A new market study, titled “Global AC Drives Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.
AC drives are used primarily for controlling the speed level of an electric motor that is used in electrical products. The motor speed is controlled and regulated by changing the frequency level of the electricity passing through the motor. Some of the major advantages of ac drives are reverse operation, energy saving, and elimination of mechanical components so as to curb down the maintenance cost. The global AC drives market is expected to grow during the forecast period as stated by Market Research Future (MRFR) majorly due to the regulations in energy efficiency. The global market is calculated to grow at CAGR of 7.05% during the forecast period of 2016 to 2023.
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The global AC drive market segmentation is based in terms of the following key dynamics: application, voltage, power rating (kW), and end-user.
By power rating, the market segments into medium power drives, low power drives, and high-power drives.
By application, the market includes fans, pumps, conveyors, compressors, and extruders.
By voltage, the market breaks down into medium and low voltage. The low voltage segment holds the primal position in the global standings for this market category. The segment is further expected to continue holding its position as these are majorly used with transformers and electric motors.
By end-user, the market comprises power generation, oil & gas, building automation, water & wastewater, metals & mining, building automation, and chemicals & petrochemicals. The power generation segment leads the market category and is most likely to continue its lead over the forecast period due the surging investment level in renewable energy worldwide. Add to this, as AC drives are strikingly used in manufacturing industries to regulate as well as control equipment like machine spindles, pumps, fans, and conveyors in order to enhance the level of efficiency of the equipment and curb down the consumption level of energy down by 35-40%. This is a key factor that is expected to boost the power generation segment over the forecast period.
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The global ac drives market is geographically segmented into four major regions, namely Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
Among these geographical areas, the Asia Pacific regional market held the highest share percentage in AC drives as per the 2017 released study report. The market is expected to grow during the forecast period with the highest growth percentage and cement its positioning at the top of the global rankings for the foreseeable future. The regional market’s positioning globally is due to the increasing pace of urbanization and industrialization. Additionally, the proliferating rate of demand for energy efficient equipment and favorable government plans are slated to strikingly boost the global market for ac drives in Asia Pacific. The fast-paced industrialization and the booming GDP level across emerging nations like China and India is reportedly opening new opportunities to various AC drive manufacturers.
Across the globe, governments are laying increasing focus on curbing down the consumption of energy across industries and households by encouraging them to instead use various energy-saving techniques. AC drives provide a precise solution to save energy by improving the efficiency level of machines using AC power. This is expected to drive the growth of the market across all the above-mentioned regions.
The global AC drives market includes a host of different players, in both large and small-scale level. Some of the key players identified by MRFR are as follows Schneider Electric (France), ABB (Switzerland), Siemens (Germany), Toshiba International Corporation (Japan), Danfoss Group (Denmark), Hitachi Ltd (Japan), Rockwell Automation, Inc. (US), Delta Electronics, Inc. (Taiwan), Mitsubishi Electric Corporation (Japan), Hiconics Drive Technology Co. Ltd (China), WEG (Brazil), Parker Hannifin Co (US), Yaskawa Electric Corporation (Japan), and others.
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