According to a research report titled ‘Low Voltage Drives Market Size By Power Range (Micro, Low), By Capacity, By Drive, 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, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, low voltage drives market is anticipated to record a healthy CAGR during 2019-2025.
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As per the research findings, global low voltage drives market is largely driven by rising electricity prices, ongoing R&D activities, stringent regulations regarding energy efficiency, and growing investments in organizations operating in this domain.
 

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Moreover, escalating demand for LV drives from small and medium sized enterprises in residential, commercial and industrial sectors will further boost the industry remuneration scope. Further, increasing demand from automation industry together with elevated focus on environment safety are positively impacting the industry dynamics.
 

Based on technology gamut, the industry is split into regenerative and standard variants, among which, the later segment is estimated to record substantial growth in the upcoming years. The product demand is creditable to its optimum cost structure and space consumption, as well as its flexibility & versatility for motor speed control.
 

Speaking of the end user spectrum, the demand volume from the marine industry is projected to surpass 1 million units by 2025. This remarkable statistic may be attributed to the ongoing ship building activities in developing countries and rising cross border trades Moreover, benefits like easy usability, safe & reliable operations, and compact size are further boosting the product adoption across different industries.
 

On the regional front, the U.S. low voltage drives market is set to witness healthy growth during the forecast period. This can be credited to increasing adoption rate of low voltage drives in reciprocating & centrifugal systems across the nation. Moreover, spike in electricity prices and rising cognizance regarding deployment of sustainable and environment friendly energy solutions are stimulating the industry growth in the U.S.
 

Key players in low voltage drives market space are Hitachi Ltd., Danfoss A/S, Iconics Eco-energy Technology Co., Ltd., Yaskawa Electric Corp., WEG S.A., Rockwell Automation, Inc., Fuji Electric Co., Ltd., Mitsubishi Electric Corp., CG Power and Industrial Solutions Ltd., and Schneider Electric S.E among others.