AC Drives Market: Present Scenario and the Growth Prospects with Forecast 2026
Reduction in energy usage and the gain from extending the life of electrical equipment make AC drives to have widespread applications in industries such as water & wastewater, oil & gas and mining. The primary reasons leading to growth of AC drives market includes increasing technological improvement in drives market, and improvised application of this product in various industries. This market is expected to register healthy growth due growing usage of AC drives across globe.
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Increasing urbanization & high industrialization growth rate across the globe are the primary aspects that is driving faster adoption of this product. Diverse processes for earning energy efficiency along with rising need for energy optimizations in different industrial processes are the key factors that are boosting the market growth. Although the reduction in the foreign direct investment in this sector is a key restrictive factor deterring the growth of this market.
Also, there is a vast growth opportunities of this market in the auxiliary market. Moreover, increasing applications in Industrial Internet of Things (IIoT) will provide growth opportunities for the AC drives market. The major manufacturers have consolidated power in the market but in recent period various local vendors are developing new products in this market which is expected to offer 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.
AC drives market is segmented on the basis of power rating, voltage, end-user industry applications, and region. On the basis of power rating the market is segmented into low power drives, medium power drives and high power drives. The usage of high power variants are predominant in power generation, metals & mining and chemical & petrochemical industries. These industries also hold the largest market share and is expected to remain prominent throughout the forecast period 2016-2024.
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On the basis of voltage, the market is segmented into low, medium and high voltage. The medium voltage AC drivers are expected to grow at the fastest rate owing to their vast end user base. The increasing growth potential of consumer electronics segment is driving this market.
By end-use industry the market is distributed into food & beverage, oil & gas, metals & mining, power generation, water generation, automation, chemicals & petrochemicals and others. The increasing adoption of AC drivers in power generation and automation industry is driving the growth of this market during the forecast period. F&B and automation has high growth potential and are the fastest growing segment.
On the basis of applications, the market is segmented into fans, pumps, compressors, extruders conveyors, among other applications. The increasing use of compressors into different applications has made it the fastest growing segment in the market. Compressors also old the highest market share and will remain dominant throughout the forecast period.
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America has largest penetration for AC drivers and also hold the highest market share. Asia-Pacific is the fastest growing segment in this market.
Prominent market players operating in the market are Siemens AG (Germany), Fuji Electric Holdings (Japan), Danfoss Group (Denmark), Schneider Electric (France) Mitsubishi Electrical Co, Ltd. (Japan), Emerson Electric Co. (U.S.), Hitachi Ltd. (Japan), ABB Ltd. (Switzerland), and Rockwell Automation (U.S.) amongst others.
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