Electric Drives Market Global Scenario, Market Size, Outlook, Trend and Forecast 2018 – 2026
Global Electric Drives Market is expected to grow at a CAGR of 4.2% from 2019 to 2026. The major use of Internet of Things (IoT) and the rapid space of industrial innovation are the dominating factors in the growth of the global electric drives market.
The key market drivers of the global electric drives market are its efficient usage in the manufacturing processes and automation in the manufacturing processes which boosts the market in many ways across the different industry verticals. The energy efficiency with greater output with the electric drives also propels the market in the forthcoming years. However, the high initial set up cost, high maintenance and many options for electric drive may hamper the market. The cost effectiveness along with better assessment while in the operation also boosts the market. Major investments in the developing countries like China and India by the key market players fuels the market growth in upcoming years.
The global electric drives market is segmented into type, end-use, power rating, application, and geography. The end-use segment is classified into food and beverages, petrochemicals, power, mining, others. The market of voltage segment is covered under low voltage and medium voltage electric drive. The application segment is divided into compressors, conveyors, fans and others. The types of electric drive like AC drive and DC drive are also covered. By geography, the market of electric drives is segmented into the distinct different geographical regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW.
The country-wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico while Europe covers Germany, France, Italy, and U.K and Rest of Europe. Japan, China, India, South Korea, and Rest of Asia-Pacific have been analyzed under the Asia-Pacific market. Rest of the world covers Central & South America, the Middle East and Africa.
The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. The market has been analyzed both from demand as well as supply side to come to an accurate scenario. Products across application and application across geographies have been mapped to provide you a precise competitive scenario to have a leading edge in the market.
Key companies operating in this market and their company profile along with the market share analysis and competitive scenario is also part of the report. Top players are Schneider Electric, Danfoss AS, Yaskawa Electric, Siemens AG, Toshiba Industrial Corporation, Wolong Electric, Rockwell Automation Inc. Nidec Corporation, ABB, and Magna among others.
The Highlights of the Report
Scope of the Global Electric Drives Market
By Power Rating
• North America
o Rest of Europe
o Rest of Asia-Pacific.
• Rest of the World
o Central & South America
o The Middle East