research analysis on “Low Voltage Drives Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global low voltage drives market in terms of market segmentation by type, end-use industry, and by region.

Growing Trend of Smart Cities to Promote Global Market Share of Low Voltage Drives

In recent periods, rapid urbanization and industrialization have led to the requirement of increasing the efficiency and dependability of the electrical supply. As a result of maintaining a proper voltage level, low-voltage drives are integrated into the power generators used in smart grids. This factor is considered to be the primary factor for the expansion of the global low voltage drives market demand during the forecast period. Furthermore, the emergence of microgrids and distributed energy along with smart electronics that are heavily used in smart cities is anticipated to increase the deployment rate of low-voltage drives. Moreover, the high investment made by governments of different nations in the electrical industry and supportive regulations for building a sustainable environment is also projected to create a positive outlook for aiding robust revenue generation in the upcoming future.

 

Some of the major growth factors and challenges that are associated with the growth of the global low-voltage drives market are:

Growth Drivers:

• Surge in demand for electricity
• Escalation in the production of water and plastic waste

Challenges:

The rising concern for the interruptions in supply chain logistics along with the high cost of the low-voltage drives and growing rules from the government in performing international trade are some of the major factors anticipated to hamper the global market size of low-voltage drives.

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By end-user industry, the global low voltage drives market is segmented into automotive, oil & gas, chemicals & petrochemicals, F&B, water & wastewater, power generation, metal & mining, pulp & paper, HVAC, and discrete industries. The automotive segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The major factors that are attributed to the segment expansion are the rising demand for automobiles, especially electric vehicles and connected cars, and the rapid growth in the automotive industry. Around 79 million automobiles were produced globally in 2021. Comparing this number to the prior year, a rise of about 2% may be calculated. Furthermore, the increasing promotion of e-mobility with vehicles that have high shock and vibration tolerances is anticipated to help low-voltage drives to penetrate the automotive sector and is also estimated to help in bringing growth opportunities for segment expansion.

By region, the Asia Pacific Low Voltage Drives market is to generate the highest revenue by the end of 2035. The growing population which is boosting the demand for power generation infrastructure and the increasing investment in construction projects of the region are some of the factors to aid market growth in the region. Since 2000, about 2 billion people in developing Asia have acquired access to electricity, with approximately 98% of the region having access in 2020 as opposed to about 67% in 2000. Further, many government initiatives to increase the availability of electric cars (EVs) would increase demand for EV accessories and fuel market growth.

 

This report also provides the existing competitive scenario of some of the key players of the global Low Voltage Drives marketwhich includes company profiling of 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, and others.

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