Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) — The “Electric Drives – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Electric Drives is estimated at US$26.2 Billion in 2023 and is projected to reach US$36.7 Billion by 2030, growing at a CAGR of 4.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the electric drives market is driven by several factors. The increasing demand for automation and energy efficiency in industrial processes is a primary driver, as businesses seek to enhance productivity while reducing operational costs. Technological advancements in drive systems, including the adoption of advanced materials and digital technologies, are enhancing performance and reliability, making electric drives more attractive for various applications. The expanding use of electric drives in renewable energy projects, driven by global efforts to reduce carbon emissions and transition to sustainable energy sources, is also contributing to market growth.
Additionally, government regulations and incentives promoting energy-efficient technologies are encouraging the adoption of electric drives across different sectors. The ongoing digital transformation in industries and the push towards smart manufacturing are further propelling the demand for advanced electric drive systems. These factors collectively underscore the robust growth of the electric drives market, highlighting their critical role in the future of industrial automation and energy management.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Electric Drives Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Electric Drives Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the AC Drives segment, which is expected to reach US$34.1 Billion by 2030 with a CAGR of a 5.0%. The DC Drives segment is also set to grow at 3.7% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $6.9 Billion in 2023, and China, forecasted to grow at an impressive 7.5% CAGR to reach $8.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as ABB Ltd., Danfoss A/S, Rockwell Automation, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 406 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $26.2 Billion |
| Forecasted Market Value (USD) by 2030 | $36.7 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Electric Drives – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Energy Efficiency Throws the Spotlight on Electric Drives
- Advances in Power Electronics Propel Growth in Electric Drive Market
- Increasing Use in Industrial Automation Expands Addressable Market Opportunity
- Growing Adoption in Electric Vehicles Generates Demand for High-Performance Drives
- Technological Innovations in Variable Frequency Drives Drives Adoption
- Expansion of Renewable Energy Systems Sustains Growth in Electric Drive Market
- Increasing Focus on Precision Control and Automation Accelerates Market Demand
- Regulatory Standards for Energy Efficiency and Emission Reduction Spurs Market Growth
- Integration with IoT and Industry 4.0 Technologies Propels Market Growth for Electric Drives
- Development of Compact and Lightweight Drives Strengthens Market Potential
- Growing Demand for HVAC Systems Generates Interest in Efficient Electric Drives
- Rising Investment in Infrastructure Development Spurs Market Growth
- Development of Customized Drive Solutions Expands Market Opportunities
FOCUS ON SELECT PLAYERS (Total 106 Featured)
- ABB Ltd.
- Danfoss A/S
- Rockwell Automation, Inc.
- Schneider Electric SA
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/st5973
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- Global Electric Drives Market
