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Low Voltage AC Drives Market Size

Report ID: GMI5773
Published Date: Oct 2024
Report Format: PDF

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Low Voltage AC Drives Market Size

The global low voltage AC drives market was estimated at USD 14.8 billion in 2023 and is estimated to grow at a CAGR of 4.6% from 2024 to 2032, driven by the increasing industrial automation and energy efficiency demand across various industries.

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The surge in electricity consumption in developing economies has observed significant increment on account of rising industrial operations complementing the demand for effective AC drive systems. The industrial automation sector is the growing need for energy-efficient units and stringent government policies which promote environmental sustainability are reshaping the industry landscape.

Low Voltage AC Drives Market Report Attributes
Report Attribute	Details
Base Year:	2023
Low Voltage AC Drives Market Size in 2023:	USD 14.8 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.6%
2032 Value Projection:	USD 22.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	34
Segments covered:	Power Range, Efficiency Class, Application, End Use, and Region
Growth Drivers:	Rising energy demand along with increasing electricity capacity addition Accelerating investments across development of industrial infrastructure Growing inclination to boost the energy-efficiency of industrial operations
Pitfalls & Challenges:	Significant cost of initial deployment coupled with availability of medium voltage alternatives for higher capacities

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The increasing interest in smart industrial automation with the advancements in technology and the introduction of the Industrial Internet of Things (IIoT), is the key drive to increase the growth of the low voltage AC drives industry. These electronic devices control a motor's speed, acceleration, torque, deceleration, and rotation direction by adjusting the electrical supply frequency. Rapid industrialization and automation initiatives coupled with the new expansion initiatives by the key industry players will proliferate the industry dynamics. For instance, in May 2023, ABB India has expanded its manufacturing capabilities by adding a new production line for variable-speed drive modules at its facility in Bengaluru, India. The addition underscores ABB’s commitment to enhancing local manufacturing and supporting energy-efficient solutions in the country’s industrial sector.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market size for low voltage AC drives was valued at USD 14.8 billion in 2023 and is expected to reach USD 22.1 billion by 2032, driven by a CAGR of 4.6% from 2024 to 2032.

The low voltage AC drives industry from IE 2 efficiency class is expected to achieve a CAGR of over 6% by 2032, driven by its suitability for applications with mandated energy savings.

The U.S. market is projected to surpass USD 3 billion by 2032, driven by expanding applications in industrial automation and renewable energy sectors.

Major players in the industry include ABB, Eaton, Emerson Electric, Fuji Electric, General Electric, Hitachi Hi-Rel Power Electronics Private Limited, and Johnson Controls.