Market Synopsis:
AC drives are used to effectively control the speed of an electric motor. It is done by changing the frequency of electricity that passes through the motor with the help of AC drives. This report by Market Research Future (MRFR) unfolds that the global AC Drives Market Size is presumed to strike 7.05% CAGR over the review period 2016 to 2023. Rising industrial applications of the product are anticipated to drive the growth of the global market in the years to come. Some of the primary end-user industries of the AC drives motor are oil & gas, food & beverage, water & wastewater, metals & mining, power generation, and chemicals & pharmaceuticals. The expansion being observed in these industries are projected to impact the market favorably in the foreseeable future.
Increasing industrialization investments has led to a rise in demand for energy-efficient solutions. It is anticipated to lead the proliferation of the AC drives market over the next couple of years. The fast-developing nations are prognosticated to have a catalyzing influence on the growth of the world AC drives market over the forecast period.
Market Segmentation:
On the basis of voltage, the world AC drives market has been divided into low voltage and medium voltage. The low voltage AC drives segment is expected to lead the expansion of the market on account of rising applications in electric motors and transformers.
On the basis of power rating, the world AC drives market has been segmented into medium power drives, low power drives, and high power drives.
On the basis of application, the world AC drives market has been segmented into pumps, fans, conveyors, compressors, and extruders.
On the basis of end-use, the world AC drives market has been segmented into metals & mining, power generation, water & wastewater, oil & gas, building automation, food & beverage, and chemicals & petrochemicals.
Regional Analysis:
The geographical evaluation of the global world AC drives market has been included in the report that identifies the following regional segments – South America, the Middle East & Africa, North America, Asia Pacific (APAC), and Europe. These regional segments are assessed for a detailed country-based assessment for a comprehensive view of the market. Asia Pacific is a potential market that resonates strong growth potential. The market for AC drives in Asia Pacific is projected to thrive on account of increasing investments in energy-efficient solutions in industries. Rapid industrialization is also presumed to accelerate the market growth rate in the region in the upcoming years. The governments are promoting the reduction of power consumption. It is projected to influence the demand for AC drives positively in the foreseeable future. North America is supposed to augment at a steady pace during the review period. Increasing advancements in the industrial sector of the region are supposed to drive market growth.
Competitive Dashboard:
ABB (Switzerland), Danfoss Group (Denmark), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Rockwell Automation, Inc. (US), Yaskawa Electric Corporation (Japan), Toshiba International Corporation (Japan), WEG (Brazil), Hiconics Drive Technology Co. Ltd (China), Parker Hannifin Co (US), Hitachi Ltd (Japan), and Delta Electronics, Inc. (Taiwan) are some of the major players of the global world AC drives market.
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