Low voltage motor drives market expected to grow
10 February 2009
According to the latest statistics from IMS Research, the worldwide market for low voltage AC & DC motor drives experienced unprecedented revenue growth in 2007, increasing by 19.7% over 2006 levels. Data reported by leading drives suppliers indicate all regions and industry segments exhibited strong growth during the year.
Low voltage motor drives market expected to grow during downturn
The market is expected to continue performing well despite the global economic downturn, with positive growth forecast for both 2008 and 2009, when annual revenue growth should bottom out at 3.7%. High energy prices and an increased focus on energy efficiency will maintain positive growth of market revenues, which are expected to increase by an average annual rate of 10.4% throughout the forecast period to reach an estimated value of $13.6 billion by 2012.
Lead by infrastructure expansion in China and India, the Asia Pacific motor drives market experienced the largest amount of growth in 2007, and was the second largest regional market after EMEA. Valued at nearly $2.4 billion, the drives market in Asia Pacific is expected to continue growing at the fastest rate over the next five years. However, difficult economic conditions around the globe will slow growth across all regions, with most impact felt in the drives markets in the Americas and Japan. The success of recently introduced government stimulus packages will determine the severity of the market downturn.
Positive growth in the utilities, food & beverage, chemicals & petroleum, and renewable energy industries is expected to offset declines in the metal processing, mining, textiles and commercial HVAC industries. According to IMS Research analyst Jenalea Howell, “growth of critical industry sectors, government legislation and stimulus packages will provide abundant opportunities for the low voltage motor drives market to come through the recession with positive growth.”
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