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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.
AC Drives Market Share
By Voltage Insights
Based on voltage, the low voltage segment drives the AC drives demand and is anticipated to maintain its dominance in the forecast period as well. This can be attributed to the inexpensive nature of low-voltage AC drives and their ability to operate in low and high-power applications. Governments and international bodies have been tightening regulations around energy consumption and efficiency and low-voltage AC drives help businesses comply with these regulations by reducing energy usage and carbon emissions, making them a go-to solution for companies aiming to meet environmental standards.
By Power Rating Insights
The low power drives (<40 kW) account for a significant AC drives market share due to their growing applications across various end-use sectors such as food processing, and medical, among others. These drives can be implemented in metal processing machines, food processing machines, fans, pumps, and healthcare instruments, among others. Major companies such as Siemens and Fuji Electric, among others, are offering low power drives which can enhance the segment growth.
By Application Insights
The pump segment is expected to gain prominence in the market due to the growing use of AC drives in pumps in end-use sectors such as chemical, energy, mining and oil and gas, among others. AC drives can reduce energy consumption by 20 to 50%, which can be crucial in industries which aim to achieve sustainability goals and boost AC drives demand growth. AC drives also offer smooth control of processes in several manufacturing applications, which is further boosting the demand for pumps.
By End Use Insights
The power sector holds a major share in the market due to its extensive requirements for efficient, reliable, and precise control of electric motors used throughout various power generation, transmission, and distribution processes. AC drives play a crucial role in enhancing energy efficiency within power plants and throughout the distribution network. By allowing the precise control of motor speed and torque, AC drives reduce the energy consumption of pumps, fans, compressors, and other motor-driven equipment, leading to significant energy savings and reduced operational costs, boosting the market growth.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
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 287899028, +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
+84865399124