Low Voltage Drives Market Statistics
Escalating demand for optimized energy use fueled by rapid industrialization is set to expand low voltage drives market size, in conjunction with the upsurge in electricity prices and introduction of energy efficiency standards. Technological adoption across small and medium businesses coupled with rising number of retrofitting initiatives across industrial, residential and commercial establishments will boost product demand. Implementation of stringent government regulations pertaining to environmental sustainability will further stimulate the consumption of low voltage frequency drives over the projected timeframe.
U.S. Low Voltage Drives Market Size, By Application, 2018 & 2025 (USD Million)
Low voltage drives industry share is estimated to exhibit considerable growth owing to rising deployment of renewable power generation technologies into the grid, along with tightening regulations to ensure energy efficiency. Favorable government norms regarding the development of intra-regional and cross border transmission networks will complement the industry outlook. Moreover, modernization and refurbishing of the existing industrial equipment across developed countries will generate substantial demand for reliable low voltage infrastructure.
Asia Pacific (APAC) processed food segment has witnessed significant growth in recent years on account of rapid urbanization, rising household income levels, changing lifestyle, growing population and the expansion of multinational companies in the region. Increasing population and a subsequent rise in processed food demand globally will boost APAC low voltage drives market growth over the forecast period, as these products find wide applications in the processed food manufacturing sector. Growing dependence of people from all age groups towards processed food will push product consumption across the region.
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Over the last century, the shipping industry has witnessed considerable surge in total trade volume due to rapid industrialization. Consistent advances in technology have also transformed shipping into an extremely quick and efficient method of transportation. According to a report by the United Nations Conference on Trade and Development (UNCTAD), share of emerging economies in seaborne trade imports & exports has climbed rapidly over the past decade, touching almost 63% in 2017. Rise in seaborne trade activities across the world will generate added revenues for low voltage drives industry.
U.S. and China are two of the world’s largest electric power consumers, accounting for almost 70% of demand growth in 2018 globally. China experienced a surge in power demand by 8.5%, whereas the U.S. saw a jump of nearly 4% due to a colder-than-average winter and a hotter summer. Power demand in India increased, attributed to a majority of its rural areas being powered in the past 2 years. Low voltage drives are extensively used in the power & utility segment and the unpredictable climatic conditions, along with global rise in power demand, is anticipated to bolster low voltage drives market outlook.
Electric vehicle (EV) sales have showcased considerable growth over the years. China currently leads the EV market share, with Europe and the U.S. not too far behind. For a fact, EV sales in China constituted 50% of total sales in 2018. Latest innovations have resulted in the introduction of cost-effective long-lasting batteries. International Energy Agency (IEA) reported that close to 750.000 electric cars were sold globally in 2018 with more than 2 million electric vehicles currently on the roads. Wide use of low voltage drives in the automotive sector will enhance the product scope.
Low voltage drives are extensively used as fixed speed controllers, valves and substitute for dampers on account of high reliability, enhanced energy efficiency and low maintenance costs. The U.S. low voltage drives industry is expected to expand considerably owing to shifting consumer focus toward the adoption of variable frequency systems for centrifugal and reciprocating equipment. Moreover, hiking energy prices driven by concerns over environmental impact and power availability has diverted consumer focus toward energy efficient solutions.
Ongoing various R&D initiatives aimed at developing more impactful equipment, combined with increased spending on infrastructure across developing economies is projected to reinforce low voltage drives industry trends. ABB, CG Power, Danfoss, Honeywell, Emerson, Fuji Electric, Johnson Controls, Schneider and Siemens are some key suppliers competing to introduce novel products. Global low voltage drives market size is expected to exceed annual valuations of USD 15 billion by 2025.
Author Name : Hrishikesh Kadam