As electricity generation shifts to renewable sources, electrification creates further growth opportunities for the global electric drives market.
According to the latest Arizton's market research report, the global electric drives market size to reach approximately USD 29 billion by 2026, growing at a CAGR of over 4.6% during the forecast period.
Global Electric Drives Market Growth Analysis
The ability of suppliers to differentiate themselves and offer improved value propositions to end-users as well as to OEMs is key factor in the electric drives landscape. Electric drives are one such innovation that delivers superior efficiency at lower costs. Due to electricity consumption being a major cost component across end-user industries, the demand for electric drives will go up at a considerable rate, thereby fueling the growth of the global electric drives market. Apart from the cost of energy, increasing awareness and stringent government regulations on energy savings are accelerating the demand in the global electric drives market. The world is engaged in transition from fossil to green energy. As electricity generation shifts to renewable sources, electrification creates further growth opportunities for the electric drives.
What’s Trending in the Market?
- The trend of automation, robotization, energy conservation, and decarbonization is expected to continue to boost the demand for electric drives.
- AC drives hold the highest share in the electric drives market and will show higher growth than DC motors due to the high costs associated with brushed DC motors.
- Owing to infrastructural development in emerging nations and residential construction in the US, the demand for electric drives from the cement industry is expected to grow, as cement is a major part of construction.
Read: Servo Motors and Drives Market - Global Outlook and Forecast 2021-2026
The global electric drives market is expected to grow in the future with the growth in industrial production, technological advancements, urbanization, and expansion of industries. The advent of IoT will increase the demand for electric drives from several end-user industries.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, sales channel, voltage, end-user and geography
- Competitive Landscape – 12 Key Company Profiles and 6 Other Prominent Vendors
Is Europe Leading in the Global Electric Drives Market?
Owing to such strict government regulations, all industries are compelled to use electric drives in combination with their motors, hence boosting the demand for electric drives in the Europe. Europe is the most prominent importer of industrial motors, and over one-third of motors sold in Europe are imported. Europe aims to promote energy-efficient motors to reduce energy consumption by at least 32.50% and domestic GHG emissions by 40% by 2030. This is expected to propel the demand for electric drives in the region. The global electric drives market in Europe was estimated at around USD 6 billion in 2020.
Read: Electric Vehicle Charging Infrastructure Market - Global Outlook and Forecast 2021-2026
What Strategies are Adopted by the Players in the Global Electric Drives Market?
The global electric drives market is fairly fragmented owing to the presence of several well-established small and medium-sized players. The rivalry between the players for market share is severe. The entrance into the market of large firms presents a big challenge to domestic sellers. In order to maintain a strong presence in the global electric drives market, the present scenario pushes suppliers to adjust and refine their specific value propositions. Major competitors include Siemens, ABB, Schneider Electric, Emerson Electric, Mitsubishi Electric, and Danfoss. Although the market is characterized by the presence of diversified international and regional suppliers, with international players growing their market footprint.
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