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Asia Pacific Low Voltage Drives Market Size
Asia Pacific Low Voltage Drives Market was evaluated at USD 8.7 billion in 2023 and is projected to observe a growth rate of 4.7% between 2024 and 2032. Rapidly increasing demand for effective motor control systems for various manufacturing processes, ongoing technological advancements coupled with favorable government schemes towards the development of smart Artificial Intelligence systems will augment the industry landscape.
For instance, in June 2024, The Indian government has launched the National Program on Artificial Intelligence focusing on skill development, data management, and a national AI center to promote responsible AI use in manufacturing and other sectors. Positive inclination toward limiting emissions coupled with rising focus toward increasing energy efficiency across industrial sector will positively influence the business dynamics.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 8.7 Billion |
| Forecast Period: | 2024-2032 |
| Forecast Period 2024-2032 CAGR: | 4.7% |
| 032 Value Projection: | USD 13.1 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 85 |
| Tables, Charts & Figures: | 14 |
| Segments covered: | Voltage, Drive, Application, End-Use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Asia Pacific Low Voltage Drives Market Trends
The low voltage drives market in Asia Pacific is expected to witness significant growth due to increasing focus on energy efficiency, increasing demand for automation across industries and increasing demand for reliable and efficient motor control solutions. For instance, in May 2024, Japanese Ministry of Trade and Economy have formulated technology strategy for energy efficiency and transition to non-fossil energy, specifying key technological areas that are needed to achieve carbon neutrality by 2050. It also supports R&D initiatives encouraging the commercialization and development of new technologies. Moreover, the steady expansion of clean power generation, increased industrial investment and spending on its development, favorable government standards and policies, and the availability of low-cost products further stimulate business dynamics.
Asia Pacific Low Voltage Drives Market Analysis
The low power range segment is set to surpass USD 8 billion by 2032. Increased focus on energy efficiency, industrial automation, and technological advancements are some of the key parameters augmenting the industry landscape. Rising demand for economical and effective solutions across a variety of industrial applications, and emerging focus on energy efficiency will further influence the product demand. Favorable government initiatives that promote energy efficiency and offer financial benefits to manufacturers who invest in these technologies, further augment the low voltage drives business landscape.
AC Drives segment is set to observe over 5% CAGR through 2032. The demand for AC drives has increased as a result of ongoing technological advancements in the industry, such as the addition of smart features, IoT (internet of things) capabilities, and improved performance and functionality. Flourishing investments in industrial automation and implementing Industry 4.0 with improved robotics and technologies has positively influence the industry outlook. These drives are suitable for a variety of applications, including large industrial facilities and small-scale operations, due to their scalability and adaptability which enhances the AC drives market dynamics.
China low voltage drives market is set to grow over USD 5.7 billion by 2032. Growing focus toward clean energy generation, increasing industrial investments, and inclination toward decreasing energy consumption have influenced the industry dynamics. Supportive policies that speed up the adoption of Industry 4.0, including automation across multiple manufacturing processes, and industrial development will influence the business landscape. For instance, in March 2024, China has tightened its 2024 energy intensity goal to align with the climate plan, ending in 2025. The National Development and Reform Commission cited encounters in meeting expectations owing to rapid growth in industrial and civil energy consumption. Positive efforts to improve energy efficiency and the increasing uptake of new technologies to enhance manufacturing processes will enhance the business outlook.
Asia Pacific Low Voltage Drives Market Share
Key manufacturers are actively producing low and medium voltage variable frequency drives and are operating in the Asia Pacific LV drives industry. The industry players are concentrating on establishing strategic alliances, collaborations as well as introducing cutting-edge technologies. Leading companies including Fuji Electric Co., Siemens, ABB, Danfoss, Delta Electronics, Inc., and Yaskawa Electric, among others holds the majority of market share.
Asia Pacific Low Voltage Drives Market Companies
Major manufacturers operating across the industry consists of:
- ABB
- Beckhoff Automation
- Bosch Rexroth (India) Private Limited
- CG Power & Industrial Solutions Ltd.
- Danfoss
- Delta Electronics, Inc.
- Eaton
- Emerson Electric Co.
- Erhardt+Leimer
- Fuji Electric Co., Ltd.
- GE Vernova
- Hiconics Eco-energy Technology Co., Ltd.
- Hitachi Hi-Rel Power Electronics Private Limited
- LS ELECTRIC Co., Ltd.
- Mitsubishi Electric Corporation
- Nidec Conversion
- Rockwell Automation
- Schneider Electric
- Siemens
- WEG
- YASKAWA ELECTRIC (SINGAPORE) PTE LTD
Asia Pacific Low Voltage Drives Industry News
- In February 2024, ABB introduced new generation of variable frequency drives known as ACH180, for HVACR applications. These units exhibit compact design, enable precise motor control, low capital expenditure and easy cabinet installation. These drives are designed for various commercial applications including hotels, data centres and shopping malls along with consumes less energy and supports the control of permanent magnet synchronous motors, conventional induction motors.
- In March 2023, Hitachi Hi-Rel Power Electronics Private Limited successfully participated in ELECRAMA 2023. The company offered premium experiences by showcasing various power electronics products such as: B. UPS, frequency converters and solar inverters, the presence of the management to welcome visitors, meetings for technical information about products and much more. Attending this trade show was an excellent opportunity for the company to engage with potential buyers and help them evaluate the right products for their applications.
The Asia Pacific low voltage drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units and USD Million” from 2021 to 2032 for the following segments:
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Market, By Power Range
- Micro
- Low
Market, By Capacity
- < 2.2 kW
- 2.2 kW - < 7.5 kW
- 7.5 kW - < 22 kW
- 22 kW - < 75 kW
- ≥ 75 kW - <110 kW
- ≥ 110 kW - < 500 kW
- ≥ 500 kW
Market, By Drive
- AC
- IE 1
- IE 2
- IE 3
- IE 4
- Others
- DC
- Servo
Market, By Technology
- Standard
- Regenerative
Market, By System
- Open loop
- Closed loop
Market, By Application
- Pump
- Fan
- Conveyor
- Compressor
- Extruder
- Others
Market, By End-Use
- Oil & Gas
- Power generation
- Food processing
- Automotive
- Mining & metals
- Pulp & paper
- Textile
- Marine
- Others
The above information has been provided for the following countries:
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Singapore
- Malaysia
- Philippines
- Vietnam
- Indonesia
Frequently Asked Questions (FAQ) :