According to the latest report by IMARC Group, titled “AC Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global AC drives market reached a value of US$ 18.9 Billion in 2018. AC drives refer to devices that regulate the speed of electric motors by varying the frequency, magnetic flux and supplied voltage in the motor’s circuit. Reduced energy consumption is one of the key features of these drives as they ensure the judicious utilization of resources, which helps in the sustainable management of industrial operations. Consequently, these drives are widely utilized for applications across several industry verticals, including oil and gas, food and beverage, metal processing, chemicals, and mining.
Global AC Drives Market Trends:
Rapid industrialization and automation in various industries have impelled the sales of motor-driven equipment that utilizes AC drives as an essential component. Moreover, altering average temperatures on the global level have created an escalating demand for heating, ventilation, and air conditioning (HVAC) systems. These systems employ AC drives for regulating the velocity of electric motors, which is providing impetus to the market growth. Also, cost-effectiveness, reduced energy consumption, low maintenance, and easy handling are some of the key advantages associated with these drives. Other factors, including increasing research and development (R&D) activities to improve the overall efficiency, along with the adoption of cloud computing and industrial internet of things (IIOT) to regulate and maintain these drives, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of around US$ 26.8 Billion by 2024, growing at a CAGR of around 6% during 2019-2024.
Market Summary:
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