Direct Current (DC) Drives Market Size, Share & Industry Analysis, By Voltage Rating (Up to 240 V, 240 - 600 V, and 600 V & Above), By Power Rating (Up to 250 kW, 251 - 500 kW, and 500 kW & Above), By End User (Oil & Gas, Power Generation, Food & Beverage, Chemicals & Petrochemicals, Metal & Mining, Water & Wastewater, Building Automation, and Others), and Regional Forecast, 2019-2032

The global dc drives market size was valued at USD 4.34 billion in 2018 and is projected to reach USD 9.23 billion by 2032, exhibiting a CAGR of 5.59% during the forecast period of 2019-2032.

The power sector is undergoing a noteworthy change that has redefined the industry outlook. An increase in the industrial infrastructure, along with the expanding manufacturing plants across the globe, would help the market to grow during the projected period. Development in industries has also contributed to the economic growth which includes fierce competition, spending capability of consumers, partnership & collaboration, mergers & acquisitions, and expansion of new projects and investments. The increasing rate of industrialization and urbanization along with the expansion of manufacturing plants, drive the demand for direct current drives market. DC drives vary the speed of the DC motor by controlling the supply of voltage in a wide range of applications. These are deployed in the production and processing industries for controlling the speed of the motors and thereby offer substantial energy saving for various industrial applications. Rising awareness for the adoption of energy-efficient systems and technical advantages over AC drives are the potential DC drives market trends that would boost growth.

Asia Pacific is holding huge potential for the growth of industrialization in the coming years owing to the significant growth in investment and rising rate of urbanization. According to the World Investment Report 2019, Asia Pacific had witnessed an increase in 4% of foreign direct investment worth 512 billion in 2018. Additionally, the rate of urbanization has upsurged which is further increasing the consumer demand resulting from the expansion of the manufacturing sector. It is propelling the demand for the DC drives market during the forecast period.

MARKET DRIVERS

“Increasing Investments in the Manufacturing and Processing Industry to Boost Growth”

Increasing investments in the expansion of manufacturing and processing industry have helped the market to grow during the projected period. According to the World Investment Report 2018, Asia Pacific exhibited an investment worth USD 476 billion of inflow from foreign direct investment in the year 2017, which was majorly contributed by China and Singapore. Hence, significant investments in manufacturing and processing industry is likely to help the market to grow at a faster pace during the forecast period.

“Cost-Effectiveness & Operational Advantages Over AC Drives to Spur Demand”

DC drives are less complex, which provides single power conversion from AC to DC. A DC drive is small in size as compared to the inverter drive, which is primarily a bridge between the supply and the load. It is cheaper for a higher horsepower rating. DC regenerative drives are available for applications requiring continuous regeneration for overhauling loads. Hence, being cost-efficient and possessing numerous technical advantages over AC drives, would augment the DC drives market growth during the projected period.

SEGMENTATION

By Voltage Rating Analysis

“Up to 240 V Rating Segment to Grow Steadily Backed by Demand from Processing Industry”

Based on voltage rating, the direct current drives market is segmented into up to 240 V, 240 - 600 V, and 600V & above. Up to 240 V DC drives are mostly used in industrial application and processing industries which increases the demand for this V segment. They are widely used in various applications such as pump, fan, conveyors, milling machines, boring machines, spindles, extruder screws, and other applications.

The 240 - 600 V segment is also helping the market to grow owing to their wide adoption in a variety of applications which includes industrial pumping systems, commercial lifts, miniature lathes and mills, packaging and material-handling equipment, and other applications. The 600 V & above segment is growing gradually due to its use in large scale industries such as assembly machinery, automotive assembly, material handling systems, machine tools, food processing machinery, and other uses.

By Power Rating Analysis

“Up to 250 kW Segment Will Dominate Owing to Increasing Usage in Various Applications”

Based on power rating, the DC drives market is segmented into up to 250 kW, 251 - 500 kW, and 500 kW & above. Up to 250 kW segment is booming the market growth owing to their increasing adoption in small & medium scale industries for a wide range of applications such as milling machines, pump, fan, boring machines, conveyors, auger feeders, automated door actuators, small shop machine tools, cooking equipment, and others. Hence, because of the extensive application in small scale industries, the up to 250 kW segment, is set to dominate the market during the projected period. The 251 - 500 kW segment is also increasing the DC market share due to the rising demand from medium & large scale industries for various applications which includes fans, extraction hoods, agitators, mixers, saws, belt conveyors, pumps and others. The 500 kW & above segment is contributing to the growth of market share owing to their extensive applications such as bridge cranes, cranes, cableways, automatic stores, and elevators in the oil & gas and power generation industry during the projected period.                                                                   

By End-User Analysis

“Wide Adoption in Power Generation Industry to Propel Market Dynamics”

Based on end-user, the DC drives market is segmented into oil & gas, power generation, food & beverage, chemicals & petrochemicals, metal & mining, water & wastewater, building automation, and others. The power generation and oil & gas sector are the major industries where direct current drives are deployed for a wide scope of applications and excellent controlling capabilities. They are also used in boiler feed pumps, induced draft fans, service water pumps, forced draft fans, conveyors, control pumps, fans, gas compressors, refinery compressors, offshore platform pumps, gas pipeline compressors, and oil pumps. The food & beverage industry and chemicals & petrochemicals industry are also using DC drives for controlling the speed of the DC motor owing to its possession of technical advantages. It is used in various applications in food & beverage and chemicals & petrochemicals industry which includes commercial cooking equipment, raw material handling, processing and conveying, packing and storage, separators, liquid filling, vertical form fill seal, food production, agitators, decanters, centrifugal pumps, compressors, extruders, mixers, fans, piston pumps, and others. The DC drives are also used by other end-users, such as metal & mining, water & wastewater, building automation, and others. Hence, a wide scope of applications and growing demand from the industrial sector are expected to drive the demand for DC drives during the forecast period.

REGIONAL ANALYSIS

Asia-Pacific is one of the fastest-growing region worldwide in terms of developing economies, building infrastructure, and huge investments, which further leverage the growth of industrialization and manufacturing sector. Significant investments from the developing economies also accelerate the demand for the adoption of DC drives in the industries. North America and Europe would follow Asia Pacific in terms of the growth of the DC drives market revenue. Significant growth in the oil & gas sector from the U.S. & Canada and increasing deployment of DC drives in the food & beverage industry from the European countries are anticipated to accelerate the demand for market during the forecast period. The Middle East & Africa and Latin America are also experiencing stable growth owing to the wide applications of DC drives in oil production & exploration activities and chemicals and petrochemicals plants. Hence, the growing manufacturing and processing industry across the globe would drive the demand for direct current drives during the forecast period.

Asia-Pacific experienced a robust economic growth owing to the rapid development in China, India, Japan, Australia, and Indonesia. China is consistently moving forward to increase its significance in the global economy. Exponentially rising demand for energy-efficient systems and modernization of industrial infrastructure are the major factors attributed to the growth of the DC drives market. According to the World Investment Report 2018, countries such as China formulated it’s Foreign Investment Industrial Guidance Catalogue, India formulated a consolidated FDI Policy, and Kenya formulated it’s National Investment Promotion Strategy. Growing investment in Asia Pacific would propel the development of the manufacturing sector resulting in the adoption of DC drives, which would result in the acceleration of the DC drive market during the forecast period.

INDUSTRY KEY PLAYERS

“Integration Of DC Drives With Automation Holds Market Players At An Edge Of Competition”

The DC drives market is highly dominated by ABB, Rockwell Automation, Parker Hannifin and Siemens in the competitive scenario. Key manufacturers are integrating the DC drives with automation and advanced features such as programmability, built-in control programs, communication, and I/O options according to the application required by their consumer bases. For instance, ABB provides the DCS550 DC drive model, which has a wide selection of communication options, PID controls, and adaptive programming. It helps to integrate the DC drives and provides more efficiency and reliability. Hence, advancement in technology holds the market players at an edge of competition, which is likely to augment the DC drives market share during the projected period.

LIST OF 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

REPORT COVERAGE

There has been significant investments in the industrial sector which tends to adopt DC drives for controlling the speed of the motor across several vertical of applications. Growing urbanization in the developing economies is resulting in the need for consumer goods. It is thus, causing an expansion of the manufacturing sector. Cost-effectiveness and technical advantages over the AC drives are the factors attributable to the growth of the DC drives market during the forecast period. In the projected year, the global outlook for DC drives seems to be very promising as some of the leading players are making investments and incorporating new advancements in technology that are likely to drive the market.

The DC drives market report provides qualitative and quantitative insights on the market and detailed analysis of the market size & growth rate for all the possible segments present in the market. The market is segmented by voltage rating, power rating, end-user, and region. By voltage rating, the market is fragmented into up to 240 V, 240 - 600 V, and 600 V & above. By power rating, it is categorized into up to 250 kW, 251 - 500 kW, and 500 kW & above. Based on end-user, it is segmented into oil & gas, power generation, food & beverage, chemicals & petrochemicals, metal & mining, water & wastewater, building automation, and others. Geographically, the global direct current drives market has been analyzed in interms of North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.

Along with this, the report provides an elaborative analysis of the DC drives market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments in this market, such as mergers & acquisitions, technological developments, the regulatory scenario in crucial countries, macro and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape, and company profiles.

Report Scope & Segmentation

INDUSTRY DEVELOPMENT:

• In June 2019, CG Power and Industrial Solutions Limited launched new variable speed drives, namely, Emotron VSX and Emotron VSM Series. These products are aimed to deliver high efficiency, compact design, and improved performance capability for various industrial applications.


• In July 2018, ABB acquired GE Industrial Solutions worth USD 2.6 billion which was into providing electrification products. This acquisition helped the company to leverage their product offerings across the globe.