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Report Overview
The global AC drives market value reached around USD 14.67 Billion in 2024 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 2025-2034 to attain a value of USD 23.67 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
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.
AC Drives Market Share
Market Analysis by Voltage
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.
Market Analysis by Power Rating
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.
Market Analysis by Application
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.
Market Analysis by End Use
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 2024, the market reached an approximate value of USD 14.67 Billion.
The AC drives market is assessed to grow at a CAGR of 4.90% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 23.67 Billion by 2034.
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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