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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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