22 Jul 2024

AUTOMATION FOR MANUFACTURING

AMRs and AGVs will push ULV drives sales to $3.1bn by 2027

AMRs and AGVs will account for a growing share of global sales of ultra-low voltage drives over the coming years

Global sales of ultra-low voltage (under 60V) drives are set to soar from $753m in 2021 to $3.1bn by 2027 – a CAGR of 25.9% – according to Interact Analysis. The growth is being driven by the rapid take-up of battery-powered AMRs (autonomous mobile robots) and AGVs (automated guided vehicles).

Many vendors that have not previously been involved in this sector are now entering it, attracted by the massive growth potential.

In 2022, the AMR/AGV market accounted for 11% of ultra-LV drive revenues. By 2027, this share is predicted to reach 56%, due to the widespread adoption of mobile robots, especially those with integrated motor-drives. These drives, which cut costs and save space, while delivering higher efficiencies, are more expensive than using separate components – explaining the high revenue growth.

Three companies – Interroll, Insight Automation and Itoh Denki – currently dominate the market for ultra-LV drives, with a combined market share of around 30% in 2021. They all make motors for roller conveyors, as well as producing drives for the motors. But Interact does not expect them to hold onto their top positions as other vendors capture market share in the coming years.

“The ultra-LV drives market is experiencing a period of exponential growth that is likely to continue for the next few years,” says Interact research manager, Blake Griffin. “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%,” he adds. “We estimate 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.”

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