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Report Overview
The global AC drives market value reached around USD 13.98 Billion in 2023 due to infrastructure development and a shift towards electrification, which makes AC drives necessary for enhancing motor control and energy efficiency. Additionally, advancements in technology and the growing emphasis on energy efficiency are driving adoption across sectors such as manufacturing, oil and gas, and HVAC. As a result, the industry is expected to grow at a CAGR of 4.90% during the forecast period of 2024-2032 to attain a value of USD 21.50 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The demand for AC drives in India is significantly influenced by the manufacturing sector, which accounted for approximately 17% of the total GDP in 2022. This substantial contribution underscores the critical role of AC drives in enhancing the efficiency and performance of rotating equipment used in manufacturing processes. As industries increasingly adopt automation to improve operations, AC drives become essential for controlling motor speed and improving energy efficiency, thereby driving growth in AC drives market.
- India's crude oil production saw a 1% increase in 2023, creating new opportunities for AC drives in drilling applications. The oil and gas sector is a major end-user of AC drives due to their ability to provide precise control over machinery, leading to enhanced operational efficiency and significant energy savings.
- Furthermore, the European Union's EUR 7 billion investment in transport infrastructure projects through the Connecting Europe Facility (CEF) is expected to boost the demand for AC drives in various applications, including trains, elevators, and escalators. This investment aligns with the growing emphasis on energy-efficient technologies across Europe, further propelling the adoption of AC drives as industries seek to comply with stringent energy regulations and improve sustainability.
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 market reached an approximate value of USD 13.98 Billion.
The AC drives market is assessed to grow at a CAGR of 4.90% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 21.50 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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124