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Global AC Drives Market to Reach US$ 26.8 Billion by 2024, Impelled by Rapid Industrialization

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:

  • On the basis of power rating, the market has been divided into low (<40 kW), medium (41 kW - 200 kW) and high (>200 kW) power drives. Amongst these, the low (<40 kW) segment accounts for the majority of the total market share.
  • Based on the voltage, the market has been bifurcated into low and medium voltage, wherein the low voltage segment exhibits a clear dominance in the market.
  • On the basis of the application, the market has been classified into pumps, fans, compressors, conveyors, extruders and others.
  • Based on the end use, oil and gas represent the largest segment. Other major segments include food and beverage, water and wastewater, HVAC, power, metal processing, chemicals and others.
  • On the geographical front, Asia Pacific holds the leading market share. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed, with the detailed profiles of the key players operating in the market. Some of these players include ABB Group, Danfoss Group, Schneider Electric SE, Siemens AG, Mitsubishi Electric India, Fuji Electric Co. Ltd., Emerson Electric Co., Hitachi Ltd, Parker-Hannifin Corporation, Rockwell Automation, Inc., Toshiba International Corporation, WEG SA, and Yaskawa Electric Corporation.
     

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