The global electric drives market is expected to grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2029, reaching a value of USD 14,159.2 million in 2029.
The market is categorized by product type, including AC drives, DC drives, and servo drives. In 2023, the AC drives segment dominated the market, with a projected valuation of USD 12,229.0 million by 2029. The servo drives segment is anticipated to exhibit the highest CAGR of 4.0% during the forecast period from 2024 to 2029.
When considering the global electric drives market in terms of revenue and broken down by low-voltage electric drives and medium-voltage electric drives, the total revenue of the low-voltage electric drives segment is expected to reach USD 11,512.6 million in 2029, with a CAGR of 3.4% from 2024 to 2029.
The global electric drives market can be divided into various industries including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The discrete manufacturing segment is projected to reach USD 2,066.2 million by 2029, representing a CAGR of 4.2% over the forecast period from 2024 to 2029.
In terms of geography, Asia-Pacific emerged as the dominant player in the electric drives market in 2023, followed by Europe and North America. The valuation of North America is projected to reach USD 3,883.4 million by 2029, while the Asia-Pacific region is anticipated to exhibit a higher CAGR of 4.1% during the forecasted period from 2024 to 2029.
Key players in the global electric drives market include Siemens AG, ABB, Ltd., Danfoss A/S, Schneider Electric SE, Shanghai Electric Group Co., Ltd., Toshiba Corporation, WEG SA, and Yaskawa Electric Corporation. According to Tanalyze Ltd.’s report, these top companies collectively held over 75% of the market share in 2022, highlighting their significant influence within the industry.
This study aims to analyze the global market for various segments of electric drives, including:
Product Type: AC Drives, DC Drives, and Servo Drives.
Voltage: Low-voltage Electric Drives and Medium-voltage Electric Drives.
End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.
Region: North America (USA, Canada, and Mexico), Europe (Germany, Italy, Russia, United Kingdom, France, Poland, Sweden, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, and Rest of Asia Pacific), Latin America (Brazil, Chile, Colombia, and Latin America), and MEA (Saudi Arabia, UAE, Iran, Turkey, South Africa, and Rest of MEA).
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 5
Part 1. Key Findings 9
Part 2. Scope and Methodology 10
Report Scope 11
Product Type 11
Voltage 11
End-User 11
Region 11
Research Methodology 14
Part 3. Electric Drives Market Overview 16
Summary 16
Introduction 17
Part 4. Global Electric Drives Market by Product Type 18
AC Drives Market by End-User 20
DC Drives Market by End-User 22
Servo Drives Market by End-User 24
Part 5. Global Electric Drives Market by Voltage 26
Part 6. Global Electric Drives Market by End-User 28
Part 7. Global Electric Drives Market by Region 30
Part 8. North America Electric Drives Market 33
Market by Product Type 33
AC Drives Market by End-User 35
DC Drives Market by End-User 37
Servo Drives Market by End-User 39
Market by Voltage 41
Market by End-User 43
Market by Country 45
Market by Competitors 46
Part 9. Europe Electric Drives Market 47
Market by Product Type 47
AC Drives Market by End-User 49
DC Drives Market by End-User 51
Servo Drives Market by End-User 53
Market by Voltage 55
Market by End-User 57
Market by Country 59
Market by Competitors 60
Part 10. Asia Pacific Electric Drives Market 61
Market by Product Type 61
AC Drives Market by End-User 63
DC Drives Market by End-User 65
Servo Drives Market by End-User 67
Market by Voltage 69
Market by End-User 71
Market by Country 73
Market by Competitors 74
Part 11. Latin America Electric Drives Market 75
Market by Product Type 75
AC Drives Market by End-User 77
DC Drives Market by End-User 79
Servo Drives Market by End-User 81
Market by Voltage 83
Market by End-User 85
Market by Country 87
Market by Competitors 88
Part 12. MEA Electric Drives Market 89
Market by Product Type 89
AC Drives Market by End-User 91
DC Drives Market by End-User 93
DC Drives Market by End-User 93
Servo Drives Market by End-User 95
Market by Voltage 97
Market by End-User 99
Market by Country 101
Market by Competitors 102
Part 13. Competitive Analysis 103
Competition Overview 103
Siemens AG 104
Business Overview 104
Contact Information 106
ABB, Ltd. 107
Business Overview 107
Contact Information 110
Danfoss A/S 111
Business Overview 111
Contact Information 113
Schneider Electric SE 114
Business Overview 114
Contact Information 116
Rockwell Automation, Inc. 117
Business Overview 117
Contact Information 120
Nidec Corporation 121
Business Overview 121
Small Precision Motors 123
Contact Information 124
Yaskawa Electric Corporation 125
Business Overview 125
Contact Information 127
WEG SA 128
Business Overview 128
Contact Information 131
Shanghai Electric Group Co., Ltd. 132
Business Overview 132
Contact Information 134
Toshiba Corporation 135
Business Overview 135
Contact Information 137
Disclaimer 138
FIGURES AND TABLES
Global Electric Drives Market, Net Growth, 2020-2029 (USD Million)
Global Electric Drives Market by Product Type, 2020-2029 (USD Million)
Global Electric Drives Market by Product Type, CAGR Historic and Forecast, 2020-2029
Global AC Electric Drives Market by End-User, 2020-2029 (USD Million)
Global AC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Global DC Electric Drives Market by End-User, 2020-2029 (USD Million)
Global DC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Servo Electric Drives Market by End-User, 2020-2029 (USD Million)
Global Servo Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Electric Drives Market by Voltage, 2020-2029 (USD Million)
Global Electric Drives Market by Voltage, CAGR Historic and Forecast, 2020-2029
Global Electric Drives Market by End-User, 2020-2029 (USD Million)
Global Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Global Electric Drives Market Share by Region, 2023
Global Electric Drives Market by Region, 2020-2029 (USD Million)
Global Electric Drives Market by Region, CAGR Historic and Forecast, 2020-2029
North America Electric Drives Market by Product Type, 2020-2029 (USD Million)
North America Electric Drives Market by Product Type, CAGR Historic and Forecast, 2020-2029
North America AC Electric Drives Market by End-User, 2020-2029 (USD Million)
North America AC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
North America DC Electric Drives Market by End-User, 2020-2029 (USD Million)
North America DC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
North America Servo Electric Drives Market by End-User, 2020-2029 (USD Million)
North America Servo Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
North America Electric Drives Market by Voltage, 2020-2029 (USD Million)
North America Electric Drives Market by Voltage, CAGR Historic and Forecast, 2020-2029
North America Electric Drives Market by End-User, 2020-2029 (USD Million)
North America Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
North America Electric Drives Market Share by Country, 2023
North America Electric Drives Market Share (%) by Competitors, 2022
Europe Electric Drives Market by Product Type, 2020-2029 (USD Million)
Europe Electric Drives Market by Product Type, CAGR Historic and Forecast, 2020-2029
Europe AC Electric Drives Market by End-User, 2020-2029 (USD Million)
Europe AC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe DC Electric Drives Market by End-User, 2020-2029 (USD Million)
Europe DC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe Servo Electric Drives Market by End-User, 2020-2029 (USD Million)
Europe Servo Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe Electric Drives Market by Voltage, 2020-2029 (USD Million)
Europe Electric Drives Market by Voltage, CAGR Historic and Forecast, 2020-2029
Europe Electric Drives Market by End-User, 2020-2029 (USD Million)
Europe Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Europe Electric Drives Market Share by Country, 2023
Europe Electric Drives Market Share (%) by Competitors, 2022
Asia Pacific Electric Drives Market by Product Type, 2020-2029 (USD Million)
Asia Pacific Electric Drives Market by Product Type, CAGR Historic and Forecast, 2020-2029
Asia Pacific AC Electric Drives Market by End-User, 2020-2029 (USD Million)
Asia Pacific AC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia Pacific DC Electric Drives Market by End-User, 2020-2029 (USD Million)
Asia Pacific DC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia Pacific Servo Electric Drives Market by End-User, 2020-2029 (USD Million)
Asia Pacific Servo Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia Pacific Electric Drives Market by Voltage, 2020-2029 (USD Million)
Asia Pacific Electric Drives Market by Voltage, CAGR Historic and Forecast, 2020-2029
Asia Pacific Electric Drives Market by End-User, 2020-2029 (USD Million)
Asia Pacific Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Asia Pacific Electric Drives Market Share by Country, 2023
Asia Pacific Electric Drives Market Share (%) by Competitors, 2022
Latin America Electric Drives Market by Product Type, 2020-2029 (USD Million)
Latin America Electric Drives Market by Product Type, CAGR Historic and Forecast, 2020-2029
Latin America AC Electric Drives Market by End-User, 2020-2029 (USD Million)
Latin America AC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Latin America DC Electric Drives Market by End-User, 2020-2029 (USD Million)
Latin America DC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Latin America Servo Electric Drives Market by End-User, 2020-2029 (USD Million)
Latin America Servo Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Latin America Electric Drives Market by Voltage, 2020-2029 (USD Million)
Latin America Electric Drives Market by Voltage, CAGR Historic and Forecast, 2020-2029
Latin America Electric Drives Market by End-User, 2020-2029 (USD Million)
Latin America Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
Latin America Electric Drives Market Share by Country, 2023
Latin America Electric Drives Market Share (%) by Competitors, 2022
MEA Electric Drives Market by Product Type, 2020-2029 (USD Million)
MEA Electric Drives Market by Product Type, CAGR Historic and Forecast, 2020-2029
MEA AC Electric Drives Market by End-User, 2020-2029 (USD Million)
MEA AC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
MEA DC Electric Drives Market by End-User, 2020-2029 (USD Million)
MEA DC Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
MEA Servo Electric Drives Market by End-User, 2020-2029 (USD Million)
MEA Servo Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
MEA Electric Drives Market by Voltage, 2020-2029 (USD Million)
MEA Electric Drives Market by Voltage, CAGR Historic and Forecast, 2020-2029
MEA Electric Drives Market by End-User, 2020-2029 (USD Million)
MEA Electric Drives Market by End-User, CAGR Historic and Forecast, 2020-2029
MEA Electric Drives Market Share by Country, 2023
MEA Electric Drives Market Share (%) by Competitors, 2022
Global Electric Drives Market Share (%) by Competitors, 2022
Siemens AG Financial Overview (EUR Million)
Siemens AG Revenue, by Segment, 2022
Siemens AG Revenue, by Region, 2022
ABB, Ltd. Financial Overview (USD Million)
ABB, Ltd. Revenue, by Type, 2022
ABB, Ltd. Revenue, by Segment, 2022
ABB, Ltd. Revenue, by Product, 2022
ABB, Ltd. Revenue, by Region, 2022
Danfoss A/S Financial Overview (EUR Million)
Danfoss A/S Revenue, by Segment, 2022
Danfoss A/S Revenue, by Region, 2022
Schneider Electric SE Financial Overview (EUR Million)
Schneider Electric SE Revenue, by Segment, 2022
Rockwell Automation, Inc. Financial Overview (USD Million)
Rockwell Automation, Inc. Revenue, by Segment, 2023
Rockwell Automation, Inc. Revenue, by Type, 2023
Rockwell Automation, Inc. Revenue, by Region, 2023
Nidec Corporation Financial Overview (JPY Billion)
Nidec Corporation Revenue, by Segment, 2023
Nidec Corporation Revenue, by Region, 2023
Nidec Corporation Small Precision Motors Revenue (JPY Billion)
Yaskawa Electric Corporation Financial Overview (JPY Million)
Yaskawa Electric Corporation Revenue, by Segment, 2023
Yaskawa Electric Corporation Revenue, by Region, 2023
WEG SA Financial Overview (BRL Million)
WEG SA Revenue, by Region, 2022
WEG SA Domestic Market Revenue, by Segment, 2022
WEG SA International Market Revenue, by Region, 2022
Shanghai Electric Group Co., Ltd. Financial Overview (CNY Billion)
Shanghai Electric Group Co., Ltd. Revenue, by Segment, 2023
Shanghai Electric Group Co., Ltd. Revenue, by Region, 2023
Toshiba Corporation Financial Overview (JPY Million)
Toshiba Corporation Revenue, by Region, 2023
Toshiba Corporation Revenue, by Segment, 2023