment has gained significant attention owing to environmental and public health concerns. Hence, the demand for low voltage drivers is estimated to increase. The major factor influencing the usage of low voltage drivers in waste water treatment is that it gives better control over process and also reduce the labor.
  • Growing Demand for Energy - World energy demand increased by about 3% in 2018; if the trends continue, global energy consumption would increase by a further approximately 29% by 2040 to about 739 million terajoules. Hence, the demand for low voltage drives is estimated to increase. Moreover, low voltage drives are known for efficiently saving energy. Saving energy is the most effective method of meeting growing demand. Hence, using low voltage drives cut down the energy consumption, and it is expected to boost the market’s growth in the upcoming years.
  • Rising Production of Plastic - The anticipated global plastics output for 2021 was about 389 million metric tons, an increase of 4% year.
  • Surge in Demand for Electric Vehicles - Despite supply chain snags and the ongoing Covid-19 outbreak, electric car sales hit a record high in 2021 throughout the main auto markets. Sales nearly doubled to more 5 million across the globe, representing a sales share of approximately 8%, compared to 2020, increasing the total number of electric vehicles on the road to about 15 million.
  • Upsurge in Extraction of Oil - In 2021, there were about 90 million barrels of oil produced day globally. With approximately 94 million barrels produced, oil production in 2019 reached a record high.

Challenges

  • High Cost of Low Voltage Drives – Even, though the low voltage drives are known to be the most efficient than all other substitutes, its price stands as a biggest restraint for the growth of the market. Hence, large number of manufacturers prefer substitute for the same. Moreover, the shortage of semiconductor also led an increase in price of low voltage drives all around the globe. Moreover, drives manufacturers were forced to use the black market since some semiconductor components went from being to about USD 3 to approximately USD 39 in price in 2022. The result was extremely volatile prices.
  • Interruptions in Supply Chain Logistics
  • Growing Restriction of Government for International Trade

Low Voltage Drives Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 18 Billion

Forecast Year Market Size (2035)

~ USD 30 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Base Year

2024

Forecast Year

2025-2037

CAGR

5.6%

Base Year Market Size (2024)

USD 20.05 billion

Forecast Year Market Size (2037)

USD 40.71 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Richa Gupta


  • Report ID: 4742
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of low voltage drives is evaluated at USD 21.89 billion.

The low voltage drives market size was over USD 20.05 billion in 2024 and is poised to exceed USD 40.71 billion by 2037, witnessing over 5.6% CAGR during the forecast period i.e., between 2025-2037. The market growth is driven by growth in waste water, growing demand for energy, rising production of plastic, and others.

Asia Pacific industry is likely to dominate majority revenue share by 2037, backed by growing population which is further boosting the demand for power generation infrastructure, along with growing investment in construction projects.

The major players in the market are Schneider Electric, Rockwell Automation, Inc., General Electric, Hitachi Hi-Rel Power Electronics Private Limited, Honeywell International, Inc., Eaton, Emerson Electric Co., CG Power & Industrial Solutions, Ltd., Johnson Controls, Invertek Drives Far East Pte Ltd
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