The global AC Drives Market size was valued at USD 23.57 Billion in 2022 and is projected to reach USD 42.04 Billion by 2030, growing at a CAGR of 7.5% from 2023 to 2030.
The manufacturing, distributing, and application of tools for regulating the torque and speed of alternating current (AC) electric motors are all included in the AC Drives Market. AC drives, also referred to as variable frequency drives or VFDs, control motor speed by varying the electrical supply's voltage and frequency. Energy efficiency, accurate control, and improved motor performance are provided by these drives in a range of industrial applications, including transportation, HVAC (heating, ventilation, and air conditioning), and manufacturing. Power rating, motor compatibility, control interface, and dependability are important factors in the industry. Industry automation trends, energy efficiency laws, technology breakthroughs, and the need for process optimization all have an impact on market dynamics.
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Top Key Players Covered AC Drives Market
Rockwell Automation, Inc. (USA), Emerson Electric Co. (USA), Parker Hannifin Corporation (USA), TMEIC Corporation (USA), ABB (Switzerland), Siemens AG (Germany), Invertek Drives Ltd. (United Kingdom), Control Techniques (Nidec Corporation) (United Kingdom), Lenze SE (Germany), Schneider Electric SE (France), Bonfiglioli Riduttori S.p.A. (Italy), Danfoss Group (Denmark), Mitsubishi Electric Corporation (Japan), Eaton Corporation plc (Ireland), Yaskawa Electric Corporation (Japan), Fuji Electric Co., Ltd. (Japan), Hitachi, Ltd. (Japan), Nidec Corporation (Japan), Toshiba Corporation (Japan), Delta Electronics, Inc. (Taiwan), Vacon (Nidec Corporation) (Finland), Hiconics Drive Technology Co., Ltd. (China), Hyosung Heavy Industries Corporation (South Korea), LS Electric (South Korea), WEG S.A. (Brazil)
Introspective Market Research specializes in delivering comprehensive market research studies that provide valuable insights and strategic guidance to businesses worldwide. Our reports draw data from diverse and solid primary and secondary sources. By utilizing industry-standard tools like Porter's Five Forces Analysis, SWOT Analysis, and Price Trend Analysis, we enhance the comprehensiveness of our evaluations.
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Segmentation Analysis of The AC Drives Market
The AC Drives market segments cover Voltage, Power Voltage, Application, and End User. By Power Voltage, the Low Power segment is Anticipated to Dominate the Market Over the Forecast period.
By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
By Power Voltage
Low Power
Medium Power
High Power
By Application
- Pump
- Fan
- Conveyor
- Compressor
- Extruders
By End User
- Oil & Gas
- Power Generation
- Food and Beverages
- Building Automation
- Mining & Metals
- Other Industries
Increasing Rate of Industrialization and Urbanization to Fuel the Market
The main drivers propelling the growth of the AC market are significant increases in urbanization and the increasing pace of industrialization. During the projection period, urbanization would drive up consumer demand, which would in turn drive up the manufacturing sector and push up demand for AC drives.
For example, according to the Central Intelligence Agency, as of 2020, the proportion of people living in urban areas in China, India, Malaysia, and Vietnam was 60.3%, 34.5%, 76.6%, and 36.6%, respectively, and was growing at 2.4%, 2.4%, 2.1%, and 3% annual rates. Governments are simultaneously concentrating on modifying industrial policies and regulations, according to the World Investment Report, in order to create a favorable atmosphere for investigating new sectors and enhancing sustainability among rivals, such as strategic investment policy priorities.
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Increasing Trends for Industrial Automation
The objectives of industrial automation systems are to increase productivity, decrease downtime, and improve efficiency. The exact control that AC drives offer over motor speeds is essential. This degree of control makes it possible for devices and procedures to run at their best, which reduces energy consumption and boosts productivity.
One of the main concerns in industrial settings is energy efficiency. When not all of the power is needed, motors can run at lower speeds thanks to AC drives, which enable variable speed operation. This lowers energy usage and lowers maintenance costs while also extending the life of motors. Businesses are looking for ways to cut back on their power consumption as energy costs rise, and AC drives offer a useful option.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Report includes Competitor's Landscape:
- Major trends and growth projections by region and country
- Key winning strategies followed by the competitors
- Who are the key competitors in this industry?
- What shall be the potential of this industry over the forecast tenure?
- What are the factors propelling the demand for the Action Figures And Statues?
- What are the opportunities that shall aid in significant proliferation of the market growth?
- What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
- How has the covid-19 impacted the growth of the market?
- Has the supply chain disruption caused changes in the entire value chain?
Key Industry Developments in the AC Drives Market
In May 2023, ABB declared the opening of a new line of variable frequency drives at its Peenya, Bengaluru, India, manufacturing facility. This facility will serve the main industrial segments in addition to producing and offering drives with a power range of 75 kW to 250 kW. The company's market position in the AC drives industry will be improved by the growth, which will also boost its domestic supplier eco-system for low voltage AC drives product range.
In May 2023, In the United Arab Emirates, Emotron Drives Power Control LLC, a division of CG Drives & Automation, opened a new production facility. This cutting-edge production facility will produce AC drives and also facilitate faster supply of powerful variable frequency drives. The company's market presence will grow throughout the region as a result of this development, which will also strengthen its standing within the AC diving sector.
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