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DC Drive Market: Dynamics
Increasing demand for electricity and energy and rising cost of energy are expected to drive the growth of the DC drive market at a significant pace. Moreover, the advantages of using DC drives such as enhanced efficiency and reduced energy consumption are expected create a huge opportunity for the growth of the market in the years to come. The increasing adoption of electronic vehicles is expected to further boost the demand for DC drives over the forecast period. Moreover, with the increasing adoption of automation and modernization in production and manufacturing industries, the demand for DC drives is expected to increase in the near future.
One of the key trends observed in the market is the increasing demand for end-to-end systems rather than stand-alone products. Additionally, market participants are offering tailored solutions for DC drive end-users. Application-specific DC drive offers more energy efficiency than general DC drives. Some of the key challenges faced by DC drive market participants include the reducing profit margins, increasing raw material prices and increasing adoption of AC drives in industries, owing to lower operational and maintenance costs. However, the DC drives market is expected to be benefited by a large installed base of DC motors in the industrial sector. Moreover, manufacturers across the DC drive market are focusing on the development of advanced design, modular energy efficient DC drives. For instance, in 2017, Danfoss Group launched "VLT FlexConcept Advanced", a simple, modular and easy to install DC drive for the beverage industry.
DC Drive Market: Segmentation
Based on power rating, the global DC drive market has been segmented as:
- Low Power
- Medium Power
- High Power
Based on end-use, the global DC drive market has been segmented as:
- Oil & Gas
- Power Generation
- Metal & Mining
- Chemicals & Petrochemicals
- Water & Wastewater
- Food & Beverage
- Automotive
- Others
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DC Drive Market: Regional Outlook
Asia Pacific is expected to be the most prominent region in the global DC drive market. The region is expected to witness significant growth in the years to come, owing to high economic growth, coupled with increasing government initiatives and policies favoring the growth of the manufacturing sector. The prominent driver for the growth of the DC drive market in Asia Pacific is rapid industrialization and urbanization, particularly in countries such as, China, India and ASEAN countries, among others. The North America DC drive market is expected to witness robust growth over the forecast period. The growth of the DC market in North America is driven by increasing investments in oil & gas, automotive and construction industries. Favored government funding and initiatives for electronic vehicles and other industrial growth are expected to propel the Europe DC drive market. Industrialization and increasing construction activity in MEA are expected to drive the growth of the DC drive market in the region. Positive economic outlook, coupled with the favorable political scenario in Latin America, is driving investments in manufacturing and automotive industries, which in turn is set to propel the demand for DC drives in the region.
DC Drive Market: Market Participants
Examples of some of the prominent market participants operating in the global tool steel market include,
- ABB Ltd.
- Schneider Electric SE
- Siemens AG
- Mitsubishi Electric Corporation
- Rockwell Automation
- Emerson Electric
- Hitachi
- Danfoss Group
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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