AC Drives Market Size Worth USD 15.62 Billion, Globally, by 2026 at 5.2% CAGR

According to Fortune Business Insights, the global AC Drives market size is projected to grow from USD 10.39 billion in 2018 to USD 15.62 billion in 2026, at CAGR of 5.2% during forecast period;

/EIN News/ -- Pune, India, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The global AC Drives Market was USD 10.39 billion in 2018. The global market size is expected gain momentum by reaching USD 15.62 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period from 2021-2026. This information is provided by Fortune Business Insights, in its report, titled, “AC Drives Market, 2021-2026.”

According to our analysts, the factors rapid rise in power demand worldwide will be the central factor driving the growth of this market. According to the World Energy Outlook Report 2018 published by the International Energy Agency (IEA), between 2017 and 2040, the world energy demand will grow by 27%, with developing countries accounting for around 67% of this rise.

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Report Highlights:

Report Coverage	Details
Forecast Period	2019-2026
Forecast Period 2021 to 2026 CAGR	5.2%
2026 Value Projection	USD 15.62 billion
Base Year	2018
Market Size in 2018	USD  10.39 billion
Historical Data for	2015-2017
No. of Pages	180
Segments covered	By Power Rating, By Voltage, By Application, By End-User, and By Region
Growth Drivers	Increasing Rate of Industrialization and Urbanization to Fuel the Market
	Supportive Government Regulations and Rising Demand For Energy Optimization to Feed Growth

Market Highlights:

Asia-Pacific is slated to consume 46% of the global energy by 2040, with India and China leading the pack. AC drives play a critical role in power generation as it is used in controlling the speed of an electric motor. The use of this device becomes all the more significant in grid facilities where large amount of power is generated and distributed. Thus, rise in demand for power will lead to a demand upsurge for AC drives, augmenting the market in the process.

Within the report is contained a thorough research comprising of a detailed evaluation of different drivers, factors, upcoming trends, future prospects, and regional and competitive dynamics that are likely influence the market. Besides this, the report also shares a macroscopic overview of the general industry outlook that will aid businesses to align their strategies with the market requirements.

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Drivers and Restraints:

Fast-Paced Industrialization and Urbanization to Propel the Market

Accelerated pace of urbanization and industrialization, especially in Asia-Pacific, is expected to be one of the major factors driving the AC drive market trends. According to the estimates released by the U.S. Central Intelligence Agency, urban population in China, India, Malaysia, and Vietnam is rising at an annual rate of 2.4%, 2.4%, 2.1%, and 3% respectively. Furthermore, Asia-Pacific, as per the 2018 World Investment Report, received Foreign Direct Investment (FDI) to the tune of USD 476 billion in 2017. Thus, increasing urban population coupled with industrial growth will boost consumer demand for energy and power, thus enhancing the potential of the market for AC drives.

Industry Developments:

March 2019: ABB introduced the medium voltage ACS6080 drive for critical applications. The device comprises of a new-age control technology of ABB that enhances the performance of motors in process-driven industries such as mining and metals.

April 2018: Fuji Electric Corp. launched its novel FRENIC-HPAQ product line which offers a package bypass and non-bypass solution for fan and pump applications. The system will be available in 3 configurations and will expand the company’s package drive solution series.

List of Key Players Mentioned in the Report:

• Fuji Electric
• Schneider Electric
• Yaskawa Electric Corporation
• Rockwell Automation
• ABB
• Toshiba International Corporation
• Parker Hannifin
• WEG
• Siemens
• Danfoss Group
• Emerson

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Segments:

By Product Type:

• AC Drives
• Passenger Drones

By Application Type:

• Military
• Commercial
• Civil

Key Benefits for AC Drives Market:

• The AC Drives market analysis covers in-depth information of major industry participants.
• Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• Major countries have been mapped according to their individual revenue contribution to the regional market.
• The report provides an in-depth analysis of the AC Drives market during the forecast period.
• The report outlines the current market trends and future scenario of the global AC Drives market to understand the prevailing opportunities and potential investment pockets.
• The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

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Regional Insights:

Asia-Pacific to Showcase the Most Promising Growth Prospects

With a revenue generation of USD 3.32 billion in 2018, Asia-Pacific is poised to dominate the AC drive market share during the forecast period. High development rate of the manufacturing sector, favorable government policies, and an overall healthy pace of economic development will be the key growth drivers of the alternating current drive market in this region. For instance, government schemes such Make in India, which are aimed at developing the manufacturing sector, will augur well for this market in the region. Increasing oil and gas exploration and production activities will spur the market in North America, while a well-established mining industry will aid the growth of the market in Europe.

Competitive Landscape:

Increasing Focus on Innovation to Characterize Competition

The AC drive market analysis provided by Fortune Business Insights predicts that this market is slated to experience stiff competition. This will be a result of major players looking to strengthen their position by ramping up their investment in R&D to bring out innovative products. A few companies are also engaging in acquiring other competitors to broaden their sales horizons.

Table of Contents

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Latest Technological Advancement
  • Regulatory Landscape
  • Industry SWOT Analysis
  • Porters Five Forces Analysis
• Global AC Drive Market Analysis (USD Billion), Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Power Rating
    • Low Power Drive
    • Medium Power Drive
    • High Power Drive
  • Market Analysis, Insights and Forecast – By Voltage
    • Low Voltage
    • Medium Voltage
  • Market Analysis, Insights and Forecast – By Application
    • Pumps
    • Conveyors
    • Compressors
    • Electric Fan
    • Extruders
    • Others
  • Market Analysis, Insights and Forecast – By End-User
    • Food & Beverage
    • Oil & Gas
    • Power Generation
    • Building Automation
    • Metal & Mining
    • Water & Wastewater
    • Chemicals & Petrochemicals
    • Others
  • Market Analysis, Insights and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America
• North America AC Drive Market Analysis (USD Billion), Insights and Forecast, 2015-2026
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Power Rating
    • Low Power Drive
    • Medium Power Drive
    • High Power Drive
  • Market Analysis, Insights and Forecast – By Voltage
    • Low Voltage
    • Medium Voltage
  • Market Analysis, Insights and Forecast – By Application
    • Pumps
    • Conveyors
    • Compressors
    • Electric Fan
    • Extruders
    • Others
  • Market Analysis, Insights and Forecast – By End-User
    • Food & Beverage
    • Oil & Gas
    • Power Generation
    • Building Automation
    • Metal & Mining
    • Water & Wastewater
    • Chemicals & Petrochemicals
    • Others
  • Market Analysis, Insights and Forecast – By Country
    • U.S.
    • Canada

Continued…

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