The Asia Pacific region is experiencing rising demand for low voltage drives, also known as variable frequency drives (VFDs), as industries seek to improve energy efficiency and reduce costs. These devices regulate the speed of electric motors to optimize energy consumption, making them a popular solution for industries in the region.
The Asia Pacific low voltage drives market is expected to grow at a compound annual growth rate (CAGR) of 5.7% between 2021 and 2026, according to a report by Markets and Markets. The market is projected to reach a value of USD 4.5 billion by 2026, up from USD 3.4 billion in 2021.
China is the largest market for low voltage drives in the Asia Pacific region, accounting for more than 50% of the market share. The country’s rapid industrialization and urbanization have led to increased demand for energy-efficient solutions. The Indian market is also growing rapidly, driven by the government’s focus on promoting energy efficiency and the adoption of renewable energy sources.
The Asia Pacific low voltage drives market is driven by several factors, including increasing industrialization, the need for energy efficiency, and rising energy costs. The region is home to some of the world’s largest and fastest-growing economies, such as China, India, and Japan. These countries are witnessing significant growth in their manufacturing and construction sectors, driving demand for low voltage drives.
The rising cost of energy is another factor driving demand for low voltage drives in the Asia Pacific region. As energy costs continue to rise, businesses are seeking ways to reduce their energy consumption and lower their energy bills. Low voltage drives offer a cost-effective solution by regulating the speed of electric motors and reducing energy consumption.
Energy efficiency is also a key factor driving growth in the Asia Pacific low voltage drives market. Governments in the region are implementing policies and regulations to promote energy efficiency and reduce greenhouse gas emissions. Low voltage drives help businesses meet these regulations by reducing energy consumption and improving energy efficiency.
The Asia Pacific low voltage drives market is highly competitive, with both international and domestic players competing for market share. Major players in the market include ABB Ltd, Siemens AG, Schneider Electric SE, and Danfoss A/S. These companies are investing in research and development to improve the efficiency and performance of their low voltage drives, as well as expanding their product portfolios to meet the growing demand in the market.
The market is also witnessing the emergence of new players, particularly in China and India, who are focused on developing cost-effective and energy-efficient solutions to meet the needs of local businesses.
The Asia Pacific low voltage drives market is segmented by type, application, and country. By type, the market is segmented into AC drives, DC drives, and servo drives. AC drives are the most widely used type of low voltage drives in the market, accounting for over 70% of the market share.
By application, the market is segmented into pumps, fans, compressors, conveyors, extruders, and others. Pumps are the largest application segment, accounting for over 30% of the market share.
By country, the market is segmented into China, Japan, India, South Korea, Australia, and the rest of the Asia Pacific region. China is the largest market, followed by Japan and India.
One of the key trends in the Asia Pacific low voltage drives market is the development of innovative and energy-efficient products. Manufacturers are focusing on improving the performance and efficiency of their products to meet the growing demand for energy-efficient solutions.
For example, ABB Ltd offers a range of low voltage drives that are designed to reduce energy consumption by up to 30%. The company’s ACS580 drives feature a built-in energy optimizer that adjusts the motor speed to match the load, reducing energy consumption and improving efficiency.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
