New York, June 20, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Electric Drives Market Size and Share Analysis – Growth Trends and Forecasts (2023-2028)” – https://www.reportlinker .com/p06469595/?utm_source=GNW Key Features Electric drives enable efficient production processes at low costs. Since electricity consumption is a major cost component for the end-user industry, the demand for electric drives is expected to grow at a significant rate to take advantage of electricity consumption. The growing use of electric drives in manufacturing processes and the rise in process automation across various industries are driving demand. The growing need for energy efficiency and increased productivity has further increased the demand for electric drives. For example, orders for robots in North America rose 67% in the second quarter of 2021 compared to the same period in 2020, according to the Association for the Advancement of Automation. In addition, the rapid adoption of Internet of Things (IoT) and adoption of machines and control systems in industrial automation to achieve greater production capacity and productivity necessitates market research. In addition, suppliers are focusing on producing IoT-enabled electric drives for various industrial applications. Rapid industrialization and urbanization have increased the demand for automation and drive equipment, resulting in increased sales of AC drives worldwide. However, initial installation cost, higher maintenance costs and availability of various alternatives to electric drives are the factors restraining the growth of the electric drive market. The shutdown of factories and factories, as well as travel restrictions during the Covid-19 pandemic, have had a significant impact on the electric drives market. The reduction in production capacity has led to a decline in the demand for electric drives in various vertical industries such as oil and gas, construction equipment. , power generation, etc. Electric Drives Market Trends AC drives are expected to occupy a significant share The production of AC motors continues to grow. Applications of AC drives and some advantages of AC drives over DC drives such as lower maintenance cost, high energy efficiency, ease of use, etc. driving the demand for AC drives Key factor. For example, in February 2021, Yaskawa Electric Company achieved cumulative shipments of 30 million units. This demonstrates the rapidly growing demand for electric drives, as well as companies’ developments in motor control and innovation in drive technology. AC drives are widely used in the manufacturing industry to regulate and control items such as conveyors, machine tool spindles, and pumps, which are primarily used in manufacturing processes. In addition, these drives help the process industry improve equipment efficiency. In addition, these drives can be connected to multiple motors and pumps and adjust the motor frequency to achieve the desired speed, providing online control and reducing process intervention. These factors make these electric drives the best choice for precision applications such as conveyors, robotics and material handling processes, and are also driving the demand for AC drives. AC drives have one of the important applications in the field of robotics as robots require precise control, which is achieved through the use of AC drives in robotic applications. The rapid adoption of industrial robots in manufacturing is likely to increase the demand for AC drives. Suppliers have introduced technologically advanced solutions that offer many advantages over traditional drives and performance. For example, Rockwell Automation has enhanced its PowerFlex AC drives to improve safety, performance and ease of commissioning. These drives are equipped with two Ethernet ports, which helps users gain valuable information about smart devices. Asia Pacific to Hold Major Share Due to rapid urbanization and industrialization, Asia Pacific is expected to hold a major share in the global electric drive market. Continuous industrial process automation is on the rise as the focus on end-user automation in manufacturing, construction, energy and mining drives the adoption of electric drives. The region’s tech giants are working to modernize and digitize production processes in response to the setbacks of the pandemic by introducing robots into operations. This has created demand for robots from manufacturing giants such as China, India and Japan. For example, according to the Ministry of Industry and Information Technology, the operating profit of China’s robotics industry is expected to grow year on year. The growth rate from 2021 to 2025 will be 20%. China aims to double its robot production density by 2025 due to increased demand from the automotive, aerospace, logistics and mining industries. In addition, the manufacturing industry is expanding its presence in Asia by increasing production capacity and investing heavily. For example, in April 2021, Asia Pacific Rayon (APR), Indonesia’s largest integrated viscose fiber producer, announced that it had secured US$300 million in syndicated debt financing from domestic and international bank subsidiaries to support the company’s further capital investments. Manufacturing plant in Pangkalan Kerinci, Riau Province, Sumatra. The recovery in domestic demand in various regional economies and the global market impact on strong export growth to other regions is likely to boost the manufacturing sector, which is likely to drive market growth. Industry (FICCI) shows that India’s FY2022 capacity utilization rate stood at 72.0% in the second quarter, indicating a strong recovery in the industry. India is expected to become a global manufacturing hub, adding $500 billion to the global economy. Electric Drives Industry Overview The global electric drives market is fragmented due to the presence of Danfoss, ABB, Schneider Electric and other companies in the market that provide high quality, reliable and technologically advanced equipment in the market. Competition is likely to intensify due to increased supplier activity such as mergers and acquisitions and new product launches to expand their market presence. May 2022 – Rockwell Automation, the world’s largest industrial automation and digital transformation company, announced the availability of new Allen-Bradley Armor PowerFlex AC drives for industrial motor control applications. These integrated drives provide faster installation, easier commissioning and preventive maintenance. February 2022 – Danfoss Editron announced the start of mass production of the EM-PMI240-T180 electric drive system at its Nanjing plant in Jiangsu Province, China. The EM-PMI240-T180 engine is designed for use in electric or hybrid powertrains of mobile work machines, buses and ships. Bonus: Market Estimates (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 plan. 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Post time: Oct-11-2023