Low voltage AC drives Market is expected to reach USD 26.59 Billion by 2030 at a CAGR of 5 percent

(IT-NEWSWIRE.COM, May 18, 2024 ) As per Maximize Market research, the Low voltage AC drives Market was USD 18.9 Bn in 2023 and is expected to grow at a CAGR of 5 percent over the forecast period to reach USD 26.59 Bn by 2030.

Low voltage AC drives Market Report Scope and Research Methodology

The low voltage AC drives market report covers market size, trends, growth drivers, challenges, and regional analysis. Research methodology includes primary research through expert interviews and secondary research from industry reports, databases, and publications, ensuring comprehensive and accurate market insights.

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Low voltage AC drives Market Dynamics

The low voltage AC drives market is driven by increasing demand for energy efficiency, automation in industries, and renewable energy integration. Technological advancements and regulatory policies promoting energy conservation boost market growth. Opportunities lie in emerging economies and advancements in IoT and AI for enhanced drive performance, offering significant growth potential for the market.

Low voltage AC drives Market Regional Analysis

The Asia-Pacific region has experienced rapid growth in the low voltage AC drives market, driven by extensive industrialization and urbanization in countries such as China, India, and Southeast Asian nations. The region's growing manufacturing and processing sectors are increasingly adopting automation and energy-efficient technologies, fueling demand for low voltage AC drives.

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Low voltage AC drives Market Segmentation

by Application

Pumps and Fans

Conveyors and Material Handling

Compressors

Extruders and Mixers

by End User

Manufacturing

HVAC and Building Automation

Water and Wastewater Treatment

by Voltage Range

Micro Drives

Low-Voltage Drives

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Low voltage AC drives Market Key Players Includes

Mitsubishi Electric Corporation (Japan)

ABB (Switzerland)

Siemens (Germany)

Hitachi, Ltd. (Japan)

Johnson Controls (United States)

NIDEC CORPORATION (Japan)

Honeywell International Inc (United States)

Bosch Rexroth AG (Germany)

YASKAWA ELECTRIC CORPORATION (Japan)

Rockwell Automation (United States)

Beta Power Controls (India)

Inc

Maximize Market Research is leading Electronics research firm, has also published the following reports:

Low Voltage Disconnect Switches Market - The market is expected to reach USD 4.64 Bn by 2030 at a CAGR of 4.8 percent.

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Low voltage AC drives Market is expected to reach USD 26.59 Billion by 2030 at a CAGR of 5 percent