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Report Overview
The global AC drives market reached about USD 13.98 billion in 2023. The demand for low-voltage AC drives is further expected to grow at a CAGR of 4.9% between 2024 and 2032 to reach around USD 21.56 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The manufacturing sector accounted for around 17% of the total GDP of India, which drives the demand for AC drives that can be used in rotating equipment.
- The crude oil production in India witnessed an increase of 1% in 2023, which creates ample opportunities for AC drives in drilling applications.
- The European Union (EU) invested around €7 billion in transport infrastructure projects through the Connecting Europe Facility (CEF), which is expected to boost the construction of trains, elevators, and escalators, among others.
Global AC Drives Market Analysis
Focus on safety and reliability; demand for customisation and flexibility; expansion of renewable energy applications; and integration of IoT and smart technologies are the major trends impacting the AC drives market expansion.
AC Drives Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global AC drives market is aided by low-voltage AC drives which attained a value of nearly USD 13.98 billion.
The market is estimated to grow at a CAGR of 4.9% between 2024 and 2032.
The market is aided by low voltage AC drives which is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 21.56 billion by 2032.
The major market drivers are rising demand for energy efficient solution, low energy consumption of AC drives, and its low production cost.
The growing infrastructure investments and the rapid urbanisation and industrialisation are the key trends guiding the market growth.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is categorised according to voltage, which includes medium voltage and high voltage.
The various segments based on power ratings considered in the market report are low power drives (<40 kW), medium power drives (41 kW - 200 kW), and high-power drives (>200 kW).
Based on the application, the market is divided into compressor, conveyors, fans, extruders, pumps and others.
The different end uses of AC drives are water and wastewater, oil and gas, power, chemical, metal processing, and HVAC, among others.
The market key players are ABB Ltd, Siemens AG, Rockwell Automation, Inc., Hitachi, Ltd., and Fuji Electric Co. Ltd, among others.
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