DC drives are electric devices used in DC motors for regulating its speed by controlling the input voltage or amperage or both to the DC since they tend to consume a huge chunk of power that is supplied to industries, thereby adding to the operational costs. It helps in reducing operational costs by reducing the energy consumption, thus increasing the service life of the motor. With increasing focus on adopting and implementing energy-efficient solutions, there has been an increase in demand for DC drives, thus stimulating the growth of this market, globally.
Driving & Inhibiting Factors
The growth of the worldwide market for DC drives is primarily influenced by the following factors:
- Increasing demand for electricity and energy
- Escalating electricity prices
- Rapid urbanization and industrialization
Moreover, growing need for reducing energy consumption and enhance energy efficiency of the system is expected to offer ample growth opportunities in the near future. However, higher costs of DC technology and robust growth of AC technology may act as bottleneck towards the growth of this market.
Market Overview
The size of the global DC Drives market which was estimated to be USD 2.1 Billion in 2015 is projected to reach USD 2.3 Billion by the end of 2020, growing at a CAGR of 2.5% during the forecast period. At present, Asia-Pacific is the largest market DC drives, owing to the huge demand for electricity and rapidly increasing urbanization and industrialization.
Among end-use industry, the oil & gas sector is the largest market. This market was valued at USD 286.1 Billion in 2014, and is expected to reach USD 306.7 Billion by 2020. However, the water & wastewater industry is expected to witness a high growth rate over the forecast period due to rapid industrialization and urbanization, especially in developing regions like Asia-Pacific and the Middle East & Africa.
ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Rockwell Automation (U.S.), and Mitsubishi Electric (Japan), among others are some of the leading players operating in the global market for DC drives.
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Research Scope
The global market for DC drives has been analyzed and predicted on the basis of following segmentation:
- Voltage: Low Voltage, Medium Voltage
- Power Rating: Low Power, Medium Power, High Power
- End-User Industry: Oil & Gas, Water & Wastewater, Power Generation, Building Automation, Food & Beverage, Metals & Mining, Chemicals & Petrochemicals, Others
- Geography: North America, Europe, Asia-Pacific, South America, Middle East & Africa
Summary
The global DC drives is majorly driven by the rapid urbanization and industrialization and rising demand for electricity.
