Dublin, July 12, 2019 (GLOBE NEWSWIRE) -- The "Electric Drives Market by End-users, Product, Power Rating, and Geography - Global Forecast 2019-2023" report has been added to ResearchAndMarkets.com's offering.
Increasing focus on automating manufacturing processes
Automation has become an integral part of manufacturing across process and discrete industries, which is aimed at improving production and efficiency. The use of AC drives is high in automated machines as they can effectively control motor speed with minimal manual intervention.
AC drives are capable of being connected to multiple pumps and motors and can optimize and automate motor operations. Thus, the increasing focus on automating manufacturing processes will be a significant factor that will drive the growth of the electric drives market at a CAGR of more than 4% during the forecast period.
Advent of IoT in electric drives
With the aim to connect machinery and motion control systems, manufacturers across industries are adopting IoT-enabling technologies. Vendors in the global electric drives market are capitalizing on the growing trend of IoT and are increasing production through embedded technology that can operate in IoT networks. The IoT-enabled electric drives can monitor and communicate reports on system performance quality. Thus, the advent of IoT in electric drives will boost the growth of the market.
Market Dynamics
The report looks at factors such as the increasing focus on automating manufacturing processes, stringent regulations mandating the use of electric drives, and the expansion of oil terminals.
However, the availability of alternatives, high cost of installation and maintenance, and availability of low-cost vendors in Asia may hamper the growth of the electric drives industry over the forecast period.
Segments Analyzed
This electric drives market analysis considers the revenue generation based on products such as AC drives, and DC drives. The analysis also considers the sales of electric drives in North America, Europe, APAC, MEA, and South America.
In 2018, the AC drives segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the high adoption of AC motors will play a significant role in the AC drives segment to maintain their market position.
Competitive Landscape
With the presence of several major players, the global electric drives market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric drives manufacturers that include:
- ABB Ltd.
- Danfoss AS
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
Also, the electric drives market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Key Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY PRODUCT
- Comparison by product
- AC drives - Market size and forecast 2018-2023
- DC drives - Market size and forecast 2018-2023
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
- Comparison by end-user
- Process industry - Market size and forecast 2018-2023
- Discrete industry - Market size and forecast 2018-2023
- Market opportunity by end-user
PART 09: GEOGRAPHIC LANDSCAPE
- Geographic comparison
- APAC - Market size and forecast 2018-2023
- Europe - Market size and forecast 2018-2023
- North America - Market size and forecast 2018-2023
- South America - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 10: MARKET SEGMENTATION BY POWER RATING
- Comparison by power rating
- Low voltage drives - Market size and forecast 2018-2023
- Medium voltage drives - Market size and forecast 2018-2023
- Market opportunity by power rating
PART 11: DECISION FRAMEWORK
PART 12: DRIVERS AND CHALLENGES
PART 13: MARKET TRENDS
- Gradual recovery in oil & gas upstream activities
- Technological advances in electric drives
- Advent of IoT in electric drives
PART 14: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 15: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- ABB Ltd.
- Danfoss AS
- Rockwell Automation Inc.
- Schneider Electric SE
- Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/3r52th
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