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Electric Drives Market Report and Forecast 2024-2032

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    Report

  • 204 Pages
  • November 2023
  • Region: Global
  • Expert Market Research
  • ID: 5921418
According to the report, 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.

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.

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.

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 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 are as follows:
  • Danfoss
  • Rockwell Automation, Inc.
  • Schneider Electric
  • ABB
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Electric Drives Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Drives Historical Market (2018-2023)
8.3 Global Electric Drives Market Forecast (2024-2032)
8.4 Global Electric Drives Market by Product
8.4.1 AC Drives
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 DC Drives
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.5 Global Electric Drives Market by End-Use
8.5.1 Process Industry
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Discrete Industry
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.6 Global Electric Drives Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter's Five Forces Analysis
10.2.1 Supplier's Power
10.2.2 Buyer's Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Danfoss
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Rockwell Automation, Inc.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Schneider Electric
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 ABB
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Electric Drives Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Drives Historical Market: Breakup by Product (USD Billion), 2018-2023
3. Global Electric Drives Market Forecast: Breakup by Product (USD Billion), 2024-2032
4. Global Electric Drives Historical Market: Breakup by End-Use (USD Billion), 2018-2023
5. Global Electric Drives Market Forecast: Breakup by End-Use (USD Billion), 2024-2032
6. Global Electric Drives Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Electric Drives Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Electric Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Electric Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Electric Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Electric Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Electric Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Electric Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Electric Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Electric Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Electric Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Electric Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Electric Drives Market Structure

Companies Mentioned

  • Danfoss A/S
  • Rockwell Automation Inc. (NYSE: ROK)
  • Schneider Electric SE (EPA: SU)
  • ABB Ltd. (SWX: ABBN)

Methodology

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