Asia Pacific Low Voltage Drives Market Trends Research and Projections For 2022- 2030
Asia Pacific low voltage drives market is anticipated to witness considerable growth in the coming years, driven by decreased operational costs, energy efficiency, and high availability.
Rising environmental concerns have compelled the energy industry leaders to develop efficient, cost-effective technologies that can prove profitable in the long run. To this end, industry players have been experimenting with devices that entail low voltage technologies for minimum operational expenses.
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While high voltage technologies entail maximum electricity consumption and lead to power load, low voltage devices ensure optimal safety of the electrical equipment while decreasing power load. The construction of manufacturing facilities in developing nations like India and China would further foster the growth of low voltage drives in the Asia Pacific.
Investments toward energy-efficient projects across the APAC region will particularly contribute to high product sales. Recently, ASEAN Secretariat, the ASEAN Centre for Energy (ACE), and the International Energy Agency (IEA) inked a collaboration agreement to promote Sustainable and Energy Efficient Buildings and Cooling in Southeast Asia.
A new Global Market Insights Inc. report cites that the Asia Pacific low voltage drives market is expected to surpass a revenue share of $12 billion through 2030.
Mentioned below is a brief overview of key trends facilitating the growth of Asia Pacific low voltage drives market size through 2030:
Rising demand for low voltage variable frequency drives (VFDs)
Variable temperatures caused by humidity and construction initiatives in the region have increased the demand for HVAC systems, prompting the market players to launch fully functional low voltage AC drives with adjustable speed. New low voltage VFDs with built-in features to adjust the AC’s motor speed and torque are used increasingly in electro-mechanical drive systems.
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Industry players operating in the Asia Pacific low voltage drives market are launching multifunctional VFDs to sustain their industry leadership. Citing an instance, Emerson Electric Co., in 2021, has launched Copeland VFD product lines for the seamless deployment of VFDs which can be added to fixed-speed HVACR motors.
Growing inclination toward sustainable electricity consumption
Owing to their compact sizes and ease of installation, the low voltage drives have gained widespread traction. The demand is also greatly influenced by rising awareness towards sustainable electricity consumption and renewable energy investments.
According to International Energy Agency, global energy investment is likely to increase by 8% in 2022, in the wake of the global energy crisis. It is expected to facilitate the global sales of low voltage drives that initiate mindful consumption of electricity and reduce wastage
Surging demand from the oil and gas sector
Low voltage drives have been gaining popularity in India, owing to the expanding oil and gas industry. The upgradation of oil refineries in the region coupled with the government support has bolstered the demand for voltage drives that encompass sustainable electricity consumption.
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According to India Brand Equity Foundation, in FY22, crude oil imports in the country registered revenue of $120.4 billion. The expansion of the country’s oil and gas sector is likely to drive the sales of low voltage drives.
Impact of COVID-19 on the Asia Pacific low voltage drives market
In the initial months of the COVID-19 pandemic, electricity consumption fell sharply worldwide, which also hindered the demand for low voltage drives in the Asia Pacific. The resumption of businesses post-COVID-19 saw a gradual rollback to normalcy for the low voltage drives in the region with energy-efficient systems.
Increasing investments in the establishment of manufacturing facilities is likely to pave the path for low voltage drives in the APAC economies. For instance, Mitsubishi Electric Corporation announced its investment in establishing its new factory in India in December 2023, for manufacturing inverters.
Final takeaway
All in all, the low voltage drives in the Asia Pacific are encountering significant growth opportunities, owing to increased electricity demand and the emergence of manufacturing facilities in the region. The increased inclination towards energy-efficient devices and rising demand for small and compatible drives has also supported the use of low voltage drives over the inefficient high electricity consumer voltage drives.
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