Global Electric Drives Facts and Figures

Global Electric Drives Facts and Figures

The global electric drives market is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2029, reaching a value of USD 14,159.2 million in 2029.

The market is categorized by product type, including AC drives, DC drives, and servo drives. In 2023, the AC drives segment dominated the market, with a projected valuation of USD 12,229.0 million by 2029. The servo drives segment is anticipated to exhibit the highest CAGR of 4.0% during the forecast period from 2024 to 2029.

When considering the global electric drives market in terms of revenue and 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 11,512.6 million in 2029, with a CAGR of 3.4% from 2024 to 2029.

The global electric drives market can be 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 2,066.2 million by 2029, representing a CAGR of 4.2% over the forecast period from 2024 to 2029.

In terms of geography, Asia-Pacific emerged as the dominant player in the electric drives market in 2023, followed by Europe and North America. The valuation of North America is projected to reach USD 3,883.4 million by 2029, while the Asia-Pacific region is anticipated to exhibit a higher CAGR of 4.1% during the forecasted period from 2024 to 2029.

Key players in the global electric drives market include Siemens AG, ABB, Ltd., Danfoss A/S, Schneider Electric SE, Shanghai Electric Group Co., Ltd., Toshiba Corporation, WEG SA, and Yaskawa Electric Corporation. According to Tanalyze Ltd.'s report, these top companies collectively held over 75% of the market share in 2022, highlighting their significant influence within the industry.

This study aims to analyze the global 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: North America (USA, Canada, and Mexico), Europe (Germany, Italy, Russia, United Kingdom, France, Poland, Sweden, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, and Rest of Asia Pacific), Latin America (Brazil, Chile, Colombia, and Latin America), and MEA (Saudi Arabia, UAE, Iran, Turkey, South Africa, and Rest of MEA).