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Global Electric Drives Market Value to Increase by $ 4.88 Million During 2021-2025 | 37% Growth to Originate from APAC | TechnavioNEW YORK, March 8, 2021 /PRNewswire/ -- The global electric drives market is set to grow by USD 4.88 million during 2020-2024. Technavio segments the Electric drives market by product (AC drives and DC drives), end-user (process industry and discrete industry), and geography (APAC, Europe, North America, South America, and MEA). The report identifies the increasing focus on automating manufacturing processes as one of the major factors propelling the market growth.
Ask for a Free Sample Report: www.technavio.com/talk-to-us?report=IRTNTR70274 Industrial operators are increasingly adopting automation in their manufacturing processes to maximize productivity and operational efficiencies. This has increased the adoption of electric drives, such as servo drives and AC drives in a majority of applications including conveyors, robotics, and material-handling processes. Besides, any uneven circumstances in the case of electric motors can affect the operational efficiency and result in high OPEX and lower revenue. Hence, most industrial operators are switching toward the use of electric drives to automate their motor operating process and increase their operational efficiency. Therefore, the rising focus on automation is expected to fuel the growth of the global electric drives market during the forecast period. The report helps businesses create strategies to make the most of future growth opportunities. Grab a Free Sample Report Now! Electric Drives Market: Segmentation Analysis Segmentation by Product The AC drives segment will witness lucrative growth during the forecast period. The high installed capacity of AC motors in industrial applications will be crucial in driving the demand for electric drives. In addition, increasing investments in food and beverage, the water and wastewater treatment, automotive, and oil and gas industries will contribute to the growth of the segment during the forecast period. Segmentation by Geography APAC emerged as the largest market for Electric drives in 2020 with a 37% market share. Factors such as industrialization, rising demand for medium voltage and low voltage motors, and increasing investments in power, water and wastewater treatment, and ood and beverage industries are driving the growth of the market in the region. During the forecast period, increasing demand for power is expected to offer significant opportunities for vendors operating in the market. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform Major Vendors Covered in the Electric Drives Market The report provides information on the production, sustainability, and prospects of several leading companies, including:
Electric Drives Market Report: Reasons to Purchase
View Our Market Snapshot Before Purchasing Browse Similar Reports on Consumer Discretionary: Global Electric Actuators Market – Global electric actuators market is segmented by end-user (automotive industry, water and wastewater industry, marine industry, aerospace and defense industry, and others), type (linear actuators and rotary actuators), and geography (APAC, Europe, North America, MEA, and South America). Get an Exclusive Free Sample Report Global Pressure Transmitters Market – Global pressure transmitters market is segmented by end-user (oil and gas, chemicals and petrochemicals, power generation, mining, and other industries), type (differential pressure transmitters, multivariable pressure transmitters, and other pressure transmitters), and geography (APAC, North America, Europe, MEA, and South America). Get an Exclusive Free Sample Report About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research
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