COVID-19 Impact on Global Low Voltage AC Drive Market
- Low voltage AC drives are primarily used in industrial machinery. The COVID-19 outbreak has significantly hampered the demand for these drives. Many manufacturers of these products have completely or partially shut their plants owing to lockdowns imposed by governments to curb the spread of the pandemic. Thus, low demand for industrial products due to the COVID-19 pandemic is negatively affecting the global low voltage AC drive market.
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Key Drivers and Restraints of Global Low Voltage AC Drive Market
- Increase in awareness about the adoption of energy-efficient equipment is expected to drive the low voltage AC drive market during the forecast period. Rise in demand for energy-efficient electrical equipment is likely to play an important role, as low voltage AC drives offer a highly efficient and speed torque controls for standard drives along with limited maintenance and compact size.
- Growth in industrialization and urbanization is also estimated to drive the global Low voltage AC drive market. Significant rate of industrialization and urbanization across the globe has led to a rise in consumption of electricity. This is projected to boost the demand for low voltage AC drives in the near future.
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