The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Low Voltage Drives Market.
It was estimated prior to this unanticipated outbreak that the Low Voltage Drives Market was likely to witness an impressive CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Market Share Analysis
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.
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.
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.
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