Growth opportunities in the AC Drives Market look promising over the next six years. This is mainly due to the increasing urbanization, less maintenance cost, and a high industrialization rate.
AC Drives Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Rapid industrialization, along with the accelerating urban population throughout the world, accounts to be the major drivers responsible for the excessive acquisition of AC drives. In accordance with the published report of the World Investment, emerging economies gauge for approximately US $671 billion of inflow from foreign direct investment, majorly contributed by China and Singapore. Also, the accelerating penetration in energy expansion for various industrial processes is another factor contributing to the market growth. These drivers are widely implemented across several industries, such as pumps, conveyors, and pipes. Moreover, the market is paving its way in enormous end-use industries led by the surging industrial applications. Additionally, the low servicing cost associated with these drivers is supplementing the market growth.
Furthermore, favorable strategic measures by the government to promote energy efficiency have fuelled the market size. For instance, the execution of ISO 50001 in the building and automation sector can incorporate the building automation systems for energy up-gradation. This has propelled the demand for energy improvement, thus boosting the market growth. Internet of Things (IoT) and its applications are anticipated to bring enormous growth opportunities to the market. For example, the revolutionary design of IoT-based intelligent AC drive systems has been developed by using a space vector algorithm to enhance the effectiveness of electric motors. However, the decreased foreign direct investment in the greenfield industry is hindering market growth.
However, reduced foreign direct investments in the greenfield sector is one of the critical factors that is hampering the market’s growth. Moreover, local vendors in the market provide an extensive list of products which is a major challenge to be overpowered by leading players.
Voltage Segment Drivers
Based on the Voltage, medium voltage is projected to witness a faster CAGR in the market over the forecast period. This is attributed to their vast end-user base and their utilization in vertical industries for serving high as well as low voltage. Additionally, they have huge growth potential in consumer electronics owing to various benefits like lower cost, enhanced power factor & accessibility, compact size, etc.
AC Drives Market’s leading Manufacturers:
- Rockwell Automation, Inc.
- Hitachi, Ltd.
- Fuji Electric Co.
- Siemens
- Danfoss
- PARKER HANNIF CORP
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Schneider Electric
- ABB
AC Drives Market Segmentation:
Segmentation by Voltage
- Low Voltage
- Medium Voltage
Segmentation by Power Rating
- Low Power
- Medium Power
- High Power
Segmentation by End-Use Industry
- Oil & Gas
- Water & Wastewater
- Power Generation
- Building Automation
- Food & Beverage
- Metals & Mining
- Chemicals & Petrochemicals
- Others
Segmentation by Application
- Pumps
- Fans
- Compressors
- Conveyors
- Extruders
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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