Technavio analyzes that the Low Harmonic Drives Market is expected to grow at a CAGR of 6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3791.8 million.There are various factors that contribute to the growth of the market. The Low Harmonic Drives (LHD) market is witnessing significant growth due to increasing regulatory standards for energy efficiency. Governments and regulatory bodies worldwide are implementing stringent norms to reduce energy consumption and carbon emissions. LHDs, with their high energy efficiency and low harmonic distortion, are becoming the preferred choice for industrial applications, thereby driving market growth. These drives reduce energy losses and improve power system stability, making them an essential component in power transmission and distribution networks. Additionally, the growing adoption of renewable energy sources and the integration of smart grids are further boosting the market for LHDs.
In the global low harmonic drives market, businesses are increasingly turning to low voltage drives as essential solutions for renewable energy generation, gasoline utilization, and AC power grid applications. These advanced controllers, operating below 1,000 volts and featuring power ratings between 125 hp and 2,500 hp, offer significant benefits. By adjusting the frequency and voltage supplied to motors, low harmonic drives optimize energy efficiency and operational flexibility. This results in substantial cost savings through precise motor speed control and matching power to load requirements. Additionally, these drives ensure optimal industrial process performance and product quality, while seamlessly adapting to fluctuating loads and changing process requirements, ultimately delivering reliable operation under varying conditions.
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Low Harmonic Drives Market Segmentation
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The Low Harmonic Drives (LHD) market encompasses efficient industrial products designed to enhance electricity consumption in various sectors. LHDs promote energy efficiency by reducing harmonic distortions in AC power grids, which is a concern for the Environmental Protection Agency's Power Sector. Industries such as Oil and Gas, with exploration activities in shale, offshore, and renewable energy, benefit from LHDs. Despite high switching costs, LHDs are preferred due to their compact systems and unity power factor. LHDs are available in low and medium voltage drives, with active supply units mitigating harmonic distortions from sinusoidal waves in power outputs. Transformers and power wiring also benefit from LHD implementation.
The Low Harmonic Drives (LHD) market is a significant segment of the global electrical components and equipment industry. This sector caters to the demand for energy-efficient industrial products, specifically motor control systems. The electrical components and equipment market encompasses manufacturers of various electrical products, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. Additionally, the market includes revenue generated from renting and leasing electrical components and equipment to industrial, commercial, and residential end-users. Technavio's market analysis for the global electrical components and equipment market calculates the market size based on the combined revenue from these sectors. The LHD market's growth is driven by the increasing demand for energy-efficient industrial solutions and the need to reduce electricity consumption and harmonic distortion in power systems.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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