Share this article
Share this article
ResearchAndMarkets.com s offering.
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Electric Drives Market Report
The electric drives market by revenue is expected to grow at a CAGR of over 4.6% during the period 2021-2026.
The global market is expected to grow during the forecast period with the growth in industrial production, enhancement in technological advancement, increase in urbanization, and expansion of industries. Owing to the high energy cost associated with industrial motors, several players in end-user industries are focusing on incorporating energy-efficient techniques. Electric drives are one such variety of technology that delivers a highly-efficient production process at a low cost. As the electricity consumption is the major cost component across end-user industries, the demand for electric drives is expected to increase at a considerable rate during the forecast period. Furtherm
Share this article
Share this article
CHICAGO, Feb. 1, 2021 /PRNewswire/ In-depth analysis and data-driven insights on the impact of COVID-19 included in this global electric drives market report.
The global electric drives market is expected to grow at a CAGR of over 4.6% during the period 2020−2026.
Key Highlights Offered in the Report:
The metals and mining and oil & gas industries are major revenue generators for electric drives owing to the heavy use of pumps, conveyors, hoists, cranes, and several other heavy equipment that consume more electricity.
Approximately 40% of the electricity used in industries is consumed by pump and fan systems, driving the demand for electric drives is expected to be high in those segments that largely rely on pumps and fans.