Ultra-low voltage drives market to grow
Interact Analysis research reported global ultra-LV drives market are worth $753 million in 2021. AMR/AGV account for 11% of total market revenues in 2022.
Motor and drive insights
- Interact Analysis reported the global ultra-LV drives market worth $753 million in 2021.
- The autonomous mobile robot/automated guided vehicles (AMR/AGV) sector driving revenue growth for ultra-LV drives; accounting for 11% of total market revenues in 2022.
- Three companies currently dominate the market, but this is likely to change.
Interact Analysis research shows the autonomous mobile robot (AMR) and automated guided vehicle (AGV) market is driving growth within the ultra-low voltage (LV) drives market. An ultra-LV drive is categorized as being <60 V.
In 2021, the global market for ultra-LV drives was valued at $753 million, and this is set to grow to $3.1 billion by 2027. Overall, the market for ultra-LV drives is at an inflection point in its growth cycle, with battery driven applications currently fueling growth. Many vendors that were historically not involved in this market have emerged due to demand from the mobile robotics sector. The influence the AMR/AGV sector has on the ultra-LV drives market as a whole is expected to grow at a CAGR of 25.9%.
In 2022 alone, the AMR/AGV market accounted for 11% of ultra-LV drives market revenues. This share is predicted to grow to 56% by 2027. This is largely the result of fast-paced adoption of mobile robots, particularly those with integrated motor and drive. This allows for cost and space savings, as well as delivering greater efficiency of the drive itself. Integrated drives are more expensive than the alternatives.
The AGV/AMR sector is driving revenue growth for ultra-LV drives
Three main companies dominate the market for ultra-LV drives, mainly with module type/decentralized drive types. Interroll, Insight Automation and Itoh Denki accounted for a combined ~30% of total ultra-LV drives market share in 2021. All of these companies manufacture motor rollers and the drive that is used to control the motor. With the rising importance of AMR/AGV sectors in ultra-LV drives revenue, the top companies are unlikely to retain their position.
Blake Griffin, Research Manager at Interact Analysis said, “The Ultra-LV drives market is experiencing a period of exponential growth that is likely to continue for the next few years. The impact the AGV/AMR sector is having on the market is colossal and will change the supplier landscape dramatically over the coming years. In 2022, most vendors in the ultra-LV drives market registered double digit growth, with some reporting growth rates as high as 35%. We have estimated that revenue growth hit 24.2% in 2022 and unit shipments grew at 19.7%, slightly lower than revenue growth due to price hikes in 2022.”
– Interact Analysis is a CFE Media and Technology content partner.