Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) — The “Global Electric Drives Market Size & Share Analysis – Growth Trends & Forecasts (2023 – 2028)” report has been added to ResearchAndMarkets.com’s offering.
The global electric drives market is currently on a significant upward trajectory, with expectations to grow from the current valuation of USD 24.54 billion in 2023 to an impressive USD 31.46 billion by 2028. This reflects a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.
Several elements are fueling the electric drives market expansion. Advancements in reliability and energy savings are ushering a new era of acceptability in diverse sectors. Electric drives are revolutionizing energy efficiency, notably in motor-driven systems used in commercial buildings, potentially cutting down energy consumption by up to 40%. Moreover, with intelligent motor control features, these drives are setting new benchmarks in operations efficiency. Enhanced process optimization, particularly in the oil and gas industry, is another growth driver, where electric drives are contributing towards reduced downtime and improved maintenance regimes.
Trends in the Power Generation Sector
Within the power generation industry, electric drives are lauded for their role in enhancing operational efficacy and energy savings. The sector, especially nuclear power, has seen significant cost reductions and environmental gains from employing these drives. Energy demand is steadily rising worldwide, prompting a heightened focus on efficient energy use and CO2 emissions reduction. This trend underpins the importance of electric drives in the energy sector and its anticipated continuous growth.
A surge in the electric drives market has been observed during the COVID-19 pandemic, as governments globally accentuated their support for semiconductor-based electronics and automation industries. This move is aimed at averting supply chain bottlenecks and stimulating growth in sectors such as automobile, consumer electronics, energy, and utilities.
Asia Pacific Leads with Robust Growth
The Asia Pacific region is expected to witness the fastest growth in the electric drives market, owing to investments in industries like oil and gas, water and wastewater treatment, and automotive, among others. The region’s industrial and manufacturing development, particularly in countries like China, India, and Taiwan, is catalyzing the demand for AC electric drives. Additionally, with the automotive sector’s growth in this region, powered by an expanding middle-class demographic and advancements in local manufacturing capabilities, the need for electric drives is surging in production lines, propelling the market forward.
Competitive Landscape of the Electric Drives Market
The market comprises a highly fragmented competitive landscape, with top players focusing on innovation, partnerships, and acquisitions to enhance their product offerings and establish a competitive edge. Recent developments such as the launch of new high-performance servo drive systems and medium-voltage VFDs signal a potent mix of technological prowess and strategic market positioning by key players, catering to the extensive and diversified demands of end-users.
A selection of companies mentioned in this report includes:
- Danfoss
- Rockwell Automation
- Schneider Electric
- ABB
- Fuji Electric Co. Ltd.
- Siemens
- WEG
- YASKAWA ELECTRIC CORPORATION
- Toshiba International Corporation
- PARKER HANNIFIN CORP
For more information about this report visit https://www.researchandmarkets.com/r/8du3ui
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