Electric Drives

Electric Drives

Global Electric Drives Market to Reach US$36.7 Billion by 2030

The global market for Electric Drives estimated at US$26.2 Billion in the year 2023, is expected to reach US$36.7 Billion by 2030, growing at a CAGR of 4.9% over the analysis period 2023-2030. AC Drives, one of the segments analyzed in the report, is expected to record a 5.0% CAGR and reach US$34.1 Billion by the end of the analysis period. Growth in the DC Drives segment is estimated at 3.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.9 Billion While China is Forecast to Grow at 7.5% CAGR

The Electric Drives market in the U.S. is estimated at US$6.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.0 Billion by the year 2030 trailing a CAGR of 7.5% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 3.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR.

Global Electric Drives Market - Key Trends and Drivers Summarized

Electric Drives: Powering the Future of Industrial Automation

Electric drives are systems used to control the speed, torque, and direction of electric motors. These systems are essential in converting electrical energy into mechanical energy and are widely employed in various industrial applications. An electric drive typically consists of a power source, an electric motor, a control system, and an output device. The control system, often a variable frequency drive (VFD) or servo drive, regulates the input power to the motor to achieve the desired output. By adjusting parameters such as voltage and frequency, electric drives can precisely control motor performance, enhancing efficiency and productivity. This precise control is vital for applications ranging from simple conveyor belts to complex robotic systems in manufacturing processes.

How Are Electric Drives Utilized in Different Industries?

Electric drives (AC Drives or DC Drives) are integral to numerous industries, each leveraging their capabilities for specific operational needs. In manufacturing, electric drives are essential for automating processes, driving machinery such as lathes, milling machines, and presses with high precision. The automotive industry uses electric drives in assembly lines to control conveyor systems and robotic arms, ensuring efficient and accurate production. In the HVAC sector, electric drives are used to regulate fans, pumps, and compressors, optimizing energy consumption and improving system performance. Additionally, electric drives are critical in the renewable energy sector, where they control wind turbines and solar tracking systems, maximizing energy capture and efficiency. These diverse applications highlight the versatility and importance of electric drives in modern industrial operations.

What Innovations Are Shaping the Future of Electric Drives?

The future of electric drives is being shaped by several technological innovations aimed at enhancing performance, efficiency, and sustainability. One significant trend is the development of advanced semiconductor materials, such as silicon carbide (SiC) and gallium nitride (GaN), which enable higher switching frequencies and improved thermal management in drive systems. This results in more compact, efficient, and reliable electric drives. Another innovation is the integration of IoT and AI technologies, allowing for real-time monitoring, predictive maintenance, and adaptive control, which enhances operational efficiency and reduces downtime. Additionally, advancements in energy storage technologies are enabling more effective use of electric drives in renewable energy applications, facilitating the integration of variable energy sources into the grid. The shift towards digitalization and smart manufacturing is also driving the adoption of electric drives with enhanced connectivity and data analytics capabilities, enabling more sophisticated and flexible control of industrial processes.

What Factors Are Driving the Growth in the Electric Drives Market?

The growth in the electric drives market is driven by several factors. The increasing demand for automation and energy efficiency in industrial processes is a primary driver, as businesses seek to enhance productivity while reducing operational costs. Technological advancements in drive systems, including the adoption of advanced materials and digital technologies, are enhancing performance and reliability, making electric drives more attractive for various applications. The expanding use of electric drives in renewable energy projects, driven by global efforts to reduce carbon emissions and transition to sustainable energy sources, is also contributing to market growth. Additionally, government regulations and incentives promoting energy-efficient technologies are encouraging the adoption of electric drives across different sectors. The ongoing digital transformation in industries and the push towards smart manufacturing are further propelling the demand for advanced electric drive systems. These factors collectively underscore the robust growth of the electric drives market, highlighting their critical role in the future of industrial automation and energy management.

Select Competitors (Total 106 Featured) -

• ABB Ltd.
• Danfoss A/S
• Rockwell Automation, Inc.
• Schneider Electric SA
• Siemens AG

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.