AC Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of AC Drives Market

The AC drives market size was valued at USD 10.39 billion in 2018, and the market is now projected tgrow USD 20.98 billion in 2032 exhibiting a CAGR of 5.15% during the forecast period of 2019-2032.

The COVID-19 outbreak had a negative effect on the AC drives market at the beginning since supply chains were disrupted and industrial operations froze demand. But the situation reversed because industries were able trearrange their business models with remote operations and automation technology tincrease demand for efficiencies involving AC drives in industries and processes. These factors need for cost effective solutions and enhanced operational efficiency during the recovery phase of economic down turn have contributed tthe market growth. Furthermore, the increase in HVAC system usage needs and the growing focus on energy control triggered the integration of AC drives in multiple sectors. The medium tlong term prospects of the market is bright since more and more industries are automating themselves and cutting on energy use.

The market for AC drives is being catalyzed by significant levels of both urbanization and industrialization as increasing levels of urban persons translate inthigher revenues then extended manufacturing processes. There is a proves of the fact that countries such as China, India, Malaysia, and Vietnam are super-flying at rapid rates, hence expanding the manufacturing sector. The authorities are alsnow adopting policies on enhancement of industrial standards and liberalization of foreign investment tfacilitate market development. Seven of these trends when coupled with developments in sustainability and efficiency are expected tpropel the AC drive forward. Increased urbanization globally and industrialization is one of the primary factors for the market during the forecast period.

It aimed tinvestigate beneficial ways in which AC drives market is changing primarily using more efficient and intelligent technology in industries. The recent trends in the industrial and renewable energy systems including the automation of industrial process have led tthe application of the AC drives for efficient processes and energy consumption. Such smart application AC drives in IoT and connectivity have enabled communication with smart AC drives that features remote monitoring and even predictive maintenance. The emergence of green and sustainable technologies is demanding the inventions of drives that consume less power and release lesser emissions. Also, the market is with more growth potential in HVAC, water treatment, and automotive industries that are using AC drives lately.

Comprehensive Analysis of AC Drives Market

The AC drives market growth is rising at an exponential rate due tits market segmentation. This market expansion rightly provides a thorough market breakdown near tthe industry considering the leading supply and demand forces. These segmentations are methodically segregated by power rating analysis, by voltage analysis, by application analysis and by end-user analysis. By power rating analysis includes low power drives, medium power drives, and high-power drives. By voltage analysis includes low voltage and medium voltage. By application analysis includes pumps, conveyors, compressors, electric fans, extruders, and others. By end-user analysis includes food & beverage, oil & gas, power generation, building automation, metal & mining, water & wastewater, chemicals & petrochemicals, and others.

The Asia Pacific region lead the AC drives market share by benefitting a market size of USD 3.32 billion in 2018 due tits rapid industrialization.

The top players in the markets have a central responsibility in the power & energy industry tbe sure of industrial prospectus development and testablish the market norms. These players include, ABB, Danfoss Group, Schneider Electric, Siemens, Fuji Electric, Emerson, Parker Hannifin, Rockwell Automation, Toshiba International Corporation, WEG, Yaskawa Electric Corporation these market players provide a level-playing competitive landscape.

In February 2021, Yaskawa Electric Corporation reached a cumulative shipment of 30 million AC drives, highlighting its advancements in motor control and drive technology.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Value (USD Billion)

Segmentation By Power Rating

Low Power Drives

Medium Power Drives

High Power Drives

By Voltage

Low Voltage

Medium Voltage

By Application

Pumps

Conveyors

Compressors

Electric Fan

Extruders

Others

By End-User

Food & Beverage

Oil & Gas

Power Generation

Building Automation

Metal & Mining

Water and Wastewater

Chemical & Petrochemicals

Others

By Region

North America (U.S. and Canada)

Latin America (Brazil, Mexico, and Rest of Latin America)

Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe)

Asia Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia Pacific)

Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa)