Global AC Drives Market Trends, Applications, Analysis, Growth, and Forecast to 2028

“Global AC Drives Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global AC drives market report has been segmented on the basis of voltage, power rating, application, end-use industry, and region.

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Global AC Drives Market: Overview

AC drive is an electronic device used to control speed of an electric motor by varying frequency, voltage, and flux. It is widely used in various industries such as building automation, metals & mining, food & beverage, chemicals, and others owing to its energy saving and low maintenance properties.

Global AC Drives Market: Dynamics

Rising demand for low power AC drives in various end-use industries such as oil & gas, power generation, food & beverage, building automation, and pulp & paper is a factor expected to proliferate growth of the potential market in the years to come. Additionally, rapid industrialization and urbanization, increasing electricity cost, and demand for energy saving devices are factors expected to drive growth of the global AC drives market. Furthermore, favorable regulations pertaining to reduce energy consumption, and increasing advancements in technology are factors anticipated to support growth of the target market in the next 10 years.

However, products available at cheap cost of low quality by local manufacturers is a factor which may restrain demand for AC drives and hamper growth of the target market.

Technological advancements and integration of IoT in various industries owing to increasing need for energy efficiency are factors expected to create lucrative opportunities for manufacturers operating in the target market.

Global AC Drives Market: Segment Analysis

Among the voltage segments, the low voltage segment is expected to register significant growth in terms of value in the target market. Among the power rating segments, the low power drives segment is expected to account for highest revenue share in the next coming years owing to increasing demand for these drives in various industries.

Among the application segments, the pumps segment is projected to register significant revenue growth in the next 10 years due to rising demand for pumps in heating, ventilation, air conditioning, and others. Among the end-use industry segments, the oil & gas segment is projected to register major share in terms of revenue in the target market owing to good speed control and high energy efficient properties of AC drives.

Global AC Drives Market: Region Analysis

The AC drives market in Asia Pacific is expected to account for major revenue share in the target market and projected to grow at a rapid rate in the target market in the next 10 years. This dominance is attributed to rapid industrialization, coupled with growing power generation, building automation, and other industries, increasing investments and initiatives by government in projects for digitalized infrastructure and energy sector. The Europe market is projected to register moderate growth in terms of revenue in the target market, owing to increasing industrialization and need for saving energy. The North America market is projected to grow at a moderate rate in the global AC drives market.

Global AC Drives Market Segmentation:

Segmentation on the Basis of Voltage:

• Low Voltage
• Medium Voltage

Segmentation on the Basis of Power Rating:

• Low Power Drives (< 40 kW)
• Medium Power Drives (41-200 kW)
• High Power Drives (> 200 kW)

Segmentation on the Basis of Application:

• Pumps
• Fans
• Compressor
• Conveyors
• Extruders
• Other Applications

Segmentation on the Basis of End-use Industry:

• Oil & Gas
• Water & Wastewater
• Power Generation
• Building Automation
• Food & Beverage
• Metals & Mining
• Chemicals & Petrochemicals
• Other Industries

Segmentation on the Basis of Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa