Low Voltage Drives Market Set for Robust Growth with Technological Innovations and Industry Expansion

Low Voltage Drives Market Set for Robust Growth with Technological Innovations and Industry Expansion

 

According to industry analysts at Next Move Strategy Consulting, the global Low Voltage Drives Market is essential components that control the speed, torque, and direction of electric motors in a wide range of applications, from industrial processes to commercial machinery. These systems help reduce energy consumption, enhance motor efficiency, and optimize performance across industries.

Download FREE Sample: https://www.nextmsc.com/low-voltage-drives-market/request-sample

Market Drivers and Trends

The growing automotive industry is a major catalyst for the market's expansion. The increased demand for electric and hybrid vehicles, along with advanced manufacturing processes, fuels the adoption of low voltage drives. According to the European Automobile Manufacturers' Association (ACEA), global vehicle production reached 85.4 million units in 2022, a 5.7% increase over the previous year. This surge in automotive manufacturing underscores the need for precision motor control solutions, positioning LVDs as a key enabler of operational efficiency in vehicle production.

In addition to the automotive sector, the oil & gas industry is a significant driver. With rising global oil production, the demand for reliable power management solutions to operate motor-driven equipment such as pumps, compressors, and other machinery increases. In 2023, oil production grew by 1.77% to 52,432 TWh, according to Our World in Data, highlighting the need for innovative power solutions like low voltage drives.

The rise in industrialization across the globe, as noted in the United Nations Industrial Development Organization's 2023 report, further accelerates market growth. Industries such as manufacturing, mining, and chemical processing increasingly rely on energy-efficient motor control solutions to optimize operations and reduce energy costs.

Challenges and Opportunities

Despite the robust growth, high initial costs remain a challenge, particularly for small and medium-sized enterprises (SMEs). These financial constraints hinder many businesses from investing in advanced LVD systems. However, recent technological advancements, such as multi-axis and integrated low voltage drive solutions, present lucrative opportunities for market expansion. These innovations combine drives, motors, and controllers into single units, saving valuable space and enhancing design flexibility. Notably, Delta Electronics and Inovance introduced multi-axis capabilities in low-voltage drives in March 2024, which could significantly influence the market.

Regional Insights

The Asia-Pacific region leads the low voltage drives market, driven by the booming automotive and chemical industries. China's expected production of 35 million vehicles by 2025, as reported by the International Trade Administration (ITA), coupled with India’s growing chemical sector, indicates a surge in demand for LVDs in these countries. In contrast, North America is expected to experience steady growth, spurred by the increasing demand for efficient power management solutions in the oil & gas sector, where U.S. oil production saw an 8.55% rise in 2023, according to Our World in Data.

Inquiry Before Buying: https://www.nextmsc.com/low-voltage-drives-market/inquire-before-buying

Key Players and Strategic Developments

Leading companies in the low voltage drives market include Beckhoff Automation, Bosch Rexroth AG, Danfoss, Emerson Electric Co., Fuji Electric, Rockwell Automation, and Honeywell International. These players continue to innovate and expand their product portfolios to maintain market leadership. For instance, in March 2024, Invertek Drives launched its Optidrive Coolvert, a compact and efficient drive solution designed for heat pumps and compressors. Meanwhile, Rockwell Automation partnered with Infinitum in September 2023 to introduce high-efficiency low-voltage integrated drives and motors aimed at reducing energy consumption and greenhouse gas emissions.

Also, Browse Related Reports:

For more inquiries, please contact:
Next Move Strategy Consulting
E-Mail: info@nextmsc.com
Direct: +1-217-650-7991
Website: https://www.nextmsc.com/
Follow Us: LinkedIn | Twitter | YouTube | Facebook | Instagram

About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicated, as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

Back to blog