Global AC Drives Market 2020 Industry research report provides an In-Depth analysis that includes an executive summary, definition, and scope of the market.
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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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.
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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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