North America Electric Drives Facts and Figures

North America Electric Drives Facts and Figures

It is projected that the North American electric drives market will experience a compound annual growth rate (CAGR) of 3.2% in value terms over the forecast period, resulting in an estimated value of USD 3,883.4 million by 2029. The market is segmented by product type into AC drives, DC drives, and servo drives. In 2023, the AC drives segment held the dominant position within the market. The valuation of the AC drives segment is estimated to reach USD 3,351.8 million by 2029. Furthermore, it is anticipated that the servo drives segment will demonstrate the highest CAGR of 3.9% from 2024 to 2029.

The electric drives market is further categorized into industries such as oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The oil & gas segment is expected to reach USD 637.2 million by 2029, with a CAGR of 2.7% during the forecast period. Additionally, the revenue of the food & beverages segment is projected to grow at a CAGR of 4.5% to USD 379.3 million by 2029.

The market size of the North American electric drives market is analyzed in terms of revenue, divided into low-voltage electric drives and medium-voltage electric drives from 2020 to 2029. The total revenue of the low-voltage electric drives segment is expected to reach USD 3,143.6 million by 2029, with a CAGR of 3.2% from 2024 to 2029.

Key players in the North American electric drives market include Rockwell Automation, Inc., ABB, Ltd., Siemens AG, Danfoss A/S, Schneider Electric SE, Nidec Corporation, Yaskawa Electric Corporation, and WEG SA. According to a report by Tanalyze Ltd., these top eight companies collectively accounted for over 80% share of the market in 2022, underscoring their significant influence within the industry.

This study aims to analyze the North 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: USA, Canada, and Mexico.