As industries experience a need to optimized energy usage, the low voltage drives market will observe promising growth strides in the coming years. Heightening electricity prices and establishment of stringent energy efficiency standards has compelled industries to adopt new solutions to reduce their power consumption.

Low voltage drives are often chosen by industries for their relatively smaller size, lower cost and power consumption, and better availability in contrast to medium voltage drives. Technological adoption across small and medium businesses and rise in number of retrofitting efforts across residential, commercial, and industrial establishments will drive the need for low voltage frequency drives.

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A notable portion of the low voltage drives industry growth will be ascribed to rising deployment of sustainable power generation technologies into the grid, along with tightening of rules to ensure energy efficiency.

Suitable government norms for the deployment of intra-regional and cross-border transmission networks will support industry growth. Additionally, modernization and refurbishment of industrial equipment, especially in emerging countries, will drive the requirement for reliable low voltage drives and systems.  

Mentioned below are some of the leading factors that will influence global low voltage drives industry growth:

High demand for low voltage DC drives

DC drives have gained notable demand over the years as they hold superior efficiency, cost-friendliness, and are operator-friendly in nature and easy to implement. Increasing use of these systems across high power, regenerative, and other industrial uses will positively influence its demand.  

The rise in purchasing power among people along with consequent increase in the demand for goods and services has driven investments across the manufacturing industry such as paper mills, mine winders, rolling mills, printing presses, cranes, textile mills, and hoists.

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Ramping up production of electric vehicles

The demand for electric vehicles across the globe will significantly accelerate the requirement for low voltage drives as it helps in boosting vehicle efficiency. There is a growing need to adopt clean mobility solutions due to the rising carbon emission levels.

Many leading automobile giants are now developing electric vehicles to meet growing demand. For instance, of the 11.6 million cars registered in Europe, Norway, Iceland, and Britain in the year 2020, 11% of them were fully electric or plug-in hybrid electric vehicles.  

Low voltage drives are widely used as fixed speed controllers, valves, and as substitutes for dampers on account of superior reliability, improved energy efficiency, and low cost of maintenance.

New advancements in LV drives

With technological advancements such as the battery-operated motion control devices and smart LV drives that offer quick problem identification along with efficient work at different loads and speeds, the low voltage drives market will gain momentum across a wide range of applications.

In a bid to introduce advanced technologies, LV drive manufacturers are entering into partnerships, strategic alliances, and merging with related firms.

Some of the leading low voltage drives manufacturers operating in the industry include Emerson Electric Co., CG Power, and Industrial Solutions, Mitsubishi Electric Corporation, and Eaton, among various others. 

Ongoing research and development efforts that focus on developing efficient equipment combined with rising spending on infrastructure across emerging economies are slated to propel the global low voltage drives market over time.

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