AC
Drives Market Research Report: Information by Voltage (Low, Medium), Power
Rating (Low, Medium, & High), Application (Pumps, Fans, Extruders,
Conveyors), End-Use (Oil & Gas, Metals & Mining, F&B, Power
Generation), & Region
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.
Market
Segmentation
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.
Regional Analysis
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.
Competitive
Landscape
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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