New research by Interact Analysis shows the autonomous mobile robot and automated guided vehicle market is driving growth within the ultra-low voltage (LV) drives market. An ultra-LV drive is categorized as being <60v.
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 continue out to 2027, with ultra-LV drives revenues growing at a CAGR of 25.9%.
In 2022 alone, the AMR/AGV market accounted for 11% of ultra-LV drives market revenues and by 2027 this share is predicted to grow to 56%. This is largely the result of fast-paced adoption of mobile robots, particularly those that utilize an 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, which is a reason for it driving revenue growth within the sector.
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 used within roller conveyors, as well as manufacturing the drive that is used to control the motor. Due to the rising importance of the AMR/AGV sector for ultra-LV drive revenues, these three companies are unlikely to retain their top positions and other vendors are anticipated to gain market share over the coming years.
Blake Griffin, Research Manager at Interact Analysis comments, “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.”
About the Report:
In this report, we provide detailed market size and forecast data for ultra-low voltage motor drives by product type, voltage, application, control, and region. In addition to this analysis, we have conducted a market share analysis of any vendor in the market with a greater than 1% share. Our market share analysis is extensive and also includes information pertaining to strengths per vendor along with any recent M&A activity.