AC Drives Market Overview:
According to the latest report by IMARC Group, titled “AC Drives Market Demand: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global AC drives market reached a value of US$ 21.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32.2 Billion by 2027, exhibiting at a CAGR of 6.54% during 2022-2027.
AC drives are the devices that are used for controlling the speed of electric motors concerning the frequency and voltage of the electric supply and the magnetic flux of the electric motor. With AC drives, optimum energy utilization and enhancement in motor performance can be achieved, as they help optimize operative costs by constant monitoring. As a result, they find widespread applications across several applications, including compressors, extruders, fans, conveyors, pumps, mining operations, and power generation.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- ABB Group, Danfoss Group
- Schneider Electric SE
- Siemens AG, Mitsubishi Electric India
- Fuji Electric Co. Ltd., Emerson Electric Co.
- Hitachi Ltd
- Parker-Hannifin Corporation
- Rockwell Automation Inc.
- Toshiba International Corporation
- WEG SA
- Yaskawa Electric Corporation
Global Market Trends:
The global AC drives market is primarily driven by the rising need for low-power ac drives to enhance fuel efficiency. Moreover, high product demand from several end-use industries, including building automation, oil and gas, construction, food and beverage, and pulp and paper industries, is a key growth-inducing factor for the market growth. Additionally, the increasing demand for HVAC appliances, numerous regulations on energy efficiency, and rapid industrialization are also providing a boost to the market.
AC Drives Market 2022-2027 Analysis and Segmentation:
Breakup by Power Rating:
- Low Power Drives (<40 kW)
- Medium Power Drives (41 kW – 200 kW)
- High Power Drives (>200 kW)
Based on the power rating, the market has been segregated into low power drives (<40 kW), medium power drives ((41 kW – 200 kW), and high power drives (>200 kW). Currently, the low power drives (<40 kW) dominate the market, holding the largest market share.
Breakup by Voltage:
- Low Voltage
- Medium Voltage
On the basis of the voltage, the market has been bifurcated into low and medium voltage; wherein low voltage represents the largest segment.
Breakup by Application:
Based on the application, the market has been segmented into pumps, fans, compressors, conveyors, extruders, and others. Amongst these, pumps exhibit a clear dominance in the market.
Breakup by End-Use:
- Food and Beverage
- Water and Wastewater
- Oil and Gas
- Metal Processing
The market has been classified based on the end use into food and beverage, water and wastewater, HVAC, oil and gas, power, metal processing, chemicals, and others. At present, the power segment accounts for the majority of the market share.
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance 2016-2021
- Market Outlook 2022-2027
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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