How big is the Electric Drives Market?

The Electric Drives Market size is expected to reach USD 25.51 billion in 2024 and grow at a CAGR of 5.10% to reach USD 32.70 billion by 2029. Read More

What is the current Electric Drives Market size?

In 2024, the Electric Drives Market size is expected to reach USD 25.51 billion. Read More

Who are the key players in Electric Drives Market?

ABB Ltd, Siemens AG, Danfoss, Rockwell Automation Inc. and Schneider Electric SE are the major companies operating in the Electric Drives Market. Read More

Which is the fastest growing region in Electric Drives Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Electric Drives Market?

In 2024, the Asia Pacific accounts for the largest market share in Electric Drives Market. Read More

What years does this Electric Drives Market cover, and what was the market size in 2023?

In 2023, the Electric Drives Market size was estimated at USD 24.21 billion. The report covers the Electric Drives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Drives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Electric Drives Market - Size, Analysis, Industry Growth & Trends

Electric Drives Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Smart Electric Drive Manufacturers and is Segmented by Product (AC Drives, DC Drives, Servo Drives), Voltage (Low-Voltage Drive (<372. 8KW or <1KV) (Embedded, Standalone), Medium-Voltage Drive (>=372. 8KW or >= 1KW)), by Power Rating Statistics (<250 KW, 251 - 500 KW, >500 KW), by End-User Industry (Oil and Gas, Water and Wastewater, Chemical and Petrochemical, Food and Beverage, Power Generation, HVAC, Pulp and Paper, Discrete Industries), by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Electric Drives Industry Overview

The electric drives market is highly fragmented, with major players like ABB Ltd, Siemens AG, Danfoss, Rockwell Automation Inc., and Schneider Electric SE. Players in the market are adopting strategies such as partnerships, innovations, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

In May 2023, Siemens launched the SINAMICS S200 servo drive system, designed for many common applications in electronics, batteries, and other sectors. Its accurate servo drive, strong servo motors, and simple-to-use wires provide high dynamic performance. The new servo drive system is especially useful for applications that need accuracy in speed and torque, such as winding and unwinding machines used in battery manufacture and cell assembly.

In March 2023, ABB launched a medium-voltage VFD (Variable-frequency Drive) with a rated capacity of 400 to 1,000kV and a voltage of up to 6.9kV, appropriate for a broad range of applications without a unique engineering design. The air-cooled ACS2000 VFD (Variable-frequency Drive) was especially used for fans, compressors, pumps, and other public applications in cement, mining and mining, metallurgy, pulp and paper, electric power, water, chemical, oil, and gas industries.