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NA Electric Drives Market Size (2024 - 2029)

The North America Electric Drives market is experiencing growth driven by the increasing adoption of automation, which is addressing supply-chain challenges and enhancing operational efficiency. This market expansion is supported by the integration of electric drives in industrial applications, where they play a crucial role in technological advancements. However, the high cost of electric drives poses a challenge to market growth. The shift in manufacturing closer to customers, influenced by trade tensions and the impact of COVID-19, further underscores the rising demand for these drives in the region.

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Market Size of NA Electric Drives Industry

North America Electric Drives Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.79 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

North America Electric Drives Market Analysis

The North America Electric Drives market is analyzed to grow at a CAGR of 6.79% during the forecast period 2022-2027. An electric drive (also known as an electric controller) is a device that controls the output of a motor, such as an electric actuator, to produce linear motion. As a principal source of energy, this drive uses a prime mover such as a gasoline engine, otherwise diesel, steam turbines, otherwise gas, electrical, and hydraulic motors. These prime movers will provide mechanical energy to the drive system for motion control.

  • An electric drive can be constructed using an electric drive motor and a complex control system to control the rotation shaft of the motor. This can be controlled entirely by software. As a result, the controlling becomes more precise, and this drive concept is simple to use. Electrical drives are a critical component in industrial applications, driving technological advancements and gaining attention from a multitude of sources.
  • The growing adoption of automation in the region is majorly contributing to the demand for the electric drives market. Manufacturing is moving closer to the customer as a result of trade tensions and COVID-19. Companies are considering nearshoring with automation as a solution to supply-chain concerns.
  • One particular statistic from the United States demonstrates how automation is assisting firms in resuming operations. Robot orders in the third quarter of 2021 in the United States were up 35% over the same period in 2020, according to the Association for Advancing Automation (A3). Non-automotive sectors account for more than half of the orders.
  • The primary cost of the electric drives is high, hence is considered a challenge for the market during the forecast period.

North America Electric Drives Industry Segmentation

The North America Electric Drive Market is segmented by Type(AC Drives, DC Drives, Servo Drives), By Voltage(Low, Medium), By End-user Industry(Oil & Gas, Chemical & Petrochemical, Food & Beverage, Water & Wastewater, Power Generation, Metal & Mining, Pulp & Paper, HVAC, Discrete Industries) and Country.

By Type
AC Drives
DC Drives
Servo Drives
By Voltage
Low
Medium
By End-user Industry
Oil & Gas
Chemical & Petrochemical
Food & Beverage
Water & Wastewater
Power Generation
Metal & Mining
Pulp & Paper
HVAC
Discrete Industries
Other End-user Industries
By Country
United States
Canada
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NA Electric Drives Market Size Summary

The North America Electric Drives market is poised for significant growth, driven by the increasing adoption of automation across various industries. Electric drives, essential for controlling motor outputs and enabling precise motion, are becoming integral in industrial applications. The shift towards nearshoring and automation, spurred by trade tensions and the COVID-19 pandemic, is enhancing the demand for these drives. Despite the high initial costs posing a challenge, the market is witnessing a surge in interest due to technological advancements and the need for efficient supply chain solutions. The United States, with its robust manufacturing base and leadership in crude oil production, plays a pivotal role in this market, utilizing electric drives for critical operations in sectors like oil and gas.

The competitive landscape of the North America Electric Drives market is marked by the presence of major players such as Rockwell Automation, ABB Ltd., and Siemens AG, who are actively engaged in product development and strategic partnerships to expand their market reach. Innovations like Rockwell Automation's Kinetix 5100 servo drive and Yaskawa Electric Corporation's "-X Series" AC servo drives highlight the industry's focus on enhancing motion control capabilities and integrating advanced functionalities. The market's growth is further supported by the increasing adoption of servo-driven robots in various sectors, responding to the rising demand for product personalization and efficient delivery systems. As the market evolves, the emphasis on custom-designed drives to meet specific application requirements continues to drive its expansion.

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NA Electric Drives Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Value Chain / Supply Chain Analysis

    4. 1.4 Assessment of the Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 AC Drives

      2. 2.1.2 DC Drives

      3. 2.1.3 Servo Drives

    2. 2.2 By Voltage

      1. 2.2.1 Low

      2. 2.2.2 Medium

    3. 2.3 By End-user Industry

      1. 2.3.1 Oil & Gas

      2. 2.3.2 Chemical & Petrochemical

      3. 2.3.3 Food & Beverage

      4. 2.3.4 Water & Wastewater

      5. 2.3.5 Power Generation

      6. 2.3.6 Metal & Mining

      7. 2.3.7 Pulp & Paper

      8. 2.3.8 HVAC

      9. 2.3.9 Discrete Industries

      10. 2.3.10 Other End-user Industries

    4. 2.4 By Country

      1. 2.4.1 United States

      2. 2.4.2 Canada

NA Electric Drives Market Size FAQs

The NA Electric Drives Market is projected to register a CAGR of 6.79% during the forecast period (2024-2029)

ABB Ltd., Rockwell Automation Inc., Mitsubishi Electric Corporation, Siemens AG and Schneider Electric SE are the major companies operating in the NA Electric Drives Market.

NA Electric Drives Report Snapshots

North America Electric Drives Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)