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AC Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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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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)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global AC Drives Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Power Rating
    5.5    Market Breakup by Voltage
    5.6    Market Breakup by Application
    5.7    Market Breakup by End-Use
    5.8    Market Breakup by Region
    5.9    Market Forecast
6   Market Breakup by Power Rating
    6.1    Low Power Drives (<40 kW)
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Medium Power Drives (41 kW - 200 kW)
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    High Power Drives (>200 kW)
        6.3.1    Market Trends
        6.3.2    Market Forecast
7   Market Breakup by Voltage
    7.1    Low Voltage
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Medium Voltage
        7.2.1    Market Trends
        7.2.2    Market Forecast
8   Market Breakup by Application
    8.1    Pumps
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Fans
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Compressor
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Conveyors
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Extruders
        8.5.1    Market Trends
        8.5.2    Market Forecast
    8.6    Others
        8.6.1    Market Trends
        8.6.2    Market Forecast
9   Market Breakup by End-Use
    9.1    Food and Beverage
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Water and Wastewater
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    HVAC
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    Oil and Gas
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Power 
        9.5.1    Market Trends
        9.5.2    Market Forecast
    9.6    Metal Processing
        9.6.1    Market Trends
        9.6.2    Market Forecast
    9.7    Chemicals
        9.7.1    Market Trends
        9.7.2    Market Forecast
    9.8    Others
        9.8.1    Market Trends
        9.8.2    Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Europe
        10.2.1    Market Trends
        10.2.2    Market Forecast
    10.3    Asia Pacific
        10.3.1    Market Trends
        10.3.2    Market Forecast
    10.4    Middle East and Africa
        10.4.1    Market Trends
        10.4.2    Market Forecast
    10.5    Latin America
        10.5.1    Market Trends
        10.5.2    Market Forecast
11  Global AC Drives Industry: SWOT Analysis
    11.1    Overview 
    11.2    Strengths
    11.3    Weaknesses 
    11.4    Opportunities
    11.5    Threats
12  Value Chain Analysis
13  Porters Five Forces Analysis

    13.1     Overview
    13.2     Bargaining Power of Buyers
    13.3     Bargaining Power of Suppliers 
    13.4     Degree of Competition
    13.5     Threat of New Entrants
    13.6     Threat of Substitutes
14  Price Analysis
15  Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    ABB Ltd
        15.3.2    Danfoss Group
        15.3.3    Schneider Electric Se
        15.3.4    Siemens AG
        15.3.5    Mitsubishi Electrical Corporation
        15.3.6    Fuji Electric Co. Ltd.
        15.3.7    Emerson Electric Co.
        15.3.8    Hitachi Ltd
        15.3.9    Parker Hannifin Corporation
        15.3.10      Rockwell Automation,Inc.
        15.3.11      Toshiba International Corporation
        15.3.12      WEG SA
        15.3.13      Yaskawa Electric Corporation

List of Figures

Figure 1: Global: AC Drives Market: Major Drivers and Challenges
Figure 2: Global: AC Drives Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: AC Drives Market: Breakup by Power Rating (in %), 2022
Figure 4: Global: AC Drives Market: Breakup by Voltage (in %), 2022
Figure 5: Global: AC Drives Market: Breakup by Application (in %), 2022
Figure 6: Global: AC Drives Market: Breakup by End-Use (in %), 2022
Figure 7: Global: AC Drives Market: Breakup by Region (in %), 2022
Figure 8: Global: AC Drives Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: AC Drives Industry: SWOT Analysis
Figure 10: Global: AC Drives Industry: Value Chain Analysis
Figure 11: Global: AC Drives Industry: Porter’s Five Forces Analysis
Figure 12: Global: AC Drives (Low Power Drives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: AC Drives (Low Power Drives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: AC Drives (Medium Power Drives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: AC Drives (Medium Power Drives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: AC Drives (High Power Drives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: AC Drives (High Power Drives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: AC Drives (Low Voltage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: AC Drives (Low Voltage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: AC Drives (Medium Voltage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: AC Drives (Medium Voltage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: AC Drives (Pumps) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: AC Drives (Pumps) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: AC Drives (Fans) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: AC Drives (Fans) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: AC Drives (Compressor) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: AC Drives (Compressor) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: AC Drives (Conveyors) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: AC Drives (Conveyors) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: AC Drives (Extruders) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: AC Drives (Extruders) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: AC Drives (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: AC Drives (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: AC Drives (Food and Beverage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: AC Drives (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: AC Drives (Water and Wastewater) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: AC Drives (Water and Wastewater) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: AC Drives (HVAC) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: AC Drives (HVAC) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: AC Drives (Oil and Gas) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: AC Drives (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: AC Drives (Power) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: AC Drives (Power) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Global: AC Drives (Metal Processing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Global: AC Drives (Metal Processing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Global: AC Drives (Chemicals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Global: AC Drives (Chemicals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Global: AC Drives (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Global: AC Drives (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: North America: AC Drives Market: Sales Value (In Million US$), 2017 & 2022
Figure 51: North America: AC Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Europe: AC Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Europe: AC Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Asia Pacific: AC Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Asia Pacific: AC Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Middle East and Africa: AC Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Middle East and Africa: AC Drives Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Latin America: AC Drives Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Latin America: AC Drives Market Forecast: Sales Value (in Million US$), 2023-2028

List of Tables

Table 1: Global: AC Drives Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: AC Drives Market Forecast: Breakup by Power Rating (in Million US$), 2023-2028
Table 3: Global: AC Drives Market Forecast: Breakup by Voltage (in Million US$), 2023-2028
Table 4: Global: AC Drives Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: AC Drives Market Forecast: Breakup by End-Use (in Million US$), 2023-2028
Table 6: Global: AC Drives Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: AC Drives Market Structure
Table 8: Global: AC Drives Market: Key Players


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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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