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Global AC Drives Market Analysis, Share, Trends, Forecast: By Voltage: Low Voltage, Medium Voltage; By Power Rating: Low Power Drives (<40 kW), Medium Power Drives (41 kW - 200 kW), High Power Drives (>200 kW); By Application: Compressor, Conveyors, Fans, Others; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Global AC Drives Market Outlook
The global AC drives market size is being aided by the growing demand for low voltage AC drives, which reached a value of 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.
Key Takeaways
- AC drives are crucial in optimising energy production in wind turbines and solar trackers, aligning with global sustainability goals.
- AC drives help industrial sectors meet stringent energy efficiency regulations and standards, contributing to environmental sustainability efforts.
- Increasing adoption of the Industrial Internet of Things (IIoT) is slated to provide new growth opportunities to the market.
AC drives are electronic devices that are used to regulate the velocity of electric motors. By matching motor speed to the specific demands of the workload, AC drives significantly reduce energy consumption, leading to substantial cost savings, especially in applications where motors do not need to run at full speed at all times. The advancements in AC drive technology and their enhanced applications are driving their demand in various end-use sectors.
The rising demand for energy-efficient solutions is driving the AC drives market growth. The low energy consumption of AC drives and its low production cost are resulting in its increased adoption in various end-use sectors. The growth can also be attributed to rapid technological developments and favourable government initiatives. Factors like less maintenance, increasing demand for motor applications, and ease of use are also boosting the market growth across the globe. Furthermore, increased infrastructure investments and rapid urbanisation and industrialisation are also helping to escalate AC drive sales worldwide, as infrastructure development across sectors such as water and wastewater treatment, power generation, transportation, and building automation demands advanced motor control solutions.
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Key Trends and Developments
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
| Date | Company | Event |
| Apr 2022 | Rockwell Automation, Inc. | Unveiled Allen-Bradley Armor PowerFlex AC variable frequency drives, an on-machine and CIP security capable solution, for industrial motor control applications. |
| Mar 2023 | Fuji Electric India | Fuji Electric, a prominent provider of industrial automation and energy-efficient solutions, announced an investment of INR 300-400 crore to expand its operations in India. |
| May 2023 | ABB India | Broadened its manufacturing capabilities by adding a new production line for variable speed drive modules at its Peenya factory located in Bengaluru, India. |
| Oct 2023 | Sprint Electric | Announced to introduce a new AC regeneration drive, the Generis AC drive, at the SPS exhibition in Nuremberg in November 2023. |
| Trends | Impact |
| Focus on safety and reliability | AC drives contribute to safety by offering features like safe torque off (STO), which ensures the safety of machinery and operators. |
| Demand for customisation and flexibility | AC drive manufacturers are responding to the customisation trend by offering more flexible products that can be easily integrated into a wide range of industrial applications. |
| Expansion of renewable energy applications | With the global shift towards renewable energy sources, AC drives are increasingly used in applications like wind turbines and solar trackers to optimise energy production. |
| Integration of IoT and smart technologies | These technologies allow for real-time monitoring and control of drive performance, predictive maintenance, and enhanced operational efficiency through data analytics. |
AC Drives Market Trends
The global shift towards renewable energy sources, such as wind and solar power, is part of a broader effort to reduce carbon emissions and combat climate change. AC drives, known for their ability to precisely control the speed and torque of electric motors, play a pivotal role in enhancing the efficiency and reliability of renewable energy systems. For example, in wind turbines, by precisely controlling the motor that adjusts the pitch, AC drives ensure that the turbine operates efficiently, maximising energy capture during low winds and protecting the turbine from damage during high winds.
In October 2023, Sprint Electric announced its plan to launch its innovative AC regeneration drive, named the Generis AC drive, during the SPS 2023 exhibition. This announcement indicates Sprint Electric's entry into the next generation of AC drive technology, emphasising cost-effectiveness and high reliability of the system.
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Market Segmentation
“AC Drives Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Voltage | Low Voltage, Medium Voltage |
| Power Rating | Low Power Drives (<40 kW), Medium Power Drives (41 kW - 200 kW), High Power Drives (>200 kW) |
| Application | Compressor, Conveyors, Fans, Extruders, Pumps, Others |
| End Use | Water and Wastewater, Oil and Gas, Power, Chemical, Metal Processing, Automation, HVAC, Others |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Low voltage segment occupies a major AC drives market share as it serves as an energy-efficient and inexpensive solution
Based on voltage, the low voltage segment leads the global market 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.
Meanwhile, the medium voltage segment is anticipated to grow significantly in the forecast period owing to the increasing demand from various industrial sectors such as petrochemicals, metals, and HVAC, among others. Medium voltage AC drives are essential in end-use sectors where machinery requires higher power ratings to operate efficiently. Applications such as pumps, fans, compressors, and conveyors in heavy industrial sectors often need the power capabilities that medium voltage drives provide, which makes them indispensable for large-scale industrial operations, further aiding the AC drives market expansion.
The power sector maintains its dominance in the market due to the growing implementation of AC drives in power generation, transmission, and distribution
The power sector holds a major share in the AC drives 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.
The AC drives market is also supported by the rising demand from the HVAC sector. HVAC systems are among the largest consumers of energy in buildings, both commercial and residential, in which AC drives adjust the motor speed to the actual demand, reducing power consumption significantly compared to systems running at constant speed. This efficiency translates to substantial energy savings and lower utility bills, aligning with global efforts to reduce energy use and carbon emissions.
Competitive Landscape
The market players are making significant investments to improve their production capacity and operations, further increasing their sustainability efforts to meet global demands
| Company | Founding Year | Headquarters | Operations |
| ABB Ltd | 1988 | Zurich, Switzerland | Robotics & discrete automation, electrification, motion (including smart mobility), and process automation |
| Siemens AG | 1847 | Munich, Germany | Power generation and distribution, electrification, automation and digitalisation, medical imaging and diagnosis |
| Rockwell Automation, Inc | 1903 | Wisconsin, United States | Industrial automation and information (intelligent devices; software & control; and lifecycle services) |
| Hitachi, Ltd | 1910 | Tokyo, Japan | Green energy & mobility, digital systems & services, connective industries, automotive systems business |
Other major players in the AC drives market include Fuji Electric Co. Ltd, among others. The market players are actively engaged in a range of strategies to strengthen their positions, cater to evolving industrial demands, and capitalise on emerging opportunities.
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AC Drives Market Analysis by Region
The Asia Pacific region accounts for a major share of the market owing to the escalating product demand in different industries for a wide range of applications and the rapid urbanisation across the region. Countries like China, India, and Japan are predicted to have steady growth in the market due to growing industrialisation and favourable government policies.
Meanwhile, Europe is anticipated to witness considerable growth in the forecast period owing to the growing technological advancements and the increasing product utilisation in clean energy applications.
The North America AC drives market is also expected to witness significant growth. North America's substantial manufacturing base, encompassing industrial sectors such as automotive, aerospace, food and beverage, and more, heavily relies on automation and efficient process control and AC drives are integral to these systems, offering precise motor control that enhances operational efficiency, reduces energy consumption, and increases productivity.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Voltage |
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| Breakup by Power Rating |
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global AC Drives Market Analysis
8.1 Key Industry Highlights
8.2 Global AC Drives Historical Market (2018-2023)
8.3 Global AC Drives Market Forecast (2024-2032)
8.4 Global AC Drives Market by Voltage
8.4.1 Low Voltage
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Medium Voltage
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global AC Drives Market by Power Rating
8.5.1 Low Power Drives (<40 kW)
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Medium Power Drives (41 kW - 200 kW)
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 High Power Drives (>200 kW)
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global AC Drives Market by Application
8.6.1 Compressor
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Conveyors
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Fans
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Extruders
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Pumps
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global AC Drives Market by End Use
8.7.1 Water and Wastewater
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Oil and Gas
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Power
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Chemical
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Metal Processing
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Automation
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 HVAC
8.7.7.1 Historical Trend (2018-2023)
8.7.7.2 Forecast Trend (2024-2032)
8.7.8 Others
8.8 Global AC Drives Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America AC Drives Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe AC Drives Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific AC Drives Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America AC Drives Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa AC Drives Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Ltd
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Siemens AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rockwell Automation, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Hitachi, Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Fuji Electric Co. Ltd
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global AC Drives Market: Key Industry Highlights, 2018 and 2032
2. Global AC Drives Historical Market: Breakup by Voltage (USD Billion), 2018-2023
3. Global AC Drives Market Forecast: Breakup by Voltage (USD Billion), 2024-2032
4. Global AC Drives Historical Market: Breakup by Power Rating (USD Billion), 2018-2023
5. Global AC Drives Market Forecast: Breakup by Power Rating (USD Billion), 2024-2032
6. Global AC Drives Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global AC Drives Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global AC Drives Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global AC Drives Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global AC Drives Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global AC Drives Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America AC Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe AC Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific AC Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America AC Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa AC Drives Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global AC Drives Market Structure
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 low voltage AC drives market is projected 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 major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major voltage segments considered in the market report include low voltage and medium 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).
The significant applications of AC drives are compressor, conveyors, fans, extruders, and pumps, among others.
The different end uses of AC drives are water and wastewater, oil and gas, power, chemical, metal processing, automation, and HVAC, among others.
The major players in the market are ABB Ltd, Siemens AG, Rockwell Automation, Inc., Hitachi, Ltd., and Fuji Electric Co. Ltd, among others.
Analyst Review
The global AC drives market is aided by low voltage AC drives which attained a value of USD 13.98 billion in 2023, driven by the rising demand for energy efficient solution, low energy consumption of AC drives and its low production cost. Aided by the increased infrastructure investments, the low voltage AC drives market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.9%. The market is aided by low voltage AC drives which is projected to reach USD 21.56 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The voltage segments can be divided into low and medium voltage. The power rating segments include low power drives (<40 kW), medium power drives (41 kW - 200 kW), and high-power drives (>200 kW). The end-use segments in the industry include water and wastewater, oil and gas, power, chemical, metal processing, automation, and HVAC, among others. Based on its applications, the AC drives industry can be segmented into compressor, conveyors, fans, extruders, pumps, among others, with compressor accounting for the largest market share. The major regional markets for AC drives are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with Asia Pacific accounting for the largest share of the market. The key players in the above market include ABB Ltd, Siemens AG, Rockwell Automation, Inc., Hitachi, Ltd., and Fuji Electric Co. Ltd, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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