Overview:
AC drives offer an absolute solution to excessive dissipation of energy and increase the efficiency of machines based on AC power. Using AC drives enables enhanced process and motor control and helps increase the operational life of electric components. AC drives offer quick benefits due to high energy savings and lower operational costs, thereby reducing overall capital costs. This has led to substantial penetration of AC drives in oil and gas, automation, building, pulp and paper, food and beverage, metals and mining, cement, and other industries.
Rising industrialization, the rising need for energy-saving components, and the increasing cost of electricity are the key factors driving the AC drive market. An AC drive reduces the use of high-power mechanical drive components (such as gearboxes) and hence offers improved energy savings. AC drives ensure a reduction in starting current consumption, saving energy and protecting the motor from fluctuating voltage problems. Along with energy savings, AC drives reduce wear and tear on mechanical components, thereby decreasing the downtime required for repairs and maintenance. This encourages the industrial sector to adopt AC drives (instead of mechanical drive components), thereby aiding the market growth.
Due to rapidly growing economies and an expanding manufacturing sector in Asia Pacific, the region leads the overall AC drives market with the highest revenue growth, followed by Europe and North America. The market here is mainly driven by countries such as China, India, Japan, and South Korea, all of which have huge industrial manufacturing and processing sectors. China has emerged as one of the largest manufacturing hubs in the world, making it a prominent market for AC drives. Similarly, initiatives such as “Make in India” are further expected to push the industrial manufacturing and processing sector in India, making the country one of the most promising markets for AC drives. Further, the European Commission has set mandatory minimum efficiency standards (the Minimum Energy Performance Standard (MEPS) scheme) for industrial electric motors. As a result, Europe to forms a high-potential market for AC drives, contributing to the 2nd largest market share.
The global AC drive market is segmented on the following basis:
Voltage Type:
- Low Voltage
- Medium Voltage
- High Voltage
Drive Type:
- Reversible AC drives
- Irreversible AC drives
Applications:
- Compressor
- Fans
- Pumps
- Conveyors
- Extruders
Geography:
- North America
- U.S.
- rest of North America
Europe
- U.K.
- Germany
- France
- Rest of Europe
Asia Pacific
- Japan
- China
- South Asia
- Australasia
- Rest of Asia Pacific
Rest of the World (RoW)
- Latin America
- Middle East and Africa
The following companies have been identified as key players in the AC Drives market:
ABB Ltd., Danfoss Group Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Rockwell Automation, Inc., Yaskawa Electric Corporation, Emerson Electric Co., Hitachi Ltd., Toshiba International Corporation Pty Ltd., Parker Hannifin Corporation, Fuji Electric Co., Ltd., Hiconics Drive Technology Co., Ltd., and several others
