AC Drives Market Highlights
The
AC drives are commonly used in industries, such as oil & gas, power
generation, food & beverage, metals & mining, and others. The major
advantages of AC drives include energy saving, reverse operation, and
elimination of mechanical components in order to reduce maintenance cost. The
global AC drives market is estimated to expand at 7.05% CAGR during the
forecast period.
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.
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.
Industry
Segmentation
The AC drives market has
been segmented based on voltage into low voltage and medium voltage. Among
these types, low voltage is the fastest growing segment in the AC drives
market. It is primarily used in inverters, electric motors and transformers.
On the basis end-use, the
market is segmented as oil & gas, power generation, and water & wastewater,
among others. Power generation segment is estimated to dominate the market
during the forecast period due to rising investment in renewable energy, across
the globe. Further, AC drives are widely used in manufacturing industries to
regulate and control equipment, such as fans, conveyors, machine spindles, and
pumps to improve the efficiency of equipment and reduce energy consumption by
35-40%. These factors will help increase the growth of AC drives market within
the power generation sector.
Leading 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..
Table Of Contents
1 Executive
Summary
2 Market
Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
Continued….
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