DC drives market to grow 2.5% annually to $2.3 billion by 2020
Pune, India – The global DC drives market will grow from an estimated value of US$2.1 billion in 2015 to around $2.3 billion by 2020, with a compound annual growth rate of 2.5% from 2015 to 2020, according to MarketsandMarkets.
A DC drive is an electrical device used to regulate the speed of a DC motor by controlling the input voltage and/or amperage to the DC motor. It also rectifies the AC power input into DC feed for the motors. Its primary advantages are increased energy savings and reduced motor wear.
Rising electricity prices, along with increased demand for electricity and energy, is currently driving the DC drives market. In addition, the high potential of DC drives to reduce energy consumption and enhance efficiency of the system provides a huge opportunity for retrofit applications in the manufacturing industry. DC drives also help prolong the service life of the motor systems, further reducing the associated operational costs.
Leading players in DC Drives market include ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Rockwell Automation (US) and Mitsubishi Electric (Japan).
The global DC drives market has been analyzed based on end-use industry, voltage, application, power rating, and region. The report covers the key regions of North America, Asia-Pacific, Europe, South America, and the Middle-East and Africa.
The Asia-Pacific region holds the largest market for DC drives, driven by rapidly growing urbanization and industrialization in this region. Rising need for electricity has compelled implementation of energy-efficient systems, thereby boosting the market for DC.
The oil and gas industry is the largest user of DC drives among all industries. DC drives are mostly used to control the speed of pumps and compressors used in the oil and gas industry. Other industries covered in this segment are water and wastewater, power generation, building automation, food and beverages, metals and mining, and chemicals and petrochemicals.
The report has been segmented on the basis of application, type, insulation type, voltage level and region. On the basis of region, the report analyzes the DC drives markets in North America, Europe, Asia-Pacific, South America, the Middle East and Africa.
The report “DC Drives Market by Voltage (Low and Medium Voltage), by Power Rating (Low, Medium, and High Power), by End-Use Industry (Oil and Gas, Water and Wastewater, Power Generation, Building Automation, and Others), and by Region – Global trends and forecast to 2020” is available at http://www.marketsandmarkets.com/pdfdownload.asp?id=186210164.