The global AC drives market size reached US$
23.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$
33.9 Billion by 2028, exhibiting a growth rate (CAGR) of
6.2% during 2023-2028.
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.
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Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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:
IMARC Group 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 2023-2028. Our report has categorized the market based on power rating, voltage, application and end-use.
Breakup by Power Rating:
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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:
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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.
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
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Power Rating, Voltage, Application, End-Use, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered
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
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global AC drives market was valued at US$ 23.5 Billion in 2022.
We expect the global AC drives market to exhibit a CAGR of 6.2% during 2023-2028.
The rising adoption of energy-efficient products, such as AC drives, to reduce power loss and enhance the energy efficiency of motors is primarily driving the global AC drives market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for AC drives.
Based on the power rating, the global AC drives market has been divided into low power drives (<40 kW), medium power drives (41 kW - 200 kW), and high power drives (>200 kW). Currently, low power drives (<40 kW) exhibit a clear dominance in the market.
Based on the voltage, the global AC drives market can be categorized into low voltage and medium voltage, where low voltage currently holds the majority of the total market share.
Based on the application, the global AC drives market has been segmented into pumps, fans, compressor, conveyors, extruders, and others. Currently, pumps account for the largest market share.
Based on the end-use, the global AC drives market can be bifurcated into food and beverage, water and wastewater, HVAC, oil and gas, power, metal processing, chemicals, and others. Among these, the power sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global AC drives market include 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.
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