The AC Drives market is currently valued at US$ 25 billion in 2022, and it is expected to grow at a modest CAGR of 5.2% during the forecast period, reaching a market value of US$ 41.50 billion by 2032.
The alternate current drive (AC drive) is an electronic device that controls the speed of an electric motor by varying the frequency, magnetic flux, and voltage in the motor circuit.
AC drives help to improve system efficiency, save energy, and reduce motor wear.
Furthermore, less maintenance, ease of use, and increased demand for motor applications are major factors driving global demand for AC drives.
Rising demand from various regions, as well as rising electricity prices, are fueling the growth of the overall AC drives market.
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AC Drives Market: Drivers & Restraints
Increased electricity prices, rising demand for energy and electricity, stringent government regulations imposed to reduce carbon emissions during the consumption and production of electricity, and industrialization and increasing urbanisation are the major factors driving the growth of the AC drives market.
With advancements in applications such as fans, compressors, and pumps, demand for AC drives in the United States has been relatively strong in comparison to other regions.
Furthermore, the growing popularity of the Industrial Internet of Things (IoT) and opportunities in the replacement sector are fueling the growth of the AC drives market.
However, due to a decrease in Greenfield investment, AC is expected to drive market growth.
Furthermore, rising competition among local businesses is a significant impediment to growth.
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AC Drives Market: Regional Outlook
Geographically, the AC drives market has been divided into five major regions: North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East and Africa. During the forecast period, the AC drives market is expected to grow at a rapid pace. Asia-Pacific has a relatively high market share and is expected to grow at a relatively high CAGR during the forecast period due to increasing demand for AC drives in a wide range of applications from various industries.
North America is experiencing a rapid increase in AC drive production capacity, owing to increased urbanisation and developments in end-user industries.
The increasing growth and technological advancement of the drives market, as well as high end-user application in various industries, are key factors driving the growth of the AC drives market in the region.
The AC drives market is projected to register healthy growth due rising usage of AC drives across globe.
AC drives market for Asia Pacific is also expected to witness rapid growth during the forecast period primarily attributed to the growth of large-scale infrastructure especially in China and India
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AC Drives Market: Key Players
Some of the key players identified in the AC drives market are:-
- ABB Ltd.
- Siemens AG
- Danfoss Group
- Mitsubishi Electrical Co, Ltd.
- Fuji Electric Holdings
- Emerson Electric Co.
- Hitachi Ltd.
- Parker Hannifin Co.
- Toshiba International Corporation Ltd.
- Schneider Electric
- Rockwell Automation
- Others
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 categories such as market segments, geographies, types, technology and applications.
Regional analysis include
- North America (U.S., Canada)
- Latin America (Brazil, Rest of Latin America)
- Western Europe (Germany, Italy, France, U.K, Spain, Rest of Western Europe)
- Eastern Europe (Poland, Russia, Rest of Eastern Europe)
- Asia Pacific excluding Japan (China, India, ASEAN, Australia & New Zealand)
- Japan
- The Middle East and Africa (GCC countries, S. Africa, Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
AC Drives Market: Market Segmentation
The AC drives market is segmented into four parts based on the drive type, voltage type, application, and end-use industry.
Based on the drive type the AC drives market is segmented into:
- Reversible AC Drives
- Non- Reversible AC Drives
Based on the voltage type the AC drives market is segmented into:
- Low power AC drives (Up to 40kw)
- Medium power AC drives (41-200kw)
- High power AC drives (Above 200kw)
- Other
Based on the application type the AC drives market is segmented into:
- Compressor
- Fans
- Pumps
- Conveyors
- Extruders
- Other
Based on the type of end-use industry AC drives market is segmented into:
- Oil & Gas
- Power generation
- Automation
- Food & Beverage
- Water & wastewater
- Metals & Mining
- Chemicals & Petrochemicals
- Others
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