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Connected Drives Along with the Need for Energy Efficiency are Expected to Drive the Market
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The electric drives market is a mature market dominated by a handful of players who have been there in the industry for a considerable amount of time. This research service aims to analyse the electric drives market in detail and provide the key facts pertaining into end user markets and product categories. The electric drives market has been split according to technology type as AC drives, DC drives and servo drives. The drives have also been split into Low Voltage and Medium Voltage and have been analysed accordingly at the regional level. This research service aims to provide the user with all the facts and figures pertaining to each segment to the maximum extent possible along with revenue forecasts until 2026. While AC drives and servo drives are expected to grow, the DC drives market is expected to slowly decline owing to the replacement of DC motors with AC and servo motors. One of the key factors impacting the global electric drives market is the COVID-19 pandemic. The pandemic is expected to slow down global growth as countries around the globe such as China, Italy, USA and India go into lockdown for days together, resulting in a sudden stoppage of trade and investments. This coupled with dwindling oil and gas prices is expected to create a demand slump in 2020. However, in an optimistic scenario, the economy and the demand is expected to bounce back in 2021 and return to normalcy by the end of 2021. Another key trend that has impacted the forecast is the rise in demand for energy efficient drive systems. Rise in industrial automation and manufacturer’s inclination towards highly automated shop floors with minimum manpower is expected to directly boost demand for drive systems. With strict environment and emission regulations, end users are keen to adopt energy efficient solutions that would save cost without any loss in performance. Connected drives is one of the key upcoming technology trends that takes electric drives a step closer to digitisation using cloud connectivity. This trend is expected to positively impact the market in the coming years and it’s effect on the market has also been captured in the forecast of this research service. The key end users covered in this research service are oil and gas, chemicals and petrochemicals, power generation, metals and mining, food and beverage, discrete industries and others. The research service also offers the reader an analysis of the top market participants in each region to help understand the competitive landscape.
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