The global AC drives market
is estimated to expand at 7.05% CAGR during the forecast period.
AC drives are used
to control the speed of an electric motor that are used in the electrical
products. The speed of the motor is controlled by changing its frequency while
the current is passed through the motor. AC drives are primarily used in pumps,
conveyors and compressors. They are also used in oil & gas, power
generation, food & beverage, metals & mining, water & wastewater, and
chemicals & pharmaceuticals sector.
The growing demand for AC drives market is attributed
to the growing industrilization, across the globe and rising need for energy
efficient products in oil & gas, power generation, and building automation
industries. Countries such as the US, China, and India are continously focusing
on investment in advanced technology including industrial Internet of Things (IIoT)
to improve the energy efficiency in electrical and electronic components used
in building automation and power sector. However, the global AC drives market could
be restrained by the cavitation effect in AC drives.
Key Players
The key players of
global AC drives market are ABB (Switzerland), Siemens (Germany), Danfoss Group
(Denmark), Schneider Electric (France), Rockwell Automation, Inc. (US),
Mitsubishi Electric Corporation (Japan), Yaskawa Electric Corporation (Japan),
WEG (Brazil), Toshiba International Corporation (Japan), Hiconics Drive
Technology Co. Ltd (China), Hitachi Ltd (Japan), Parker Hannifin Co (US), Delta
Electronics, Inc. (Taiwan), and others..
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Industry
Segmentation
Global AC drive market has been
segmented based on voltage, power rating (kW), application, end-use, and
region. On the basis of voltage, the market is classified into low and medium
voltage. Low voltage segment is leading the AC drives market as these drives
are mostly used with electric motors and transformers. On the basis of power
rating, the market is segmented into low power drives, medium power drives, and
high-power drives. On the basis of applications, the market is segmented into pumps,
fans, compressors, conveyors and extruders. On the basis of end-use, the AC
drives market is segmented into oil & gas, power generation, water &
wastewater, building automation, food & beverage, metals & mining, and
chemicals & petrochemicals.
Regional
Outlook
Region wise, Asia-Pacific held the
largest share of the global AC drives market in 2017. It is estimated that
Asia-Pacific would be the fastest growing market during the forecast period,
mainly due to the industrialization and urbanization. Moreover, the increased
demand for energy efficient equipment and supportive government plans are
expected to drive the market for AC drives in Asia-Pacific.
Scope of the
Report
This report
provides an in-depth analysis of the global AC drives market, tracking four
market segments across five geographic regions. The report studies key players,
providing a five-year annual trend analysis that highlights market size, and
share for North America, Asia-Pacific (APAC), Europe, Middle East, Africa, and
South America. The report also provides a forecast, focusing on the market
opportunities for the next five years for each region. The scope of the study
segments the AC drives market by its voltage, power rating, application,
end-user, and by region.
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