LONDON–(BUSINESS WIRE)–Technavio has been monitoring the global electric drives market since 2015 and the market is poised to grow by USD 5.11 billion during 2019-2023, progressing at a CAGR of over 4% during the forecast period. Request Free Sample Pages
Read the 143-page research report with TOC on “Electric Drives Market Analysis Report by End-users (Process industry and Discrete industry), by Product (AC drives and DC drives), by Power rating (Low-voltage drives and Medium-voltage drives), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 – 2023”.
https://www.technavio.com/report/electric-drives-market-industry-analysis
The increasing focus on automating manufacturing processes along with the advent of IoT in electric drives is anticipated to boost the growth of the market.
Automation is gaining prominence in the manufacturing processing units of various process and discrete industries because it boosts operational efficiency and improves the production process. This is encouraging original equipment manufacturers (OEMs) to adopt electric drives such as servo drives and AC drives as it automates the process to achieve a desired speed and reduce manual intervention. It also enhances motor operations in precision applications including material-handling processes, robotics, and conveyors. Electric drives prevent damage to the motor by minimizing the overall impact of non-linear loads and harmonics through its multiple features such as communication capabilities, diagnostic software, and synchronous bypass. Such advantages are encouraging industrial operators to automate their motor operating process by using electric drives, which is expected to drive market growth during the forecast period.
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Major Five Electric Drives Market Companies:
ABB Ltd.
ABB Ltd. is headquartered in Switzerland and operates the business under various segments such as Electrification Products, Robotics and Motion, and Industrial Automation. The company offers General purpose low voltage drives, Micro low voltage drives, and Medium voltage drives.
Danfoss AS
Danfoss AS is headquartered in Denmark and offers products through the following business units: Danfoss Power Solutions, Danfoss Cooling, Danfoss Drives, and Danfoss Heating. The company offers VLT low voltage drives, VACON low voltage drives, and VACON 3000.
Rockwell Automation Inc.
Rockwell Automation Inc. is headquartered in the US and operates under various business segments, namely Architecture & Software and Control Products & Solutions. The company offers PowerFlex 755T, Medium voltage drives, and Compact drives.
Schneider Electric SE
Schneider Electric SE is headquartered in France and offers products through the following business segments: Low Voltage, Medium Voltage, Secure Power, and Industrial Automation. The company offers Low voltage AC machine drives, Medium voltage AC process drives, and Low voltage AC general purpose drives.
Siemens AG
Siemens AG is headquartered in Germany and offers products through the following business segments: Power and Gas, Energy Management, Building Technologies, Mobility, Digital Factory, Process Industries and Drives, Siemens Healthineers, Siemens Gamesa Renewable Energy, and Financial Services (SFS). The company offers AC low voltage variable frequency drives and SINAMICS medium voltage drives.
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Electric Drives Product Outlook (Revenue, USD Million, 2019 – 2023)
Electric Drives Regional Outlook (Revenue, USD Million, 2019 – 2023)
- APAC
- Europe
- MEA
- North America
- South America
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Related Reports on Industrials include:
Variable Frequency Drives (VFD) Market – Global Variable Frequency Drives (VFD) Market by type (low voltage drives and medium voltage drives), end-users (food and beverages, water and wastewater treatment, oil and gas, power generation, mining and metals, and other end users), and geography (APAC, Europe, MEA, North America, and South America).
Medium Voltage Motors Market – Global Medium Voltage Motors Market by end-users (process industries, discrete industries, and HVAC), product (AC motors and DC motors), and geography (APAC, Europe, MEA, North America, and South America).
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