The alternate current drive (AC drive) is an electronic device which is used for regulating the velocity of an electric motor by fluctuating the frequency, magnetic flux, and voltage in a motor circuit. AC drives supports in develops efficiency of the system, saving energy, and minimize motor wear. Furthermore, less maintenance, ease of use, and increasing demand for motor applications is also the major factors boosting the demand for AC drives across the globe. AC drives rising demand from numerous regions and the increasing prices of electricity is fuelling the growth of overall AC drives market
AC Drives Market: Drivers & Restraints
The major factors driving the growth of AC drives market are increased electricity prices, rising demand for energy and electricity, stringent regulations imposed by government in order to cut down the carbon emissions during the consumption and production of electricity, and industrialization & increasing urbanization. In U.S., AC drives market demand has been reasonably strong relatively to other region, with advancement in applications such as fans, compressor, and pumps. Moreover, wide range of increasing popularity of Industrial Internet of Things (IoT) and opportunity in the replacement sector is further boosting the growth of AC drives market. Though, AC drives market growth is expected to decline due to reduction in Greenfield investment. Additionally, growing competition within the local companies’ outlooks a significant restrain for the growth of this AC drives market. On the other side, the factors which are hindering the growth of AC drives market are increasing prices, and complex functions such as synchronization between multiple axes or low end drives used for basic positioning.
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AC Drives Market: Market Segmentation
The AC drives market is segmented into four parts based on the drive type, voltage type, application, and end-use industry.
Based on the drive type the AC drives market is segmented into:
- Reversible AC Drives
- Non- Reversible AC Drives
Based on the voltage type the AC drives market is segmented into:
- Low power AC drives (Up to 40kw)
- Medium power AC drives (41-200kw)
- High power AC drives (Above 200kw)
Based on the application type the AC drives market is segmented into:
Based on the type of end-use industry AC drives market is segmented into:
- Oil & Gas
- Power generation
- Food & Beverage
- Water & wastewater
- Metals & Mining
- Chemicals & Petrochemicals
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AC Drives Market: Regional Outlook
Regarding geography, AC drives market has been categorized into five key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. AC drives market is expected to register significant CAGR during the forecast period. Asia-Pacific represents the comparatively high market share and grow with relatively high CAGR in forecast period due to increasing demand of AC drives in wide range of application from various industries. North America is experiencing the rapid increase in the production capacity of AC drives, attributed to increasing urbanization and developments in end-user industries. Key factors driving the growth of AC drives market in the region include increasing growth and technological advancement of drives market, and high end-user application in various industries. The AC drives market is projected to register healthy growth due rising usage of AC drives across globe. AC drives market for Asia Pacific is also expected to witness rapid growth during the forecast period primarily attributed to the growth of large-scale infrastructure especially in China and India.
AC Drives Market: Key Players
Some of the key players identified in the AC drives market are:-
- ABB Ltd.
- Siemens AG
- Danfoss Group
- Mitsubishi Electrical Co, Ltd.
- Fuji Electric Holdings
- Emerson Electric Co.
- Hitachi Ltd.
- Parker Hannifin Co.
- Toshiba International Corporation Ltd.
- Schneider Electric
- Rockwell Automation
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