The Electric Drives Market is Projected to Exceed 4% CAGR During 2019-2023 - Led by ABB, Danfoss, Rockwell Automation, Schneider Electric, and Siemens

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Dublin, July 12, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.Automation has become an integral part of manufacturing across process and discrete industries, which is aimed at improving production and efficiency. The use of AC drives is high in automated machines as they can effectively control motor speed with minimal manual intervention.AC drives are capable of being connected to multiple pumps and motors and can optimize and automate motor operations. Thus, the increasing focus on automating manufacturing processes will be a significant factor that will drive the growth of the electric drives market at a during the forecast period.With the aim to connect machinery and motion control systems, manufacturers across industries are adopting IoT-enabling technologies. Vendors in the global electric drives market are capitalizing on the growing trend of IoT and are increasing production through embedded technology that can operate in IoT networks. The IoT-enabled electric drives can monitor and communicate reports on system performance quality. Thus, the advent of IoT in electric drives will boost the growth of the market.The report looks at factors such as the increasing focus on automating manufacturing processes, stringent regulations mandating the use of electric drives, and the expansion of oil terminals.However, the availability of alternatives, high cost of installation and maintenance, and availability of low-cost vendors in Asia may hamper the growth of the electric drives industry over the forecast period.This electric drives market analysis considers the revenue generation based on products such as AC drives, and DC drives. The analysis also considers the sales of electric drives in North America, Europe, APAC, MEA, and South America.In 2018, the AC drives segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the high adoption of AC motors will play a significant role in the AC drives segment to maintain their market position.With the presence of several major players, the global electric drives market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric drives manufacturers that include:

Also, the electric drives market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.

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Globe Newswire: 10:35 GMT Friday 12th July 2019

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