The global AC drives market reached a value of US$ 18.9 Billion in 2018. 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. Looking forward, the market is further projected to reach a value of around US$ 26.8 Billion by 2024, registering a CAGR of around 6% during 2019-2024.
- 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.
IMARC Group’s 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
- Historical, Current and Future Market Trends
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:
Breakup by End-Use:
- Food and Beverage
- Water and Wastewater
- Oil and Gas
- Metal Processing
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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.
Key Questions Answered in This Report:
- How has the global AC drives market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global AC drives industry?
- What is the breakup of the global AC drives market on the basis of power rating?
- What is the breakup of the global AC drives market on the basis of voltage?
- What is the breakup of the global AC drives market on the basis of application?
- What is the breakup of the global AC drives market on the basis of end-use?
- What are the various stages in the value chain of the global AC drives market?
- What are the key driving factors and challenges in the global AC drives market?
- What is the structure of the global AC drives market and who are the key players?
- What is the degree of competition in the global AC drives market?