Press release
Industrial AC Drives market is estimated to grow at a CAGR of 6.80% within the forecast period of 2023-2030 : Cognitive Market Research
Industrial AC Drives market is estimated to grow at a CAGR of 6.80% within the forecast period of 2023-2030 : Cognitive Market Res
Drives are extensively used in manufacturing industries to control and regulate rotating equipment such as conveyors, fans, machine spindles, and pumps, which are used in production processes. AC drives are mainly used in process industries to increase the efficiency of equipment. It controls speed of electric motors according to the needs and reduces energy consumption by 35-40%.AC drives increasing demand from different regions and growing prices of electricity is powering the development of industrial AC drives.
Summary:
Industrial AC Drives Market Size was valued at USD 20.98 billion in 2022 and is expected to grow at a CAGR of 3.65% within the forecast period of 2023-2030
To know more Industrial AC Drives market statistics click here:
https://www.cognitivemarketresearch.com/industrial-ac-drives-market-report
Market Dynamics
• Increase in Urbanization and Industrialization
More than 80% of global GDP generated in cities urbanization contribute to sustainable growth through increase in productive and innovation. The growth in AC drives market is due to increasing demand for energy & electricity, improved electricity prices, strict regulations executed by government. Demand in United States for AC drives has been strong comparatively to other country, with development in application such as compressor, fans and pumps. AC drives are used widely as they have great power to weight ratio, which is ideal for running a machine in an inadequate space in an industrial setting. Additionally, the low production cost of AC drives and improving standards of living have increased the development of modern infrastructure which has contributed to the growth of the market.
• Rising Need for Energy Efficiency
Using electric fans and air conditioners to stay cool accounts for nearly 20% of the electricity used in offices and residentials buildings around the world today. The demand for energy and space cooling continue to grow. Electric motors are used widely in the industry, refrigerating food, running water treatment plants, ventilating buildings, operating materials handling systems and so on. Motors account for more than 50% of the electricity consumption globally, the impact of motors on the environment is enormous. AC drives are designed for motors based, rather than running them at full speed and reducing output using mechanical controls like throttles, dampers, or gears. AC drives are arranged in numerous industries and application segments to save energy.
Market Segmentation:
• Power Rating Segment Analysis:
On the basis of power rating, low power segment is used widely in the market. The rising application in food & beverages, building automation, construction, oil and gas, and other industries. Low power AC drives have built in features to regulate the speed and force of standard AC motor. AC drives improve process efficiency, improve productivity and reduce energy consumption.
- Power Rating:
• Low Power
• Medium Power
• High Power
• End user Segment Analysis:
The AC drives market is used in Oil & Gas, Water & Wastewater, Power Generation, Building Automation, Food & Beverages, Metals & Mining, Chemicals & Petrochemicals and Others industries. In this the power generation segment is dominating the market. The global electricity demand is increasing at very fast rate that leads to growth in the power generation industry. The building automation industry also drives the demand for AC drives. China and the U.S. accounting for 70% of the global demand rise.
- End User:
• Oil & Gas
• Water & Wastewater
• Power Generation
• Building Automation
• Food & Beverages
• Metals & Mining
• Chemicals & Petrochemicals
• Others
Companies involved in Global Industrial AC Drives Market:
ABB, Danfoss, GE, Magnus Power, Siemens, Aelco, Aplab, Avionic Instruments, Georator, NR Electric, Piller, Power System & Control, Sinepower, YASKAWA,Others
Get Access of latest published Industrial AC Drives Market Report : https://www.cognitivemarketresearch.com/industrial-ac-drives-market-report
News
- September 2022
• ABB acquired PowerTech Converter to expand its traction offering
ABB acquired PowerTech Converter it is a supplier of auxiliary power converter solutions for light rail vehicles and metros. The acquisition is an important part of ABB Motion's external growth strategy.
Browse here for Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Industrial AC Drives Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Segmentation
1.5.1 Regional Fragmentation
1.5.1 Market Players
• 1.6 Report Duration
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Global Industrial AC Drives Market Overview
• 4.1 Introduction
• 4.2 Global Industrial AC Drives Market by Regions (2018-2030)
4.2.1 North America Industrial AC Drives Status and Prospect (2018-2030)
4.2.2 Europe Industrial AC Drives Status and Prospect (2018-2030)
4.2.3 Asia Pacific Industrial AC Drives Status and Prospect (2018-2030)
4.2.4 Latin America Industrial AC Drives Status and Prospect (2018-2030)
4.2.5 Middle East and Africa Industrial AC Drives Status and Prospect (2018-2030)
Chapter 5 Competitive Analysis (Subject to Availability)
• 5.1 Global Industrial AC Drives Market Revenue and Share by Manufacturers (2018-2022)
• 5.2 Global Mergers and Acquisition Analysis
• 5.2 Global New Launches Analysis
Chapter 6 Qualitative Analysis
Chapter 7 Company Profiling
Chapter 8 Global Industrial AC Drives Market by Type Segmentation Analysis (2018-2030)
• 8.1 Detailed Qualitative Analysis
• 8.2 Global Industrial AC Drives Revenue and Market Share (%) by Type (2018-2030)
8.2.1 Below 10 KW
8.2.1.1 Global Below 10 KW Market Size Revenue (USD Million) for 2018-2030
8.2.2 10 100 KW
8.2.2.1 Global 10 100 KW Market Size Revenue (USD Million) for 2018-2030
8.2.3 Above 100 KW
8.2.3.1 Global Above 100 KW Market Size Revenue (USD Million) for 2018-2030
Chapter 9 Global Industrial AC Drives Market by Application Segmentation Analysis (2018-2030)
Chapter 10 Global Industrial AC Drives Market by End-User Segmentation Analysis (2018-2030)
Chapter 11 Global Industrial AC Drives Market by Power Rating Segmentation Analysis (2018-2030)
Chapter 12 Global Industrial AC Drives Market Regional Analysis
Chapter 13 North America Industrial AC Drives Market Development Status and Opportunities
Chapter 14 Europe Industrial AC Drives Market Development Status and Opportunities
Chapter 15 Asia Pacific Industrial AC Drives Market Development Status and Opportunities
Chapter 16 Latin America Industrial AC Drives Market Development Status and Opportunities
Chapter 17 Middle East and Africa Industrial AC Drives Market Development Status and Opportunities
Chapter 18 Research Findings
To know more The Industrial AC Drives market TOC click here:
https://www.cognitivemarketresearch.com/industrial-ac-drives-market-report
Related Report:
• HVAC Drives Market - https://www.cognitivemarketresearch.com/hvac-drives-market-report
• Medium Voltage AC Drives Market - https://www.cognitivemarketresearch.com/medium-voltage-ac-drives-market-report
• HVAC Systems Used AC Drives Market - https://www.cognitivemarketresearch.com/hvac-systems-used-ac-drives-market-report
𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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Illinois, 60602
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Email: sales@cognitivemarketresearch.com
Website: https://www.cognitivemarketresearch.com/about-us
About Cognitive Market Research:
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.
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