Rising emphasis on global energy-efficiency goals will augment the use of low voltage drives to curb power consumption.
Low voltage drives are coming to be considered a cost-effective industrial solution with a low-electricity consumption attribute, serving the needs of myriad verticals including power generation. With the focus on energy efficiency growing, the deployment of low voltage VFD (variable frequency drive) is slated to proliferate worldwide.
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Since low-voltage drives consume less electricity and demonstrate strong application potential in the renewable energy industry, the introduction of energy efficiency and carbon reduction strategies could generate lucrative growth prospects for the low voltage drives market.
Major investments directed towards airport improvement projects and construction of new airports will be supplementing airport moving walkways industry share through 2026. Developing countries, including India, China, Japan, etc. are likely to exhibit a substantial hike in budget allocation for the development of airport infrastructure by 2022. For instance, ACV (Airports Corp. of Vietnam) is planning to invest around USD 14.7 billion for the construction of new passenger terminals and runways in coming years. Likewise, China proposed to expand commercial airports in the country to around 260 till 2020, which will further go up in number by 2040. These developments will further fuel airport moving walkways demand over the projected timeframe.
Another key reason behind the burgeoning adoption of low voltage AC drives is the implementation of regulatory measures to save electricity. The Indian government, for example, unveiled plans to mandate new residential buildings to be compliant with the energy efficiency code in April 2022, a move that can help save over $1.5 billion worth of electricity by 2030. Factors like these could boost the popularity of low voltage drives to efficiently control electric motor speed and torque.
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As per a 2020 annual survey conducted by the U.S. EIA (Energy Information Administration), over 502 electric utilities had EE programs that led to an estimated 28,167,459 MWh or nearly 28.2 billion kWh reductions in annual electricity consumption. Also, as of September 2021, 25 states had mandatory statewide EERS (Energy Efficiency Resource Standard) and 5 states and the District of Columbia had energy efficiency goals, which could bolster the demand for efficient low voltage drives. Based on estimates from a Global Market Insights Inc. report, the low voltage drives market is projected to depict a growth rate of nearly 4% through 2030.
In addition, U.S. President Biden’s Bipartisan Infrastructure Law announced $225 million in funding to improve building codes. The reduction of emissions from commercial and residential buildings is also crucial to achieving President Biden’s target of a 100% clean electrical grid by 2035 as well as net-zero carbon emissions by 2050.
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Electric motors play a major role in the oil and gas industry since they provide consistent and reliable power for drilling equipment and rig systems. ExxonMobil, for example, announced drilling expansion plans for 2022, with a target to boost capital spending by 45% to $24 billion. This strong focus of American oil and gas firms on expanding drilling activities could consequently bolster the requirement for low voltage drives for electric motor applications.
Key participants contributing towards airport moving walkways market growth include Siemens, ABB, NIDEC CORPORATION, Bosch Rexroth AG, Schneider Electric, Emerson Electric Co., Mitsubishi Electric Corporation, WEG, Rockwell Automation
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