Asia Pacific Electric Drives Facts and Figures

Asia Pacific Electric Drives Facts and Figures

It is anticipated that the Asia Pacific electric drives market will witness a compound annual growth rate (CAGR) of 4.1% from 2024 to 2029, reaching a value of USD 5,267.1 million in 2029.

The Asia Pacific electric drives market is categorized by product type into AC drives, DC drives, and servo drives. In 2023, the AC drives segment dominated the market. The valuation of the AC drives segment is projected to reach USD 4,499.8 million by 2029. Additionally, the servo drives segment is expected to exhibit the highest CAGR of 5.1% during the forecast period from 2024 to 2029.

When considering the market size of the Asia Pacific electric drives market in terms of revenue, specifically broken down by low-voltage electric drives and medium-voltage electric drives, the total revenue of the low-voltage electric drives segment is expected to reach USD 4,288.9 million in 2029, with a CAGR of 4.1% from 2024 to 2029.

The Asia Pacific electric drives market can be further divided into various industries including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The discrete manufacturing segment is projected to reach USD 947.6 million by 2029, representing a CAGR of 5.4% over the forecast period from 2024 to 2029. Additionally, the revenue of the food & beverages segment is expected to grow at a CAGR of 4.5%, reaching USD 339.5 million in 2029.

In 2023, China, Japan, and India were identified as the top three countries leading the Asia Pacific electric drives market, collectively holding around 75% market share.

Key players in this market include ABB, Ltd., Siemens AG, Danfoss A/S, Yaskawa Electric Corporation, Schneider Electric SE, Shanghai Electric Group Co., Ltd., and Toshiba Corporation. These top seven companies jointly commanded approximately 60% market share in 2022, highlighting their significant presence and influence within the industry.

This study aims to analyze the Asia Pacific market for various segments of electric drives, including:

Product Type: AC Drives, DC Drives, and Servo Drives.

Voltage: Low-voltage Electric Drives and Medium-voltage Electric Drives.

End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.

Region: China, Japan, India, South Korea, Australia, Indonesia, Thailand, and Rest of Asia Pacific.