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Power Generation Low Voltage AC Drives Market Trends

Report ID: GMI7809
Published Date: Jan 2024
Report Format: PDF

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Power Generation Low Voltage AC Drives Market Trends

Increasing investments in power generation capacities to meet the rising energy demands, coupled with a growing emphasis on energy conservation and innovative exploration initiatives in the power sector, is set to positively influence the industry's growth. In addition, evolving consumer preferences towards minimizing operational costs through energy-efficient initiatives across intensive operations, along with a favorable reception of sustainable power generation technologies, are set to amplify opportunities power generation networks and fuel product installations.

For instance, in June 202, GE Vernova's Gas Power business has commenced commercial operations at Caithness Energy's 1,875-megawatt Guernsey Power Station in Ohio, utilizing GE's HA combined cycle technology. Located in a key shale gas development region, the facility can generate enough electricity for about 1.4 million homes in the PJM Energy Market, spanning 13 states and the District of Columbia. This project will further accelerate the deployment of power generation low voltage AC drives for smooth and efficient operation. Additionally, governmental bodies are implementing stringent policies to curtail greenhouse gas emissions from industrial sectors, fostering the adoption of energy-efficient solutions further driving the industry growth.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Power generation low voltage AC drives industry size surpassed USD 2.9 billion in revenue in 2023 and is poised to exhibit 5% CAGR from 2024-2032 driven by the growing investments in renewable energy projects and power generation infrastructure.

Power generation low voltage AC drives industry from the low-powered segment is projected to record 5% CAGR during 2024-2032 due to the growing need for uninterrupted and dependable electricity supply coupled with the implementation of rigorous standards to promote energy efficiency.

Asia Pacific power generation low voltage AC drives industry size was more than USD 1.3 billion in 2023 and is estimated to record notable growth through 2032 attributed to the growing population, and the rising demand for dependable electricity in various emerging countries.

Some of the major power generation low voltage AC drive firms are Eaton, General Electric, ABB, Siemens, Schneider Electric, Fuji Electric CO., Ltd., Rockwell Automation, Yaskawa Electric Corporation, WEG, Danfoss, Delta Electronics, Inc., Nidec Industrial Solutions, and Sprint Electric Limited.