Latin America Electric Drives Facts and Figures

Latin America Electric Drives Facts and Figures

The Latin America electric drives market is projected to grow at a compound annual growth rate (CAGR) of 2.4% from 2024 to 2029, reaching a value of USD 544.8 million in 2029.

The Latin America electric drives 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 477.8 million by 2029. Additionally, the servo drives segment is expected to exhibit the highest CAGR of 2.7% during the forecast period from 2024 to 2029.

When considering the market size of the Latin America 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 412.8 million in 2029, with a CAGR of 2.4% from 2024 to 2029.

The electric drives market in Latin America 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 minerals segment is projected to reach USD 129.2 million by 2029, representing a CAGR of 1.9% over the forecast period from 2024 to 2029. Additionally, the revenue of the discrete manufacturing segment is expected to grow at a CAGR of 2.8% to reach USD 47.9 million in 2029.

Key players in the Latin American electric drives market include WEG SA, Rockwell Automation, Inc., ABB, Ltd., Siemens AG, Danfoss A/S, Schneider Electric SE, Nidec Corporation, and Yaskawa Electric Corporation. According to a report by Tanalyze Ltd., these top eight companies collectively held a 90% share of the market in 2022, highlighting their significant influence within the industry.

This study aims to analyze the Latin America 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: Brazil, Chile, Colombia, and Latin America.