Due to the presence of numerous large and small vendors, the global low voltage drives market is demonstrating a highly fragmented and competitive landscape, states a new market study by Transparency Market Research (TMR). The leading companies have been concentrating on innovation and technological advancements in products to strengthen their position in the global market.
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Over the coming years, players are anticipated to shift their focus towards expanding their geographical reach to gain new customers. Rockwell Automation, YASKAWA Electric, Nidec Control Techniques, General Electric, Schneider Electric, ABB, and Siemens are some of the key low voltage drives vendors mentioned in this report.
Need for Energy Intensifies Demand for Low Voltage Drives
“The worldwide market for low voltage drives is gaining substantially from the increasing need for energy across the world,” says a TMR analyst. Further, the market is also benefiting from the need of manufacturers to optimize their production procedures and control operational costs by decreasing the consumption of energy. The widening application base of low voltage drives in a number of industries is likely to support the growth of this market considerably in the years to come.
The growth prospects in this market are impelled by the rising preference for electric drives among consumers in various household appliances, aerospace vehicles, automobiles, industrial applications, and several other transportation equipment over hydraulic and mechanical drives. The increasing usage of smart sensors in low voltage drives is also projected to boost this market over the next few years.
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Global Low Voltage Drives Market to Report 5.60% CAGR between 2017 and 2022
According to TMR, the global market for low voltage drives will reach U$16.5 bn by 2017. Researchers estimate the opportunity in this market to expand at a CAGR 5.60% during the period from 2017 to 2022 and rise to US$21.6 bn by the end of the forecast period. The demand for IE 2 and IE 3 has been relatively higher than their other counterparts, thanks to the increasing awareness about their specific features, such as corrosion resistance. The automotive and electronics industries are expected to report a significantly high demand for low voltage drives in the near future. The increasing trend of green energy is considered to be the main factor behind this growth.