Asia Pacific Low Voltage Drives Market size is predicted to witness a substantial growth rate between 2021 and 2028 on account of introduction of energy efficiency standards and increasing demand for optimized energy solutions. Burgeoning investments in industrialization along with the flourishing real estate sector will augment the market landscape. Several governmental measures toward the expansion of electrical vehicles (EV) coverage will lead to more EV accessories demand, further stimulating the market demand.
Asia Pacific Market, By Drives
The DC low voltage drives market is anticipated to grow substantially through 2028, due to rising consumer disposable income and increasing urbanization rate primarily across the developing nations. The ongoing refurbishment and retrofitting of the electrical networks due to stringent building emissions will boost the industry demand. The product features key advantages including low maintenance, higher efficiency, and easy implementation, accelerating the market landscape.
Asia Pacific Market, By Application
Pump application segment is expected to upsurge lucratively till 2028, owing to higher water consumption and government spending on long-term infrastructure projects. These systems offer a wide range of operation, highly efficient, and smooth torque, and speed control for standard usage.
Asia Pacific Market, By End-Use
The automotive low voltage drives market is set to gain high momentum during the forecast period, led by stricter government norms and mandates to promote environmental sustainability. New testing procedures and regulations have provided positive industrial drivers for product deployment. The ability to provide ease of start-up, operation flexibility, and low cost of installation will further sway the market potential.
Asia Pacific Market, By County
The Japanese low voltage drives market size is estimated to dominate revenue share by 2027, propelled by decline in gross electrical distribution losses leading to improved operational efficiencies. The government has initiated policy reforms and agreements with private players to install manufacturing plants driving the technological adoption. Heavy investments in health infrastructure and post-COVID-19 recovery will further drive product adoption.
The COVID- 19 has been hindering the operations and manufacturing of various industries since 2019 and has impacted logistics and distribution facilities. However, ongoing efforts for vaccination coupled with governmental efforts to infuse liquidity in the economy may have a positive impact on the industry revenue. The growing demand for energy-efficient electrical equipment along with increasing dependency on efficient & reliable systems will fuel the market expansion.
Competitive Industry Landscape
Key manufacturers operating in the market include Honeywell International, ABB, Siemens, Schneider Electric, Fuji Electric, L&T Electrical & Automation, Hitachi Hi-Rel Power Electronics Private Limited, Rockwell Automation, Eaton, and Mitsubishi Electric Corporation. The companies are focusing on product differentiation and developing advanced technologies to meet the competition prevailing in the industry.