The global AC drives market accounted for a value of USD 10.7 billion in 2019. AC drives market is project to grow at a CAGR of 5.5% during forecast period.
COVID-19 has impacted all the businesses over the globe. The AC drives market is impacted due to spread of corona virus across the world. The supply chain of raw materials and finished products is disrupted due to travel restriction and the manufacturing facilities have to shut down due to lockdown in many regions. The demand and adoption of AC drives has witnessed decline during corona period.
For more details, visit: Global AC Drives Market By Power Rating (High, Medium, Low), By Voltage (Low, Medium), By Application (Fans, Pumps, Others), End User (Oil & Gas, Metal & Mining, Others), By Region–Forecast & Opportunities to 2026
The industrialization and urbanization is rapidly growing in various regions across the world. Due to rapid industrialization people are adopting various technological advancements and using different methods for smooth functioning of facilities. This drives growth in AC drives market during forecast period.
On the basis of power rating, the ac drives market is segmented into high power drives, low power drives and medium power drives. The low drives segment is estimated to dominate the market during forecast period. The low drives has wide applications across various verticals such as health & medical care instrument, food processing machine, metal processing machine, printing machine and fluid machine etc. it is used in fan, crane and pump also. The rapid technological advancement in low power drives is likely to drive growth in this segment during forecast period.
On the basis of voltage analysis, the AC drives market is segmented into medium voltage and low voltage. The low voltage segment is estimated to lead the market in AC drives during forecast period. The low voltage AC drives has better operating features such as better power factor and availability, small size, low cost and it offers solution for high power application as well as low power application. The adopting and demand for such products is rising and this is likely to drive growth in low voltage AC drives during forecast period.
On the basis of end-use, the AC drives market is segmented chemicals & petrochemicals, water & wastewater, metal & mining, building automation, power generation, oil & gas, food & beverages and others. The power generation segment is estimated to hold largest market share during forecast period. The population is rising around world and industrialization is also increasing in various regions over the globe due to this the demand for electricity is increasing which increasing demand for power generation industry. This drives growth in power generation industry during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. This region is a developing economy and the building infrastructure is growing in this region. Major companies are investing in this region due to which industrialization and commercialization is growing in this region. The government is also taking various initiatives to support this industry and this is likely to drive growth in Asia-Pacific region during forecast period.
The key market players in AC drives industry are ABB, Danfoss Group, Schneider Electric, Siemens, Fuji Electric, Emerson, Parker Hannifin, Rockwell Automation, Toshiba International Corp., WEG, Yaskawa Electric Corporation, Hitachi and Mitsubishi Electrical Corp.
- What are the expected industry trends over the next three to five years?
- Which of the AC drives application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?