Rapidly growing industrialization and urbanization and various government regulations for obtaining energy efficiency are the major factors driving the growth of the AC drives market globally. Further, diverse processes for earning energy efficiency along with rising need for energy optimizations in different industrial processes are the other key factors boosting the market growth.
Major trend identified in the global alternate current (AC) drives market is the transforming manufacturing industry with high adoption of industrial internet of things (IoT). With the adoption of this technology, manufacturers can increase productivity and efficiencies of their operations to stay competitive on a global scale.
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AC drive is an electronic device that is used for regulating the speed of an electric motor by fluctuating the frequency, magnetic flux, and voltage in a motor circuit. In energy-intensive sectors, optimal usage of energy and efficient utilization of its consumption are important for managing the overall operating costs.
Based on voltage, the AC drives market can be categorized into low and medium drives. Among these, the low voltage drives captured the largest market revenue share during the historical period and are expected to remain the largest category during the forecast period, due to their low cost and ability to work for both low- and high-power applications.
On the basis of power rating, the AC drives market is classified into up to 40 kW (low power), 40.1–200 kW (medium power), and above 200 kW (high power). Among these, up to 40 kW (low power) lead the market, owing to their growing applications in building automation, food and beverages, oil and gas, construction, and pulp and paper industries.
On the basis of application, the AC drives market is classified into compressors, fans, pumps, conveyors, and extruders. Compressors held the highest market share in terms of revenue during the historical period, and will continue dominating throughout the forecast period, owing to the increasing uses of compressors in heating, ventilating, and air conditioning equipment.
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Some of the major companies operating in the global AC drives market include ABB Ltd., Siemens AG, Danfoss Group, Schneider Electric SE, Yaskawa America Inc., Rockwell Automation Inc., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Emerson Electric Co., and Parker Hannifin Corporation.
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