During the forecast period (2022-2027), the global electric drive market is expected to show a CAGR of 4.5%. The growing focus on industrial automation and the emergence of the Internet of Things (IoT) are expected to drive demand for electric drives over the forecast period.
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 provide 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. Growth in demand for electric drives in production processes and automation of production processes in various industries. The growing need for energy efficiency and greater performance is further increasing the demand for electric drives. Orders for robots in North America, for example, grew 67% in the second quarter of 2021 compared to the same period in 2020, according to the Automation Advancement Association. In addition, the rapid adoption of the Internet of Things (IoT) and its introduction of machines and control systems into industrial automation to increase production capacity and productivity is driving the demand for market research. In addition, vendors are focusing on IoT-enabled motor drives for a variety of industrial applications. Rapid industrialization and urbanization have increased the demand for automation and motor equipment, resulting in accelerating sales of AC drives worldwide. However, initial set-up costs, higher maintenance costs and the availability of various drive alternatives are factors hindering the growth of the drive market. Plant and factory closures and travel restrictions during the Covid-19 pandemic have had a major impact on the electric drive market. The reduction in production capacity has led to a decrease in 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 account for a significant share of AC motor production continues to grow. are key drivers of demand for AC drives Key factor. For example, in February 2021, Yaskawa Electric Corporation achieved a cumulative shipment of 30 million units. This testifies to 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 adjust the motor frequency to 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 and are driving 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 robotics applications. The rapid introduction of industrial robots into production is likely to increase the demand for AC drives. The vendors have introduced cutting-edge technology solutions that offer a range of performance and performance benefits over conventional drives. For example, Rockwell Automation has improved safety, productivity, and commissioning with improvements to PowerFlex AC drives. These drives are equipped with two Ethernet ports to help users get smart device information. Asia-Pacific is expected to account for a major share With rapid urbanization and industrialization, Asia-Pacific is expected to account for 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, power generation and mining, which stimulates the use of electric drives. Tech giants in the region are working to modernize and digitize manufacturing processes in response to the setbacks of the pandemic 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, the operating income of the Chinese robotics industry is expected to grow at an annual pace. 20% growth from 2021 to 2025. China is aiming to double its production density of robots 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 increasing production capacity. For example, in April 2021, Asia Pacific Rayon (APR), Indonesia’s largest integrated viscose fiber producer, announced it had raised a $300 million syndicated loan from local and international subsidiary banks to support the company’s current capital investment. Manufacturing plant in Pangkalan Kerinchi, Riau Province, Sumatra. According to a survey conducted by the Federation of Indian Chamber of Commerce and Industry (FICCI), India’s capacity utilization rate was 72.0% in the second quarter, indicating a strong recovery in the sector. India is projected to become a global manufacturing hub that could add $500 billion to the global economy. Overview of the Transmission Industry The global transmission market is fragmented due to the presence of companies such as Danfoss, ABB, Schneider Electric, and others offering high quality, reliable, and technologically advanced equipment to the market. Competition is likely to intensify due to increased activity such as mergers and acquisitions and product launches by vendors to increase their market presence. May 2022 – Rockwell Automation, the world’s largest industrial automation and digital transformation company, announces the release of its new Allen-Bradley Armor PowerFlex VFD for industrial motor control. These built-in drives provide faster installation, easy commissioning and predictive maintenance. February 2022 – Danfoss Editron announces the start of 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 valuation table (ME) 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. Reportlinker finds and organizes the latest industry data so you can instantly get all the market research you need in one place. __________________________
Post time: Aug-01-2023