Covid-19 Impact on Low Voltage Drives Market to See Strong Expansion Through 2025

Stratview Research published a new report on the Low Voltage Drives Market that offers detailed segmentation of the market based on Power Range Type, Capacity Type, Drive Type, Technology Type, System Type, Application Type, End-Use Industry Type and Region. According to the report, Low Voltage Drives market is likely to witness a CAGR of 4.5% during the forecast period. The prime factors that are driving the Low Voltage Drives market are rapid industrialization, introduction of energy efficiency standards, surge in electricity prices, and increasing demand for optimized energy.

The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.

Covid Impact –

The Corona Virus Pandemic has caused significant losses in nearly every industry all over the world. The pandemic has had a rapid impact on the global economy, affecting the market’s manufacturing, demand, and distribution network. The Low Voltage Drives Market has also been influenced by the unprecedented COVID-19 outbreak. The market analysts have thoroughly examined the market and gathered insightful data related to covid impact such as before and after market size, regional impact, financial losses, organic and inorganic growth factors, etc.

Leading players in the market –

To build a successful business, it is vital to understanding the market – both the customers and the competitors. The report published consists of a list of key players active in the Low Voltage Drives Market, is given below –

  • Johnson Controls
  • Honeywell
  • ABB
  • Siemens
  • Schneider Electric
  • CG Power and Industrial Solutions
  • Fuji Electric
  • WEG Electric
  • Yaskawa
  • Hiconics
  • Danfoss
  • Hitachi
  • Rockwell Automation
  • Emerson
  • Eaton
  • Mitsubishi.

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Report Findings

Low-Voltage-Drives-Market-Dominant-Segments

Low Voltage Drives Market Share: By Power Range Type

Based on the power range type, the market is segmented as micro and low. The micro power range segment dominated the market in 2019, and is expected to maintain its position during the forecast period. Expanding infrastructure in developing economies and shifting focus towards renewable source of energy are the major factors driving the micro power range segment.

Low Voltage Drives Market Share: By Drive Type

Based on the drive type, the low voltage drives market is segmented as AC, DC, and Servo. The AC low voltage drives segment held the largest share of the market in 2019, and is also expected to witness a healthy growth during the forecast period. AC low voltage drive features low maintenance cost, improved energy efficiency and high reliability.

Low Voltage Drives Market Share: By Region

In terms of regions, Asia-Pacific is estimated to be the largest market for low voltage drives during the forecast period. China, Japan, South Korea, Taiwan, and India are the largest consumer of low voltage drives in the region. Significant economic development in the region is paving the path of industrial and power sector leading to higher demand for low voltage drives in the region. North America and Europe are also expected to witness a healthy demand for low voltage drives during the forecast period.

FAQs in the report –

The research report aims to help the users learn about their market size and potential to connect with customers. This report answers to the following questions:

  • How big is the potential Low Voltage Drives Market?
  • Will this market grow or shrink in the future?
  • Who are our top competitors or key players?
  • What market share do the competitors own?
  • How Covid19 has affected the market?
  • How long will it take to recover from the Covid-impact?

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