Electric Drives Market Outlook
According to a new report by Expert Market Research titled, “Electric Drives Market Size, Share, Analysis, Report and Forecast 2024-2032″, the global electric drives market is projected to grow at a CAGR of 4.50% between 2024 and 2032. Aided by the rising focus on energy efficiency and the increasing adoption of automation in various industries, the market is expected to grow significantly by 2032.
Electric drives, integral components in electric motor systems, control the speed, torque, and direction of an electric motor. They find extensive applications across numerous sectors, including industrial, automotive, residential, and commercial, making them vital for a broad range of operations.
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The industrial sector stands as a significant driver of the electric drives market growth. In industries such as manufacturing, automotive, and material handling, electric drives are essential for automating processes and enhancing energy efficiency. Their ability to optimise motor speed and reduce power consumption during operations contributes significantly to cost savings and sustainability goals.
Furthermore, the automotive industry is a crucial market for electric drives, especially with the accelerating transition to electric vehicles (EVs). Electric drives are pivotal in controlling electric motors in EVs, ensuring efficient power management and vehicle performance. The burgeoning EV market, propelled by stringent environmental regulations and growing consumer preference for sustainable transportation options, is a significant catalyst for the electric drives market demand.
In residential and commercial settings, electric drives are increasingly used in heating, ventilation, and air conditioning (HVAC) systems. Their role in adjusting motor speeds based on demand results in lower energy consumption and improved system longevity, aligning with the global emphasis on energy efficiency.
As per the electric drives market analysis, technological advancements in electric drives, such as the development of variable frequency drives (VFDs) and direct torque control (DTC) drives, are enhancing their efficiency and broadening their applications. These innovations are not only improving the performance of electric drives but also expanding their market reach to newer sectors.
The competitive landscape of the global electric drives market is characterised by the presence of several key players engaged in continuous research and development activities. These companies are focusing on launching innovative products with enhanced capabilities and energy efficiency. Collaborations, mergers, and acquisitions are also prevalent strategies among market players to expand their geographic presence and product portfolios.
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Geographically, the Asia-Pacific region holds a substantial portion of the electric drives market share, primarily driven by rapid industrialisation and the growing automotive sector in countries like China and India. The region’s market is further bolstered by government initiatives promoting energy efficiency and the adoption of automation in various industries.
Electric Drives Market Segmentation
The market can be divided based on product, end-use, and region.
Market Breakup by Product
- AC Drives
- DC Drives
Market Breakup by End-Use
- Process Industry
- Discrete Industry
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric drives market. Some of the major players explored in the report by Expert Market Research are as follows:
- Danfoss
- Rockwell Automation, Inc.
- Schneider Electric
- ABB
- Others
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