New York , Jan. 16, 2024 (GLOBE NEWSWIRE) — The global low voltage drives market size is predicted to grow at a CAGR of over 5% from 2023 to 2035. The market is projected to garner a revenue of USD 30 billion by the end of 2035, up from a revenue of USD 18 billion in the year 2022. The growth in market is attributed to the increasing demand for energy-efficient and automated industrial processes. A further estimate indicates that industrial automation will raise global productivity by 0.9% to 1.6% annually.
Further, IoT technologies are increasingly used in the LVD market to improve efficiency, reduce costs, and enhance productivity. By collecting data from sensors and other devices, IoT technologies can provide visibility into the LVD system’s performance, allowing operators to identify and address issues before they become costly problems. Additionally, the use of IoT technologies can help to automate processes, reducing the need for manual intervention and resulting in increased productivity.
(GlobeNewsWire)