NEWARK, Del, Feb. 29, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the DC drive market had an estimated market size of US$ 5.5 Billion in 2023 and is expected to reach a global market size of US$ 9.8 Billion by 2034, increasing at a CAGR of 5.3% between 2024 and 2034. By 2024, the market for DC drive is likely to reach a valuation of US$ 5.8 Billion.
The market is mostly driven by the growing industrial automation trend. The need for DC drive is growing as more sectors incorporate automated systems into their daily operations. Precise control over torque and speed is made possible by these drives, which improves production procedures and overall operating efficiency in a variety of industries.
The market for retrofitting offers a chance to replace outdated DC drives in industrial gear that is currently in use with more contemporary ones. This presents an opportunity for equipment makers to improve equipment dependability, efficiency, and performance in addition to meeting the rising need of the global market for energy-efficient solutions.
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Key Takeaways from the Market Analysis:
- The global demand for DC drive services reached US$ 4.2 Billion in 2019.
- It is expected that the DC drive meant for low voltages would attain a 5.1% CAGR through 2034.
- It is projected that the low-power drive (up to 250 kW) will dominate the market by enterprise size and gain a 32.17% market share in 2024.
- The market in the United States is anticipated to rise through 2034 at a 5.6% CAGR.
- It is projected that the DC drive ecosystem in the United Kingdom will evolve at a 6.7% CAGR between 2024 and 2034.
“The market is mostly driven by the growing need for energy-efficient products, which forces manufacturers to create DC drive with improved efficiency and lower power consumption in order to satisfy sustainability targets,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Key players in the global DC drive market are actively working to integrate new control systems, improve product efficiency, and increase their geographic reach. They make significant investments in research and development to bring in novel features, serve a variety of industrial applications, and adhere to strict regulatory requirements.
Frequent tactics used to consolidate market share and seize new possibilities include strategic alliances, mergers, and acquisitions. The competitive landscape of the global DC drive market is characterized by a persistent focus on technology developments and customer-centric methods.
Innovation in the DC drive market is being propelled by startups that offer high-performance, compact solutions customized to specific industrial requirements. Using revolutionary innovations like AI-powered predictive maintenance, IoT integration, and energy-efficient designs, these corporations want to upend the market with affordable, personalized products. They stand out from the competition due to their adaptability and dedication to solving certain industry problems, which promotes an innovative and adaptable culture.
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Key Players Profiled in Report:
- ABB
- Siemens
- Schneider Electric
- Rockwell Automation
- Toshiba International Corporation Ltd.
- Parker Hannifin
- Danfoss
- Nidec Motor Corporation
- Sprint Electric Limited
- American Control Electronics
- Crompton Greaves Limited
- Renown Electric Motors
- GE Power Conversion
Key Developments:
- In 2023, Rockwell Automation disclosed plans to buy Clearpath Robotics, a move that will be of great interest to automation experts. Otto Motors, a branch of Clearpath that specializes in autonomous mobile robots (AMRs) for industrial applications, is part of the transaction. Through automating material handling procedures, AMRs significantly contribute to the creation of safer and more productive work environments.
- At IFPE 2023, Parker Hannifin demonstrated a range of innovations. In order to enable battery-powered equipment, the exhibit showcased both new and updated solutions from their smart electrification technology range. Parker has been making electric components and incorporating hydraulics into electric systems for about 40 years, even though the firm is best known for its hydraulics.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global DC drive market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the global DC drive market, the market is segmented on the basis of voltage rating (up to 240 v, 240 - 600 v, 600 v & above), power rating (up to 250 kw, 251 - 500 kw, 500 kw & above), end user (oil & gas, power generation, food & beverage, chemicals & petrochemicals, metal & mining, water & wastewater, building automation, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).
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DC Drive Market Segmentation Analysis:
By Voltage Rating:
- Up to 240 V
- 240 to 600 V
- 600 V & above
By Power Rating:
- Up to 250 kW
- 251 to 500 kW
- 500 kW & above
By End User:
- Oil & Gas
- Power Generation
- Food & Beverage
- Chemicals & Petrochemicals
- Metal & Mining
- Water & Wastewater
- Building Automation
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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