AC Drives Market Analysis
AC Drives Market is projected to be worth USD 32.51 billion by 2027, registering a CAGR of 5.97% during the forecast period (2021 - 2027).
Multiple Factors to Bolster Market Growth
An AC drive is a device that regulates the speed of an electric motor. It aids in improving control and lowering energy usage, assuring energy efficiency. Furthermore, AC drives assist in the reduction of mechanical stress in motor control applications. Furthermore, the phrase Internet of Things (IoT) has become a necessity in light of increased industrialization and the increasing need for energy efficiency. IoT, which has gained popularity in the electrical, automation, and manufacturing industries, promotes operational efficiencies through automation, connectivity, and analysis.
Regional Analysis
North America to Dominate the Global Market
North America is one of the most important regions in the AC drives the market. The region's market growth may be ascribed primarily to growing demands for HVAC applications in the residential sector and the growing affordability of household appliances.
APAC to Follow North America
Asia Pacific is one of the world's largest markets for AC drives and one of the fastest-growing markets over the projection period, owing mostly to industrialization and urbanization. Furthermore, rising demand for energy-efficient equipment and supporting government policies are projected to fuel the Asia Pacific market for AC drives.
Competitive Landscape
The presence of several local, regional, and worldwide vendors characterizes the global AC drives market. The market for AC drives is very competitive, with all companies constantly fighting for a larger market share. Siemens is a multinational industrial conglomerate with global operations in automation, electrification, and digitalization. It provides power generation products to utilities, independent power producers, industrial clients, and engineering, procurement, and construction (EPC) clients.
Market Segmentation
The global AC drives market has been segmented into voltage, application, and end-use.
By voltage, the global AC drives market has been segmented into Up to 1 kV and Above 1 kV.
By application, the global AC drives market has been segmented into Pumps, Compressors, Fans, Conveyors, Extruders, and Others.
By end-use, the global AC drives market has been segmented into Power Generation, Oil & Gas, Food & Beverage, Building Automation, Metals & Mining, Chemicals & Petrochemicals, Water & Wastewater, Residential, and Others.
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Key Players
ABB (Switzerland), Siemens (Germany), Danfoss Group (Denmark), Schneider Electric (France), Rockwell Automation, Inc. (US), Mitsubishi Electric Corporation (Japan), Yaskawa Electric Corporation (Japan), WEG (Brazil), Toshiba International Corporation (Japan), Hiconics Drive Technology Co. Ltd (China), Hitachi Ltd (Japan), Parker Hannifin Co (US), Delta Electronics, Inc. (Taiwan).