Low Voltage Drives Market Value to Hit $15 Billion by 2025: Global Market Insights, Inc.
Marine low voltage drives market is expected to surpass an annual installation of 1 million units by 2025, owing to rising shipbuilding activities along with increasing maritime trade & retrofitting activities.
SELBYVILLE, Del., July 25, 2019 (Newswire.com) - The U.S. low voltage drives market is anticipated to grow owing to adoption of LV systems for reciprocating and centrifugal equipment. The drives can be used as a substitute of fixed speed controllers, valves and dampers further stimulating the product penetration. Moreover, rising energy prices coupled with growing concerns pertaining adoption of environment-friendly and sustainable units has amplified the concentration on energy-efficient systems.
Optimum cost and space utilization along with product flexibility and versatility in terms of motor speed control is set to encourage the standard low voltage drive market growth. The systems utilize pulse width modulation indicators to generate analog signals and determine the frequency fluctuations in a timeframe. Growing acceptance across end user industries on account of their compact size will complement the business landscape. Furthermore, the drives are user-friendly, safe, flexible and reliable, in turn driving the industry growth.
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The marine industry is set to exceed an annual adoption of 1 million units by 2025. Rising shipbuilding activities specifically in Asia Pacific along with increasing maritime trade will enhance the business outlook. An upsurge in demand for high energy saving, lower operating and maintenance cost, and extended equipment life are some of the major factors strengthening product demand.
The global low voltage drives market is poised to surpass USD 15 billion by 2025, as reported in the latest study by Global Market Insights, Inc. An upsurge in electricity prices, rising demand for optimized energy and introduction of energy efficiency directives will positively influence the low voltage drives market size. Increasing electricity consumption along with strict government regulations and mandates to promote environment sustainability will stimulate product adoption. Ongoing R&D activities accompanied by technical enhancements coupled with rising investments toward infrastructure across developing economies will further complement the industry outlook.
Increasing low voltage drives demand from small and medium enterprises along with rising retrofitting activities across residential, commercial and industrial sectors is projected to stimulate the industry scenario. Moreover, growing incorporation of low energy units on account of compact size and easy installation across food processing, power generation, O&G and textile industries will encourage the business growth.
Browse key industry insights spread across 830 pages with 1,687 market data tables & 34 figures & charts from the report, “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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/low-voltage-drives-market
Rapid industrialization, growing awareness toward environment sustainability accompanied by increasing demand for energy efficient systems will strengthen the industry outlook. Increasing investments across manufacturing facilities along with growing concern toward work time safety is anticipated to complement business outlook. Smooth reversing, dynamic speed & torque procedures and long belt life will further stimulate the product penetration.
Key industry manufacturers in low voltage drives market comprises of Honeywell, Johnson Controls, ABB, Schneider, Siemens, CG Power, Fuji Electric, Yaskawa, WEG Electric, Hiconics, Hitachi, Danfoss, Mitsubishi, Rockwell Automation, Eaton, and Emerson.
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