Global Market Insights has added a new report on Low Voltage Drives Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of Market in tandem with its competitive terrain.
Pumps low voltage drives market share is anticipated to surpass USD 4 billion by 2025 owing to advanced features including adjustable operating speed according to flow rate, settling velocity and static head.
The low voltage drives market is estimated to grow at CAGR above 4.2% over the forecast time frame 2019 to 2025 and reach the market value around $15 billion by 2025.
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The U.S. low voltage drives market will witness growth on account of adoption of LV units for reciprocating & centrifugal systems. These drives are suitable as a substitute of dampers, fixed speed controllers and valves further boosting the product adoption. Moreover, a significant rise in electricity prices along with mounting concerns pertaining to installation of sustainable and environment friendly units will strengthen the business landscape.
Growing demand for optimized energy, upsurge in electricity prices and introduction of energy efficiency norms & directives is set to positively impact the low voltage drives market share. Rising electricity consumption coupled with introduction of strict legislative mandates to endorse environment sustainability will complement the product installment. Ongoing research and development activities followed by enhancements in technology features along with growing investments toward organization across emerging countries is further projected to stimulate the industry landscape.
Growing LV drives demand from small and medium enterprises coupled with an upsurge in retrofitting activities across commercial, residential and industrial establishments will strengthen the business scenario. In addition, rising focus toward the adoption of low energy systems owing to easy installation & compact size across O&G, food processing, power generation, textile and marine industry is set to encourage the industry growth.
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Marine industry is anticipated to exceed an annual deployment of 1 million units by 2025. Increasing ship building activities specifically in China, Japan and South Korea coupled with rising cross-border trade will drive the product demand. Growing awareness toward energy efficiency and adoption of equipment with low operating & maintenance cost, high energy saving, and extended lifetime are some of the prime factors complementing the business outlook.
Standard low voltage drives market is projected to witness growth on account of optimum cost and space consumption coupled with product versatility & flexibility pertaining motor speed control. The drive uses pulse width variation indicators with an aim to produce analog signals & determine the frequency variations in a particular timeframe. Increasing acceptance across application areas on account of their user-friendly nature; flexible, safe & reliable application and compact size will further stimulate the industry scenario.
Growing demand from automation industry along with rising focus toward environment safety accompanied by an upsurge in demand for energy efficient equipment is anticipated to strengthen the product adoption. Moreover, increasing concerns toward work-time safety coupled with growing investments across the manufacturing facilities will complement the business landscape. Further, smooth reversing, long belt life, and dynamic speed & torque procedures will enhance the product adoption.
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Makor industry players in low voltage drives market includes Honeywell, ABB, Johnson Controls, Schneider, CG Power, Siemens, Fuji Electric, WEG Electric, Yaskawa, Hiconics, Danfoss, Hitachi, Mitsubishi, Eaton, Emerson, and Rockwell Automation.
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