Ocean View, DE -- (SBWIRE) -- 04/16/2020 -- The global low voltage drives market has emerged as one of the most lucrative industry verticals in recent years. This expansion can be attributed to the increasing need for optimized energy, newly introduced energy-efficient norms and rules, and increasing electricity prices. Additionally, growing electricity consumption is further playing a pivotal role in augmenting market outlook through 2025. 

Stringent government norms to fight climate change and also endorse environment sustainability would further complement product adoption. Moreover, several ongoing R&D activities followed by improvements in technology features are increasing the proliferation of low voltage drives across various regions. Furthermore, increasing investments towards organization in emerging economies is further predicted to drive low voltage drives market landscape.

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Speaking of the application segment, expansion of the automation industry is slated to play a key role in product adoption over the coming years owing to the increasing demand for low voltage drives across the sector. In addition, the growing focus towards environmental safety linked by an increase in the need for energy-efficient equipment is projected to surge product adoption. With expansion of automation, growing concerns regarding work-time safety along with increasing investments throughout the production facilities would further fuel product penetration in the industry.

Low voltage drives also possess some unique features like long belt life, smooth reversing, dynamic speed and torque procedures, which is also playing a vital role in promoting their deployment in the automation sector.

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Apart from the automation industry, the growing ship building initiatives majorly in Japan, South Korea, and China are laying down the foundation of growth for low voltage drives market across the marine industry through the forecast timespan. In fact, deployment of low voltage drives in the marine sector is projected to surpass a yearly installment of 1 million units through 2025. Growing cross border trade is also driving the demand for growth in the manufacturing of ships, which in turn is increasing the deployment of low voltage drives. Along with these growth factors, mounting awareness regarding energy efficiency as well as adoption of equipment that boast of low maintenance and operating costs, extended lifespan, and higher energy savings, are among the key factors complementing overall industry share. 

On the regional front, the North America low voltage drives market would observe substantial growth through 2025 primarily led by the U.S. Growing adoption of LV units for centrifugal and reciprocating systems is a major factor augmenting the market growth in the region. These drives can be used as a substitute for dampers, valves, and fixed speed controllers, further proliferating product penetration.

In addition, a substantial growth in electricity rates and growing concerns regarding the deployment of environment-friendly and sustainable low voltage units is strengthening the overall industry landscape.

The global low voltage drives market is inclusive of players like Rockwell Automation, Emerson, Eaton, Mitsubishi, Hitachi, Danfoss, Hiconics, Yaskawa, WEG Electric, Fuji Electric, Siemens, CG Power, Schneider, Johnson Controls, ABB, and Honeywell among others.