LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Electric Drives Market by product (AC drives and DC drives), end-user (process industry and discrete industry), power rating (low voltage drives and medium voltage drives) and geography (APAC, Europe, North America, and South America, and MEA) is witnessed to grow USD 5.11 billion, at a CAGR of 4% from 2019 to 2023”.
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AC drives segment will continue to garner the highest share
AC drives are increasingly preferred over conventional DC drives owing to advantages including simplified operation and higher efficiency. AC drives consist of an inverter and a rectifier to control the speed and direction of an AC electric motor. These drives are increasingly being used in different industries including the food and beverages, water and wastewater treatment, automotive, and oil and gas industries. Therefore, rising investments in these industries are expected to directly drive the AC drives market growth in the next few years, which, in turn, will drive the electric drives market during the forecast period.
“Electric drives feature communication capabilities, synchronous bypass, and diagnostic software to aid in the reduction of the overall impact of non-linear loads and harmonics. In addition, these drives optimize motor performance and reduce unplanned motor maintenance requirements. Thus, increasing number of industrial operators are switching to electric drives for automating their motor operating processes,” says a senior research analyst at Technavio.
Technological advances in electric drives to gain prominence
Various electric drive manufacturers are increasingly focusing on deploying the matrix design in conventional AC drives to enable a bi-directional arrangement which ensures optimum utilization of energy during the motor control operation by directing back to the power source. As a result, with a continuously growing focus on energy efficiency, the demand for regenerative electric drives is likely to surge during the forecast period. In addition, the integration of advanced and comprehensive features in the electric drives aids in controlling and monitoring devices remotely while providing valuable feedback to the end-users. Thus, with the rising deployment of technological advances in the conventional systems, the global electric drives market is anticipated to witness significant growth during the next few years.
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Electric drives market to witness fastest adoption in the APAC region.
APAC will witness the fastest growth in the electric drives market owing to several factors including industrialization, increasing investments in industries including power, water and wastewater treatment, as well as food and beverages. Thus, the improving economy in APAC coupled with surging investments in the oil, gas, chemical, and petrochemical industries in the region will fuel the electric drives market growth during the forecast period.
Few Major Players for the Electric Drives Market are:
- ABB Ltd.
- Danfoss AS
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
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