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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Electric Drives Market Outlook
The global electric drives market is expected to grow at a CAGR of 4.50% during the forecast period of 2024-2032. The electric drives market is being driven by the increasing focus on automating manufacturing processes.
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Market Segmentation
An electric drive is a type of machine equipment for converting electrical energy into mechanical energy and for providing electrical process control. The mechanism used to control movement is called an electric drive.
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The electric drives market can be broadly categorised based on products and end-uses.
Based on the product, the industry can be divided into:
- AC Drives
- DC Drives
On the basis of end-uses, the industry can be segmented into:
- Process Industry
- Discrete Industry
The EMR report looks into the regional markets of electric drives like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
The global electric drives market is driven by the implementation of IoT-enabling technologies to link their machinery and motion control systems. In the global industry, vendors are focusing on the rising IoT demand and the manufacture of electrical drives with embedded software capable of operating throughout the IoT networks. The IoT-enabled electrical drives currently available are capable of tracking and exchanging system performance quality reports. Using such electrical drives can promote end-user operations, which is expected to drive the growth of the industry. Besides the increasing emphasis on automation, the advent of IoT in electric drives will also increase the global electric drives market over the forecast period.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global electric drives market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Danfoss A/S
- Rockwell Automation Inc. (NYSE: ROK)
- Schneider Electric SE
- ABB Ltd.
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Electric Drives Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.50% between 2024 and 2032.
The major drivers of the industry, such as the growing adoption of automation, increasing demand for energy, growing urbanisation, and rapid technological advancements, are expected to aid the market growth.
The key market trend guiding the growth of the market includes the growing demand for IoT-enabled electrical drives and motion control systems.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
AC drives and DC drives are the major products of electric drives in the industry.
The significant end-uses of the product include process industry and discrete industry.
The major players in the industry are Danfoss A/S, Rockwell Automation Inc., Schneider Electric SE, and ABB Ltd., among others.
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