The global AC drives market size reached US$ 25.0 billion in 2023. The market is projected to reach US$ 41.0 billion by 2032, exhibiting a growth rate (CAGR) of 5.7% during 2023-2032.
AC drives are used for regulating the velocity of electric motors and function by fluctuating the frequency, magnetic flux and voltage in the motor’s circuit. They are used to achieve effective control over the motor’s speed and reduce energy consumption. Owing to this, they are employed across the oil and gas, power generation, building automation, food and beverage, and metals and mining sectors.
Rapid industrialization and urbanization have increased the demand for automated and motor-driven equipment, in turn, escalating the sales of AC drives worldwide. Additionally, improving standards of living have catalyzed the development of modern infrastructure which has further contributed to the growth of the market.
The low production cost of AC drives coupled with an increase in electricity prices has bolstered their sales. Since these drives consume a minimal amount of electricity, require less maintenance and are easy to use, they are being preferred by manufacturers across the globe for use in motor-driven equipment.
The increasing popularity of industrial Internet of Things (IoT), along with the usage of cloud computing, mobile communications and web technologies for controlling and maintaining these drives, is also expected to create a positive impact on the growth of the market.
2. What is the expected growth rate of the global AC drives market during 2024-2032?
3. What are the key factors driving the global AC drives market?
4. What has been the impact of COVID-19 on the global AC drives market?
5. What is the breakup of the global AC drives market based on the power rating?
6. What is the breakup of the global AC drives market based on the voltage?
7. What is the breakup of the global AC drives market based on the application?
8. What is the breakup of the global AC drives market based on the end-use?
9. What are the key regions in the global AC drives market?
10. Who are the key players/companies in the global AC drives market?
AC drives are used for regulating the velocity of electric motors and function by fluctuating the frequency, magnetic flux and voltage in the motor’s circuit. They are used to achieve effective control over the motor’s speed and reduce energy consumption. Owing to this, they are employed across the oil and gas, power generation, building automation, food and beverage, and metals and mining sectors.
Market Drivers
The low energy consumption of AC drives is one of the prime factors that is driving the growth in the market. They adopt energy-saving techniques which avoid strain on natural resources and offer a greater return on investment and efficiency. The use of these devices also reduces disturbances in the power supply and lowers carbon dioxide emissions.Rapid industrialization and urbanization have increased the demand for automated and motor-driven equipment, in turn, escalating the sales of AC drives worldwide. Additionally, improving standards of living have catalyzed the development of modern infrastructure which has further contributed to the growth of the market.
The low production cost of AC drives coupled with an increase in electricity prices has bolstered their sales. Since these drives consume a minimal amount of electricity, require less maintenance and are easy to use, they are being preferred by manufacturers across the globe for use in motor-driven equipment.
The increasing popularity of industrial Internet of Things (IoT), along with the usage of cloud computing, mobile communications and web technologies for controlling and maintaining these drives, is also expected to create a positive impact on the growth of the market.
Key Market Segmentation:
The report provides an analysis of the key trends in each sub-segment of the global AC drives market report, along with forecasts at the global and regional level from 2023-2032. The report has categorized the market based on power rating, voltage, application and end-use.Breakup by Power Rating:
- Low Power Drives (< 40 kW)
- Medium Power Drives (41 kW - 200 kW)
- High Power Drives (>200 kW)
Breakup by Voltage:
- Low Voltage
- Medium Voltage
Breakup by Application:
- Pumps
- Fans
- Compressor
- Conveyors
- Extruders
- Others
Breakup by End-Use:
- Food and Beverage
- Water and Wastewater
- HVAC
- Oil and Gas
- Power
- Metal Processing
- Chemicals
- Others
Breakup by Region:
- North America
- Europe
- Asia-Pacific
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also analysed the competitive landscape of the market with some of the key players being ABB Ltd, Danfoss Group, Schneider Electric Se, Siemens AG. Mitsubishi Electrical Corporation, Fuji Electric Co. Ltd., Emerson Electric Co., Hitachi Ltd, Parker Hannifin Corporation, Rockwell Automation,Inc., Toshiba International Corporation, WEG SA, Yaskawa Electric Corporation, etc.This latest report provides a deep insight into the global AC drives market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global Ac drives market in any manner
Key Questions Answered in This Report
1. What was the size of the global AC drives market in 2023?2. What is the expected growth rate of the global AC drives market during 2024-2032?
3. What are the key factors driving the global AC drives market?
4. What has been the impact of COVID-19 on the global AC drives market?
5. What is the breakup of the global AC drives market based on the power rating?
6. What is the breakup of the global AC drives market based on the voltage?
7. What is the breakup of the global AC drives market based on the application?
8. What is the breakup of the global AC drives market based on the end-use?
9. What are the key regions in the global AC drives market?
10. Who are the key players/companies in the global AC drives market?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global AC Drives Market
6 Market Breakup by Power Rating
7 Market Breakup by Voltage
8 Market Breakup by Application
9 Market Breakup by End-Use
10 Market Breakup by Region
11 Global AC Drives Industry: SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- ABB Ltd
- Danfoss Group
- Schneider Electric Se
- Siemens AG. Mitsubishi Electrical Corporation
- Fuji Electric Co. Ltd.
- Emerson Electric Co. Hitachi Ltd
- Parker Hannifin Corporation
- Rockwell Automation Inc.
- Toshiba International Corporation
- WEG SA and Yaskawa Electric Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 25 Billion |
| Forecasted Market Value ( USD | $ 41 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
