Global Low Voltage Drives Market: Snapshot
The prolific rise in the industrialization and the steady increase in the need for energy across the world has fueled the demand for low voltage drives in a number of industries, such as the mining, oil and gas, food and beverages, packaging, and automotive. This, as a result, is reflecting greatly on the global market for low voltage drives. Various features of low voltage drives, such as positive energy balance, enhanced quality and productivity, high safety levels, and low energy consumption, are also driving the growth of this market substantially.
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The opportunity in the worldwide market for low voltage drives is expected to soar exceptionally between 2017 and 2022, rising at a CAGR of 5.60%. The market, which is anticipated to reach U$16.53 bn by the end of 2017, will attain a value of more than 21 bn by 2022.
Soaring Need for Energy Ensures High Demand for Low Voltage Drives in APEJ
Broadly, on the regional basis, the global market for low voltage drives is classified into Europe, the Middle East and Africa (MEA), North America, Asia Pacific excluding Japan (APEJ), and Japan. The intense need for energy in APEJ has established the region as the leading market for low voltage drives across the world. The industrial development in various emerging economies in the Asia Pacific region, such as India and China, is leading to an increased demand for low-voltage motors in a number of industries, especially in automotive and electronics, which is likely to ensure the dominance of the APEJ market for low voltage drives in the years to come.
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North America and Europe are also projected to witness a steady rise in the demand for these drives over the next few years, thanks to the increasing inclination toward cleaner energy, specifically for solar and wind projects. Apart from this the presence of stringent rules and policies pertaining to motor efficacy and the replacement and upgradation of old equipment are also expected to boost the demand for low voltage drives in both the regions in the near future. IE2 and IE3 type devices witness a widespread adoption in Australia, Canada, the U.S., New Zealand, and several economies in Europe.