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Global DC Drives Market to Grow at a CAGR of 5% During 2021-2026, Aided by the Rising Demand from End Use Segments

According to a new report by EMR titled, ‘Global DC Drives Market Report and Forecast 2021-2026’, the global DC drives industry is expected to grow at a CAGR of 5% in the forecast period of 2021- 2026 to reach USD 6.5 billion by 2026.

The growing demand from the end use industries of the DC drives is expected to drive the market demand. The oil and gas segment is expected to be one of the leading segments for end use because of the huge global demand for energy. The food and beverage segment is also expected to have rapid growth because of demand from the developed economies. The water and wastewater will also witness significant growth in the coming years. This is because of the increasing urbanisation in emerging economies like China and India.

The low power drives upto 250kW are expected to dominate the voltage segment of DC drives. This is because of the growing implementation in small and moderate sized industries. They have diverse applications including exhaust fans, conveyor belt, milling and boring machines, and other small machine tools. The medium power drives (251 kW-500 kW) will also have substantial growth owing to the increasing demand from applications in medium as well as large scale industries. The DC drive market has high competition with the presence of few big players and large number of small companies.

The higher efficiency of DC drives and decrease in energy consumption is boosting the market for DC drives. ABB Ltd. (NYSE: ABB) is a major player in the DC drives industry. On 27 July 2020, ABB Ltd. announced that its synchronous motor and variable speed drive package had shown decrease in energy consumption with lower running noise, operational temperature, better operation and lower vibration. The project was undertaken in Australia over a one-year duration. The energy savings will translate to a significant reduction in the operation cost and lower emissions to the environment. The better energy and cost efficiency will propel the DC drives market to further heights.

Market Analysis by Voltage, Power Rating, End Use and Regions:

  • The types of DC drives based on voltage are low voltage and medium voltage.
  • The kinds of DC drives on the grounds of power ratings are low power drives (up to 250 kW), medium power drives (251-500 kW) and high-power drives (500 kW & above).
  • The end use segment of DC drives is divided into oil and gas, water and wastewater, power generation, building automation, food and beverage, metals and mining and chemicals and petrochemicals among others.

Key Findings of the Report:

  • The DC drives is being primarily driven by the increasing end use segments.
  • The operational and cost advantages over AC drive is augmenting the demand for DC drives industry.
  • The rising population, urbanisation and economic development is providing impetus to growth of the industry.
  • The rising investment in manufacturing sector and swift industrialisation are propelling the market demand for DC drives.

Key Offerings of the report:

  • The EMR report gives an overview of the global DC drives industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the voltage, power ratings, end use and major regions of DC drives industry. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global DC drives market are ABB Ltd., Siemens AG, Rockwell Automation Inc, Nidec Motor Corporation, Parker Hannifin Corp and General Electric among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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