AC Drives Market 2019- Size, Share, Research Methodology and Global Analysis till 2023


Posted June 12, 2019 by DhanashreeP

AC Drives Market is expected to grow at 7.05% CAGR during the forecast period, Global AC Drives Market Voltage, Power Rating, Application, End-Use and Region
 
AC Drives Market Highlights

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.

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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.

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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..

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global AC drives market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

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Issued By MRFR
Country India
Categories Energy
Tags ac drives market , ac drives market demand , ac drives market trends
Last Updated June 12, 2019