Global DC Drives Market to Reach $5.1 Billion by 2026
SAN FRANCISCO, Aug. 4, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "DC Drives - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: July 2021
Executive Pool: 21189
Companies: 39 - Players covered include ABB Ltd.; American Electric Technologies, Inc.; Crompton Greaves Ltd.; Danfoss A/S; Emerson Electric Co.; GE Power Conversion; KB Electronics; Mitsubishi Electric Corporation; Parker Hannifin Corporation; Rockwell Automation Inc.; Schneider Electric SA; Siemens AG; Toshiba International Corporation (TIC) and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Oil & Gas, Water & Wastewater, Power Generation, Building Automation, Food & Beverage, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global DC Drives Market to Reach $5.1 Billion by 2026
DC drives represent DC motor motion control systems that deliver the right voltage to help a motor in operating at a desirable speed. Based on their elevated start-up torque, DC drives are suitable options for applications requiring consistent speed. Traditionally, industrial settings used to rely on DC generators for achieving variable DC voltage for motion control of motors. These systems were eventually replaced by mercury arc rectifiers and subsequently advanced thyristor converters that gained broader acceptance for controlling speed of DC motors. Some of the common applications of these drives are wire drawings, extruders and crane & hoist equipment. Though DC drives have been introduced before their counterpart AC drives, the latter have gained notable adoption for machine operations owing to their specific advantages. While AC drives are more popular in comparison to DC motors and drives, there are specific applications that rely on DC drives such as crane & hoist equipment, spindle drives, elevators, crushers, paper production systems and winders. DC drives are user-friendly, reliable, efficient, cost-effective and easy to implement. In addition, these drives offer various benefits over AC counterparts, mainly for high power and regenerative applications. Moreover, DC drives are extensively used in various industrial drive applications for achieving precise motion control.
Amid the COVID-19 crisis, the global market for DC Drives estimated at US$4.1 Billion in the year 2020, is projected to reach a revised size of US$5.1 Billion by 2026, growing at a CAGR of 3.9% over the analysis period. Oil & Gas, one of the segments analyzed in the report, is projected to grow at a 4.4% CAGR to reach US$1.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Water & Wastewater segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 22.7% share of the global DC Drives market.
The U.S. Market is Estimated at $784.9 Million in 2021, While China is Forecast to Reach $1.3 Billion by 2026
The DC Drives market in the U.S. is estimated at US$784.9 Million in the year 2021. The country currently accounts for a 18.86% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 5.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.1% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR while Rest of European market (as defined in the study) will reach US$1.5 Billion by the close of the analysis period.
DC drives have gained significant adoption in industrialized countries owing to continuous automation with electronic and electrical devices. The increasing popularity of DC drives can also be attributed to their simple operations, speed-related flexibility and simple start-stop functions. The growing adoption of these drives is also favored by their affordable prices. The global market for DC drives is propelled by increasing implementation of these drives within the power sector coupled with industrial development, announcement of new projects and increasing investments by companies. The continuous growth of industrial infrastructure and expansion of manufacturing units in developing economies are anticipated to further bolster the market growth. Rapid industrialization and urbanization along with increasing applications across processing industries are bound to create strong demand for DC motors.
While cost-effectiveness is likely to remain a key driver, factors such as technical benefits and increasing focus on energy-efficient systems are slated to augment the market expansion. Ongoing efforts by manufacturers to improve energy efficiency associated with DC drives are anticipated to drive adoption. In addition, companies are benefitting from continuous advances in DC drive firmware for all voltage and configuration settings. The market is anticipated to witness new opportunities due to ongoing product development endeavors and the requirement to enhance communication options for control features. On the other hand, DC drives are poised to gain from increasing investments in smart city initiatives and robust industrial demand. Regionally, emerging economies are likely to offer lucrative growth prospects, while industrially developed nations are anticipated to become mature markets with limited growth prospects. While China remains the primary DC drives market owing to rapid industrialization, developing nations like India and Brazil are expected to make a healthy contribution to the global market.
Power Generation Segment to Reach $873.3 Million by 2026
In the global Power Generation segment, USA, Canada, Japan, China and Europe will drive the 2.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$567.7 Million in the year 2020 will reach a projected size of US$688.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$104.8 Million by the year 2026, while Latin America will expand at a 3.6% CAGR through the analysis period. More
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