AC Drives Market 2023: Competitive Analysis of Leading Market Players - ABB LTD., Danfoss Group, Mitsubishi Electrical Co., Schneider Electric Co., Siemens Ag Fuji Electric Co. Ltd., Emerson Electric Co., Hiconics Drive Technology Co. Ltd., Hitachi Ltd.,

Alternate Current (AC) drives are electronic devices that control the speed & torque of an electric motor by alternating parameters such as voltage, frequency & magnetic flux. Optimizing energy consumption plays a crucial role managing the overall operating costs of energy intensive sectors. AC drives offer optimization in energy along with significant reduction in operational costs by controlling the speed and torque of electric motors. Minimization of energy usage and the advantage of the advantages of prolonging the life of the electrical equipment make AC drives to have widespread applications in industries such as oil & gas, water & wastewater, and mining.

The rise in increasing urbanization & growing rate of industrialization are the key factors that drive the growth of the market. Different regulations on obtaining energy efficiency along with rising need for energy optimizations in different industrial processes are the key factors are the factors that boost the market growth. Decrease in the foreign direct investment such as Greenfield investments is a key restraining factor hindering the growth of the market. However, there is a huge growth opportunities of the market in the replacement market. Furthermore, rising applications in Industrial Internet of Things (IIoT) will offer ample growth opportunities in the AC drives market. Various local vendors are offering stiff competition to the big market players is a key market challenge to be overcome by key market players to gain stronghold in the market.

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The report segments the AC drives market on the basis of voltage, power rating, applications, end-user industry and region. On the basis of voltage, the market is segmented into low voltage & medium voltage. On the basis of applications, the market is segmented into pumps, fans, compressors, conveyors, extruders among other applications. On the basis of end-use industry, the AC drives market is segmented into oil & gas, power generation, water & wastewater, building automation, food & beverage, metals & mining, chemicals & petrochemicals among other industries. 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 region, the market is segmented into Asia-Pacific, Europe, North America Middle East & Africa and South America. Each of these regions are segmented into voltage, application, power rating (kW), end-use industry and countries.

Prominent market players operating in the market are ABB LTD., Danfoss Group, Mitsubishi Electrical Co., Schneider Electric Co., Siemens Ag Fuji Electric Co. Ltd., Emerson Electric Co., Hiconics Drive Technology Co. Ltd., Hitachi Ltd., Parker Hannifin Co., Rockwell Automation Inc., Toshiba International Corporation, WEG S.A. And Yaskawa Electric Co.

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