The DC drive market had an estimated market share worth USD 5.5 billion in 2023, and it is predicted to reach a global market valuation of USD 9.8 billion by 2034, growing at a CAGR of 5.3% from 2024 to 2034.
Demand Analysis of DC Drives
| Report Attribute | Details |
|---|---|
| Estimated Market Value in 2023 | USD 5.5 billion |
| Expected Market Value in 2024 | USD 5.8 billion |
| Projected Forecast Value in 2034 | USD 9.8 billion |
| Anticipated Growth Rate from 2024 to 2034 | 5.3% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The global demand for the DC drive market was estimated to reach a valuation of USD 4.2 billion in 2019, according to a report from Future Market Insights. From 2019 to 2023, the DC drive market witnesses significant growth, registering a CAGR of 7%.
| Historical CAGR from 2019 to 2023 | 7% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 5.3% |
The advent of improved predictive maintenance capabilities utilizing artificial intelligence and machine learning algorithms was a noteworthy innovation in the DC drive market in 2023. These sophisticated tools made it possible to monitor drive performance in real time, seeing any problems before they became more serious and resulted in expensive downtime.
Manufacturers might proactively plan maintenance, maximizing equipment dependability and avoiding production disruptions, by evaluating operational data and spotting trends indicative of potential breakdowns. The market for DC drive is expected to grow in the future due to these factors:
Focus on Energy Efficiency and Sustainability Efforts to Push Demand
The increased emphasis on sustainability and energy efficiency is a major market driver. The industrial sector is actively looking for ways to cut down on electricity use and carbon emissions due to growing worries about the effects on the environment and rising energy costs.
As lowering energy consumption is a top concern, DC drive are the preferable option due to their higher energy efficiency as compared to standard drive systems. The use of DC drive is fueled by this emphasis on sustainability, which supports market expansion.
Growing Usage of Industrial Automation Systems to Accelerate the Global Market Demand
The growing use of automation in a variety of sectors is a key factor propelling the market. Automation makes industrial processes more productive, efficient, and precise, which increases demand for control systems like DC drive.
Precise torque and speed control is made possible by these drive, which is essential for enhancing automated processes. The market for DC drive is growing as a result of industrial efforts to integrate automation technologies and simplify operations in order to stay competitive.
Principal Consultant
Economic Downturns and Fluctuating Raw Material Prices can impede the Market
The global DC drive market is experiencing growth hindrances due to numerous factors. Economic downturns cause investment to decline, while more regulations raise the cost of compliance.
Manufacturing costs are impacted by changes in the price of raw materials, and competition from newer technologies like AC drive presents a problem. The DC drive industry faces obstacles to innovation and product growth due to restricted technical improvements. Together, these barriers impede the market growth, affecting its overall trajectory.
This section focuses on providing detailed analysis of two particular market segments for DC drive, the dominant voltage type and the significant power rating. The two main segments discussed below are the up to 240 V category and low power drive (up to 250 kW).
| Voltage Rating | Up to 240 V |
|---|---|
| CAGR from 2024 to 2034 | 5.1% |
During the forecast period, the low voltage segment is likely to develop with a 5.1% CAGR from 2024 to 2034. Low voltage is widely favored for DC drive due to its numerous benefits. It provides enhanced safety by lowering the possibility of electrical risks, which qualifies it for a range of commercial and domestic uses.
Low voltage DC drive also use less energy since they reduce power losses when in use. They are inexpensive to install and operate, making them an attractive option for small to medium sized businesses where space and price restrictions are important.
| Power Rating | Up to 250 kW |
|---|---|
| Market Share in 2024 | 50.5% |
In 2024, the up to 250 kW segment is likely to acquire a 50.5% global market share. Developments in semiconductor technology have made it possible to develop drive systems that are both more compact and energy efficient.
Smaller, low power drive are also becoming more and more necessary due to the growing demand for automation in smaller scale applications like household appliances and small machines.
Low power drive are also encouraged to be adopted in order to lower the overall consumption of energy as well as carbon footprint since energy conservation and sustainability are prioritized.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
This section will go into detail on the DC drive markets in a few key countries, including the United States, the United Kingdom, China, Japan and South Korea. This part will focus on the key factors that are driving up demand in these countries for DC drives.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 5.6% |
| The United Kingdom | 6.7% |
| China | 6.2% |
| Japan | 7% |
| South Korea | 7.1% |
The United States DC drive ecosystem is anticipated to gain a CAGR of 5.6% through 2034. The growing use of renewable energy sources is driving the DC drive industry in the United States. Demand for DC drive is being driven by the need for efficient power conversion and control as utilities and industry shift to producing greener energy.
Market expansion is fueled by the increasing trend of automation in a variety of industries, including manufacturing, the automotive industry, and logistics. DC drive are crucial for improving operational efficiency and automating operations because they offer accurate speed and torque control.
The market in the United Kingdom is expected to expand with a 6.7% CAGR through 2034. Industries are investing in energy efficient technologies like DC drive in response to strict environmental requirements and sustainability programs, which facilitate compliance and lower carbon footprints.
In order to support the regional industrial modernization strategy, the United Kingdom places a high focus on innovation and the adoption of new technologies. This cultivates a culture of continuous improvement and drive demand for sophisticated DC drive systems that provide better performance, reliability, and connectivity.
The DC drive ecosystem in China is anticipated to develop with a 6.2% CAGR from 2024 to 2034. The continuous industrial growth of the country in several domains need effective control mechanisms, such as DC drive, to maximize production and streamline manufacturing procedures.
Modernization of utilities and infrastructure is also required by the growing urban population, which creates a sizable market for DC drive for supporting applications like building automation, power distribution, and transportation systems.
The DC drive industry in Japan is anticipated to reach a 7% CAGR from 2024 to 2034. The robust industrial sector in Japan and the regional emphasis on energy saving are two major factors driving the DC drive industry.
Industrial use of DC drive is prompted by the emphasis on sustainability and resource conservation in Japan, which is in line with national objectives for environmental stewardship.
DC drive are energy efficient. In order to maximize production processes and guarantee product quality, the national advanced manufacturing capabilities and exacting requirements also fuel demand for precision control systems like DC drive.
The DC drive ecosystem in South Korea is likely to evolve with a 7.1% CAGR during the forecast period. The advanced technology industry in South Korea encourages the development and uptake of state of the art DC drive solutions, propelling market expansion via ongoing product innovation.
The need for DC drive is boosted by the growing industry wide use of automation in the country. This makes it possible to precisely manage and optimize production processes for increased productivity and efficiency.
Key players in the dynamic global DC drive market are actively seeking development and sustainability opportunities. To improve the functionality, dependability, and efficiency of their products, they are making large investments in research and development.
These companies are concentrating on employing strategic alliances, acquisitions, and collaborations to broaden their market reach. They are incorporating innovative features like real time data analytics, predictive maintenance, and remote monitoring into their services as they embrace the latest innovations like Industry 4.0.
These major competitors in the DC drive sector are vying for market leadership by putting the requirements of their customers first and making adjustments to meet changing market trends. The key players in this market include:
Significant advancements in the DC drive market are being made by key market participants, and these include:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.3% from 2024 to 2034 |
| Market value in 2024 | USD 5.8 billion |
| Market value in 2034 | USD 9.8 billion |
| Base Year for Estimation | 2023 |
| Historical Data | 2019 to 2023 |
| Forecast Period | 2024 to 2034 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Voltage Rating, Power Rating, End User, Region |
| Region Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | ABB; Siemens; Schneider Electric; Rockwell Automation; Toshiba International Corporation Ltd.; Parker Hannifin; Danfoss; Nidec Motor Corporation; Sprint Electric Limited; American Control Electronics; Crompton Greaves Limited; Renown Electric Motors; GE Power Conversion |
| Customization Scope | Available on Request |
The DC drive market is expected to garner a 5.3% CAGR from 2024 to 2034.
By 2024, the global DC drive market is likely to gain USD 5.8 billion.
By 2034, the DC drive market valuation is likely to reach a sum of USD 9.8 billion.
The DC drive industry in the United States is likely to garner a 5.6% CAGR during the forecast period.
The up to 250 kW will gain immense popularity and garner a 4.9% CAGR through 2034.
DC drives are being widely used for low voltage tasks and this segment is likely to expand with a 5.1% CAGR through 2034.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Voltage Rating 5.1. Up to 240 V 5.2. 240 - 600 V 5.3. 600 V & Above 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Power Rating 6.1. Up to 250 kW 6.2. 251 - 500 kW 6.3. 500 kW & Above 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User 7.1. Oil & Gas 7.2. Power Generation 7.3. Food & Beverage 7.4. Chemicals & Petrochemicals 7.5. Metal & Mining 7.6. Water & Wastewater 7.7. Building Automation 7.8. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. ABB 18.2. Siemens 18.3. Schneider Electric 18.4. Rockwell Automation 18.5. Toshiba International Corporation Ltd. 18.6. Parker Hannifin 18.7. Danfoss 18.8. Nidec Motor Corporation 18.9. Sprint Electric Limited 18.10. American Control Electronics 18.11. Crompton Greaves Limited 18.12. Renown Electric Motors 18.13. GE Power Conversion 19. Assumptions & Acronyms Used 20. Research Methodology
Explore Industrial Automation Insights
View Reports
DC Drive Market
