According to a recent report titled ‘Low Voltage Drives Market Size By Power Range (Micro, Low), By Capacity (<2.2 kW, 2.2-7.4 kW, 7.5-22 kW, 23-75 kW, 76-110 kW, 111-500 kW, >500 kW), By Drive (AC { By Efficiency [IE1, IE2, IE3, IE4,]}, DC, Servo), By Technology (Standard, Regenerative), By System (Open Loop, Closed Loop), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Textile, Marine) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Norway, Sweden, Poland, Netherlands, Belgium, Denmark, China, Japan, India, Australia, South Korea, Thailand, Singapore, Malaysia, Philippines, Vietnam, Indonesia, Saudi Arabia, UAE, Qatar, Jordan, Iran, South Africa, Nigeria, Egypt, Algeria), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global low voltage drives market is predicted to grow considerably by the year 2025.
 

Increasing focus towards optimized supply of energy, volatile electricity prices, and stringent government regulations for sustainable development are the key factors driving the low voltage drives market forward. Rising consumption of electricity has encouraged the installations of low voltage drives in order to meet the growing demands. Ongoing R&D activities, technological advancements, and the growing industrial investments across developing countries will further help the market to flourish.
 

Surging preference for low energy systems, coupled with numerous retrofitting endeavors across the residential, commercial, and industrial sectors, and increasing installation throughout various industrial sectors will ensure steady market growth in the coming years. Low voltage drives are easy to install and come in compact sizes. The balance between cost & required space, low operating & maintenance cost, and an extended lifetime are some of the other factors stimulating the growth of the market.
 

Based on end-use spectrum, low voltage drives market from marine segment is anticipated to gain considerable growth during the forecast period. As per the report, marine industry will exceed a deployment of 1 million units annually by the year 2025. Amplification of ship building pursuits across Asia Pacific, especially in Japan, China, and South Korea, along with rise in cross-border trade will foster adoption of low voltage drives across marine industry.
 

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Considering the regional landscape, the U.S. low voltage drives market held substantial market share in the recent past and will continue to grow at a steady rate in the upcoming years, owing to rising adoption of low voltage units for reciprocating & centrifugal pump systems. These drives also act as ideal substitute for fixed speed controllers, dampers, and valves, which in turn is prompting its adoption across the United States.
 

Some of the key players of low voltage drives market are ABB, Honeywell, Johnson Controls, CG Power, Schneider, Fuji Electric, Siemens, Yaskawa, WEG Electric, Hiconics, Hitachi, Danfoss, Mitsubishi, Emerson, Rockwell Automation, and Eaton.