Overview:

AC drives offer absolute solution to excessive dissipation of energy and increasing the efficiency of machines based on AC power. Using AC drives enables enhanced process and motor control and helps increasing the operational life of electric components. AC drives offer quick benefits due to high energy savings with lower operational cost, thereby reducing overall capital cost. This has led to substantial penetration of AC drives in oil & gas, automation, building, pulp & paper, food & beverages, metals & mining, cement and other industries.

Rising industrialization, rising need of energy saving components and increasing cost of electricity are the key factors driving the AC drives market. An AC drive reduces the use of high power consuming mechanical drive components (such as gearbox) and hence offers improved energy saving. AC drives ensure reduction in starting current consumption saving energy and motor from fluctuating voltage problems. Along with energy saving, AC drives reduces wear and tear of mechanical components, thereby decreasing the downtime required for repairs and maintenance. This encourages industrial sector to adopt AC drives (instead of mechanical drive components) thereby aiding the market growth.

Due to rapidly growing economies and expanding manufacturing sector in Asia Pacific, the region leads the overall AC drives market with highest revenue growth followed by Europe and North America. The market here is mainly driven by countries such as China, India, Japan and South Korea having huge industrial manufacturing & processing sector. China has emerged among the largest manufacturing hubs across the world, making it a prominent market for AC drives. Similarly, initiatives such as ‘Make in India’ is further expected to push the industrial manufacturing & processing sector in India, making the country one of the most promising markets for AC drives. Further, the European Commission has set mandatory minimum efficiency standards (Minimum Energy Performance Standard (MEPS) scheme) for industrial electric motors. As a result, Europe too forms a high potential market for AC drives contributing to the 2nd largest value share.

The global AC Drives Market is segmented on the following basis:

• Voltage Type:
  • Low Voltage
  • Medium Voltage
  • High Voltage
• Drive Type:
  • Reversible AC drives
  • Irreversible AC drives
• Applications:
  • Compressor
  • Fans
  • Pumps
  • Conveyors
  • Extruders
• Geography:
  • North America
    • U.S.
    • Rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • South Asia
    • Australasia
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Latin America
    • Middle East and Africa

Key Players Identified in AC Drives Market include but are not limited to:

ABB Ltd., Danfoss Group Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Rockwell Automation, Inc., Yaskawa Electric Corporation, Emerson Electric Co., Hitachi Ltd., Toshiba International Corporation Pty Ltd., Parker Hannifin Corporation, Fuji Electric Co., Ltd., Hiconics Drive Technology Co. Ltd. and several others.