Jul 19, 2022   SOURCE: BusinessWire

Worldwide Electric Drives Industry to 2027 - Featuring Danfoss, Schneider Electric and ABB Among Others - ResearchAndMarkets.com

The "Global Electric Drives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The global electric drives market is expected to register a CAGR of 4.5% over the forecast period (2022-2027).

Key Market Trends

AC Electric Drives Expected to Hold Significant Share

  • The continuously growing production of AC motor-driven applications and several benefits of AC drives over DC drives, such as the requirement of less maintenance, energy efficiency, and easy availability, are the key factors for the demand for AC electric drives.
  • For instance, February 2021, Yaskawa Electric Corporation has achieved the cumulative shipment of 30 million AC drives. This shows the demand of electric drives and company's developments in motor control and innovation in drive technologies as adoption is rapidly increasing.
  • AC drives are widely used in manufacturing industries to regulate and control elements such as conveyors, machine spindles, and pumps which are majorly used in production processes. Also, these drives help process industries increase the equipment's efficiency.
  • Furthermore, these drives can be connected to multiple motors and pumps and regulate motor frequency to achieve the desired speed allowing operational control and lower intervention in the processes. Such factors have made these electric drives a better choice in the precision application such as conveyors, robotics, and material-handling processes and driving the demand for AC drives.
  • The AC drives have one of its important applications in robotics, as robots require precise control, that is achieved with the use of AC electric drives in robotics applications. And the rapid adoption of industrial robots in manufacturing is likely to propel the demand for AC electric drives.
  • The vendors are coming with technologically advanced solutions that provides several benefits over conventional drives and performance. For instance, Rockwell Automation has improved security, performances and commissioning with the enhancement in the PowerFlex AC drive. These drives are embedded with a dual Ethernet port that helps users to get smart device insights.

Asia Pacific to Hold Major Share

  • The Asia Pacific is expected to account for a major share of the global electric drive market due to rapidly increasing urbanization and industrialization. Continuous industrial automation in production processes is growing owing to the emphasis on automating manufacturing processes, construction, power generation, and mining end-users, boosting the application of electric drives.
  • The tech giants in the region have been engaged in modernizing and digitizing production processes to combat the pandemic hindrance with the adoption of robots in their operations. This creates a demand for robots in the countries like China, India, and Japan, which hold most manufacturing industries.
  • For instance, according to The Ministry of Industry and Information Technology, the operating income of China's robotics industry is expected to grow at an annual rate of 20 % from 2021 to 2025. And China aims to double its manufacturing robot density by 2025 owing to increased demand from automobile, aerospace, logistics, and mining industries.
  • Furthermore, the manufacturing industries are expanding their presence in Asia by increasing production capacity with large investments. For instance, in April 2021, Asia Pacific Rayon (APR), the largest integrated rayon fiber producer in Indonesia, announced that it had secured a syndicated loan facility of USD 300 million with national and international affiliated banks to support continued capital investment in the company's production facilities at Pangkalan Kerinci, Riau Province, Sumatra.
  • The impact of recovery in domestic demand across the regional economies and strong export growth to global markets into other regions is likely to propel the manufacturing industries, and this will likely drive the growth of the market studied in the forecast period.
  • According to survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI), capacity utilization in India's manufacturing sector stood at 72.0% in the second quarter of FY22, indicating significant recovery in the sector. And India is expected to become global hub of manufacturing and can add USD 500 billion to global economy.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness - Porters Five Forces Analysis

4.3 Industry Value Chain Analysis

4.4 Assessment of Impact of COVID-19 on the Market

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Increasing Automation in Manufacturing Industry

5.1.2 Technological Advancements in Electric Drives

5.2 Market Challenges

5.2.1 High Cost of Installation and Maintenance

6 MARKET SEGMENTATION

6.1 by Type

6.1.1 AC Drives

6.1.2 DC Drives

6.1.3 Servo Drives

6.2 by Voltage

6.2.1 Low

6.2.2 Medium

6.3 by End-user Industry

6.3.1 Oil & Gas

6.3.2 Chemical & Petrochemical

6.3.3 Food & Beverage

6.3.4 Water & Wastewater

6.3.5 Power Generation

6.3.6 Metal & Mining

6.3.7 Pulp & Paper

6.3.8 HVAC

6.3.9 Discrete Industries

6.3.10 Other End-user Industries

6.4 Geography

7 VENDOR MARKET SHARE

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 Danfoss

8.1.2 Rockwell Automation

8.1.3 Schneider Electric

8.1.4 ABB

8.1.5 Fuji Electric Co. Ltd

8.1.6 Siemens

8.1.7 WEG

8.1.8 YASKAWA ELECTRIC CORPORATION

8.1.9 Toshiba International Corporation

8.1.10 PARKER HANNIFIN CORP

9 INVESTMENT ANALYSIS

10 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/m0fcoz