AC Drives Market was valued at USD 21.2 Billion in 2022 and is projected to reach USD 30.7 Billion by 2030, growing at a CAGR of 5.0% from 2024 to 2030.
However, the market outlook for 2023 to 2033 is poised for more dynamic shifts. The global transition to renewable energy sources and a heightened emphasis on sustainability are likely to foster further demand for energy-efficient AC drives. In particular, industries such as renewable energy generation, electric vehicles (EV), and advanced manufacturing technologies are expected to be key drivers of the AC drives market. The rise of automation through smart factories and Industry 4.0 technologies will also play a pivotal role in boosting the demand for AC drives in the coming decade. Additionally, the increasing implementation of IoT-based solutions and connected devices in various sectors is expected to fuel further growth.
Furthermore, the focus on electrification in various sectors, including transportation and infrastructure, will result in greater adoption of AC drives. As industries invest in electrified equipment, such as electric motors for public transportation and industrial operations, demand for advanced, high-performance AC drives will increase. The integration of AI and machine learning algorithms with AC drives, enabling predictive maintenance and real-time operational adjustments, will further elevate their demand.
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The AC Drives Market from 2018 to 2022 has experienced steady growth, driven by increasing industrial automation and energy efficiency needs. These drives are crucial in controlling the speed, torque, and operation of electric motors in applications such as HVAC systems, pumps, conveyors, and industrial machinery. As businesses worldwide focus on reducing energy consumption and operational costs, the demand for AC drives has risen steadily during this period. Technological advancements, such as the development of more compact, efficient, and cost-effective variable frequency drives (VFDs), have further accelerated market growth. Furthermore, increasing awareness of energy conservation and stringent regulations in industries like manufacturing, oil & gas, and automotive, have propelled the growth of the AC drives market in the last few years.
ABB
Danfoss
Schneider
Siemens
Mitsubishi
Fuji
Emerson
Hitachi
Parker Hannifin
Rockwell
Toshiba
WEG
Yaskawa
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global AC Drives Market
Oil & Gas
Water & wastewater
Power generation
Building Automation
Food & Beverage
Metals & Mining
Chemicals & Petrochemicals
Others
Based on Types the Market is categorized into Below types that held the largest AC Drives market share In 2023.
Low Voltage
Medium Voltage
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global AC Drives Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global AC Drives Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global AC Drives Market, By Type
6. Global AC Drives Market, By Application
7. Global AC Drives Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global AC Drives Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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