NEW YORK, June 20, 2023 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the Global Electric Drive Market Size and Share Analysis – Growth Trends and Forecast (2023-2028) – https://www.reportlinker .com/p06469595/?utm_source=GNW Key Features Electric drives enable efficient manufacturing processes at low cost. Since electricity consumption is a major cost component in the end user industry, the demand for electric drives is expected to grow at a significant rate to gain an advantage over electricity consumption. The growth in the use of electric drives in manufacturing processes and the growth of process automation in various industries are driving demand. The growing need for energy efficiency and increased productivity is further increasing the demand for electric drives. According to the Association for the Advancement of Automation, orders for robots in North America grew by 67% in the second quarter of 2021 compared to the same period in 2020. In addition, the rapid adoption of the Internet of Things (IoT) and its introduction of machines and control systems in industrial automation to achieve greater production capacity and productivity is driving the demand for market research. In addition, vendors are focusing on IoT-enabled electric drives for a variety of industrial applications. Rapid industrialization and urbanization have increased the demand for automation and motor equipment, accelerating sales of AC drives around the world. However, initial installation costs, higher maintenance costs and the availability of various electric drive alternatives are factors holding back the growth of the electric drive market. Plant and factory closures, as well as travel restrictions during the Covid-19 pandemic, have had a major impact on the electric drive market. Reduced production capacity has reduced demand for electric drives in various verticals such as oil and gas. , construction machinery, power generation, etc. Electric drive market trends AC drives are expected to occupy a significant share AC motor production continues to grow. The application of AC drives and some of the advantages of AC drives over DC drives, such as lower maintenance costs, high energy efficiency, ease of use, etc., are key factors in the demand for AC drives. key factor. For example, in February 2021, Yaskawa Electric Corporation achieved a cumulative shipment of 30 million units. This demonstrates the rapidly growing innovation in drive technology, as well as the demand for electric drives and the company’s developments in motor control and drive technology. AC drives are widely used in the manufacturing industry to regulate and control components such as conveyors, machine shafts and pumps, which are mainly used in manufacturing processes. In addition, these drives can also help processors improve equipment efficiency. In addition, these drives can be connected to multiple motors and pumps and the motor frequency can be adjusted to achieve the desired speed, providing operational control and reducing process intervention. These factors make these drives the best choice for precision applications such as conveyors, robotics and material handling processes, and drive demand for AC drives. AC drives have one of the important applications in robotics because robots require precise control, which is achieved through the use of AC drives in robotic applications. The rapid introduction of industrial robots into manufacturing is likely to increase the demand for AC drives. Suppliers have presented technologically advanced solutions that offer a number of performance and performance advantages over conventional drives. For example, Rockwell Automation has improved safety, productivity, and ease of commissioning with improvements to PowerFlex AC drives. These drives are equipped with two Ethernet ports that help users get valuable information about smart devices. It is expected that the Asia-Pacific region will occupy the main share. Due to rapid urbanization and industrialization, the Asia-Pacific region is expected to occupy a major share of the global electric drive market. Continuous industrial automation of production processes is growing due to the emphasis on automation of production processes, construction, energy and mining, which stimulates the use of electric drives. The region’s tech giants are working to modernize and digitize manufacturing processes in response to the pandemic’s setbacks by introducing robots into their operations. This has created a demand for robots in manufacturing centers such as China, India, Japan, etc. For example, according to the Ministry of Industry and Information Technology, China’s robotics industry’s operating income is expected to grow year on year. Growth by 20% from 2021 to 2025. China aims to double the density of robot production by 2025 due to increased demand in the automotive, aerospace, logistics and mining industries. In addition, the manufacturing industry is expanding its presence in Asia and is investing heavily in capacity expansion. For example, in April 2021, Asia Pacific Rayon (APR), Indonesia’s largest integrated viscose fiber manufacturer, announced that it had received US$300 million in syndicated loan financing from domestic and international subsidiary banks to support the company’s current capital investments. Manufacturing facility in Pangkalan Kerinchi, Riau Province, Sumatra. The impact of the recovery in domestic demand in the regional economy and strong growth in exports to other regions in the global market is likely to stimulate the manufacturing sector, which is likely to drive the growth of the market in the second quarter of Fiscal Year 2022, according to the forecast According to the survey of the Federation of Indian Chambers of Commerce and Industry (FICCI), India’s capacity utilization rate for the quarter was 72.0%, indicating a notable recovery in the sector. India is poised to become a global manufacturing hub that could add $500 billion to the global economy. Overview of the Power Transmission Industry The global power transmission market is fragmented due to the presence on the market of companies such as Danfoss, ABB, Schneider Electric and others offering high quality, reliable and technologically advanced equipment. Competition is likely to intensify due to increased vendor activity such as M&A and new product launches to increase their market presence. May 2022 – Rockwell Automation, the world’s largest industrial automation and digital transformation company, announces the introduction of a new Allen-Bradley Armor PowerFlex AC drive for industrial motor control. These built-in drives provide faster installation, easy commissioning and predictive maintenance. February 2022 – Danfoss Editron announces mass production of the EM-PMI240-T180 electric drive system at its Nanjing plant in Jiangsu, China. The EM-PMI240-T180 electric motor is designed for electric or hybrid powertrains in mobile work machines, buses and ships. Additional benefits: Market Estimate (ME) spreadsheet in Excel format. 3 months of analyst support. Read the full report: https://www.reportlinker.com/p06469595/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution blueprint. 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Post time: Sep-01-2023