Reports

AC Drives Market

Global AC Drives Market Size, Share: 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; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments

Global AC Drives Market Outlook

The global AC drives market is being aided by the growing demand for low voltage AC drives, which reached a value of about USD 13.31 billion in 2022. The demand for low voltage AC drives is further expected to grow at a CAGR of about 5% in the forecast period of 2023-2028 to reach a value of around USD 17.74 billion by 2028.

 

Global AC Drives Market

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The Low Voltage Segment to Bolster the AC Drives Industry Growth

Based on voltage, the low voltage segment leads the global market for AC drives and is anticipated to overrule the market in the forecast period as well. This can be attributed to the inexpensive nature of low voltage AC drives and its ability to operate in low and high-power applications. Meanwhile, the medium voltage segment is anticipated to grow significantly in the forecast period owing to the increasing demand from various industries such as petrochemicals, metals, and HVAC, among others.

 

The Asia Pacific to Significantly Boost the Industry Growth

The Asia Pacific region accounts for a major share in the industry owing to the escalating product demand in different industries for a wide range of applications and the rapid urbanisation across the region. The countries like China, India, and Japan are predicted to have a steady growth in the market due to the growing industrialisation and favourable government policies. Meanwhile, North America is anticipated to witness a considerable growth in the forecast period owing to the growing technological advancements and the increasing product utilisation in oil and gas and mining industries.

 

AC Drives: Market Segmentation

AC drives are electronic devices that are used for regulating the velocity of electric motors. They aid in optimising energy levels effectively, thus reducing the consumption of energy. The advancements in AC drives technology and their enhanced applications are driving their demand in various industries.

 

Global AC Drives Market By Application

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By voltage, the market is bifurcated into:

  • Low Voltage
  • Medium Voltage

Based on power rating, the industry is segmented into:

  • Low Power Drives (<40 kW) 
  • Medium Power Drives (41 kW - 200 kW)
  • High Power Drives (>200 kW)

Based on application, it can be divided into:

  • Compressor
  • Conveyors
  • Fans
  • Extruders
  • Pumps
  • Others

Based on end use, it is categorised as:

  • Water and Wastewater
  • Oil and Gas
  • Power
  • Chemical
  • Metal Processing
  • Automation
  • HVAC
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global AC Drives Market By Region

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Increasing Focus on Energy Optimisation to Aid the Growth of the AC Drives Industry

The rising demand for energy efficient solution is driving the growth of the AC drives industry. The low energy consumption of AC drives and its low production cost are resulting in its increased adoption in various industries. The growth can also be attributed to the rapid technological developments and favourable government initiatives. Moreover, factors like less maintenance, increasing demand for motor applications, and ease of use are also boosting the industry's growth across the globe. Furthermore, increased infrastructure investments and the rapid urbanisation and industrialisation are also helping to escalate AC drives sales worldwide.

Over the forecast period, increasing adoption of Industrial Internet of Things (IIoT) is slated to provide new growth opportunities, which will further aid the market growth.

 

Key Industry Players in the Global AC Drives Market

The report gives a detailed analysis of the following key players in the global AC drives market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • ABB Ltd
  • Siemens AG
  • Rockwell Automation, Inc.
  • Hitachi, Ltd.
  • Fuji Electric Co. Ltd
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Voltage, Power Rating, Application, End Use, Region
Breakup by Voltage Low Voltage, Medium Voltage
Breakup by Power Rating Low Power Drives (<40 kW), Medium Power Drives (41 kW - 200 kW), High Power Drives (>200 kW)
Breakup by Application Compressor, Conveyors, Fans, Extruders, Pumps, Others
Breakup by End Use Water and Wastewater, Oil and Gas, Power, Chemical, Metal Processing, Automation, HVAC, Others
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered ABB Ltd, Siemens AG, Rockwell Automation, Inc., Hitachi, Ltd., Fuji Electric Co. Ltd, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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 (2018-2022) 
    8.3    Global AC Drives Market Forecast (2023-2028)
    8.4    Global AC Drives Market by Voltage
        8.4.1    Low Voltage
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Medium Voltage
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
    8.5    Global AC Drives Market by Power Rating 
        8.5.1    Low Power Drives (<40 kW) 
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Medium Power Drives (41 kW - 200 kW)
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    High Power Drives (>200 kW)
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
    8.6    Global AC Drives Market by Application
        8.6.1    Compressor
            8.6.1.1    Historical Trend (2018-2022)
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Conveyors
            8.6.2.1    Historical Trend (2018-2022)
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Fans
            8.6.3.1    Historical Trend (2018-2022)
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Extruders
            8.6.4.1    Historical Trend (2018-2022)
            8.6.4.2    Forecast Trend (2023-2028)
        8.6.5    Pumps
            8.6.5.1    Historical Trend (2018-2022)
            8.6.5.2    Forecast Trend (2023-2028)
        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 (2018-2022)
            8.7.1.2    Forecast Trend (2023-2028)
        8.7.2    Oil and Gas
            8.7.2.1    Historical Trend (2018-2022)
            8.7.2.2    Forecast Trend (2023-2028)
        8.7.3    Power
            8.7.3.1    Historical Trend (2018-2022)
            8.7.3.2    Forecast Trend (2023-2028)
        8.7.4    Chemical
            8.7.4.1    Historical Trend (2018-2022)
            8.7.4.2    Forecast Trend (2023-2028)
        8.7.5    Metal Processing
            8.7.5.1    Historical Trend (2018-2022)
            8.7.5.2    Forecast Trend (2023-2028)
        8.7.6    Automation
            8.7.6.1    Historical Trend (2018-2022)
            8.7.6.2    Forecast Trend (2023-2028)
        8.7.7    HVAC
            8.7.7.1    Historical Trend (2018-2022)
            8.7.7.2    Forecast Trend (2023-2028)
        8.7.8    Others    
    8.8    Global AC Drives Market by Region
        8.8.1    North America
            8.8.1.1    Historical Trend (2018-2022) 
            8.8.1.2    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Historical Trend (2018-2022) 
            8.8.2.2    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Historical Trend (2018-2022)
            8.8.3.2    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Historical Trend (2018-2022) 
            8.8.4.2    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Historical Trend (2018-2022) 
            8.8.5.2    Forecast Trend (2023-2028)
9    North America AC Drives Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe AC Drives Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific AC Drives Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America AC Drives Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa AC Drives Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    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 2028
2.    Global AC Drives Historical Market: Breakup by Voltage (USD Billion), 2018-2022
3.    Global AC Drives Market Forecast: Breakup by Voltage (USD Billion), 2023-2028
4.    Global AC Drives Historical Market: Breakup by Power Rating (USD Billion), 2018-2022
5.    Global AC Drives Market Forecast: Breakup by Power Rating (USD Billion), 2023-2028
6.    Global AC Drives Historical Market: Breakup by Application (USD Billion), 2018-2022
7.    Global AC Drives Market Forecast: Breakup by Application (USD Billion), 2023-2028
8.    Global AC Drives Historical Market: Breakup by End Use (USD Billion), 2018-2022
9.    Global AC Drives Market Forecast: Breakup by End Use (USD Billion), 2023-2028
10.    Global AC Drives Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global AC Drives Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America AC Drives Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe AC Drives Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific AC Drives Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America AC Drives Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa AC Drives Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa AC Drives Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global AC Drives Market Structure

Key Questions Answered in the Report

What was the global AC drives market size in 2022?

In 2022, the global AC drives market is aided by low voltage AC drives which attained a value of nearly USD 13.31 billion.

What is the growth rate of the market?

The low voltage AC drives market is projected to grow at a CAGR of 5% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is aided by low voltage AC drives which is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 17.74 billion by 2028.

What are the major industry drivers?

The major industry drivers are rising demand for energy efficient solution, low energy consumption of AC drives, and its low production cost.

What are the key industry trends of the global AC drives market?

The key trends in the market are increased infrastructure investments and the rapid urbanisation and industrialisation.

What are the segmentations based on voltage?

The voltage segments can be divided into low and medium voltage.

What are the market segments according to power rating?

The power rating segments include low power drives (<40 kW), medium power drives (41 kW - 200 kW), and high-power drives (>200 kW).

What are the end-use segments in the industry?

The end-use segments in the industry include water and wastewater, oil and gas, power, chemical, metal processing, automation, and HVAC, among others.

What are the major regional markets of AC drives, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Asia Pacific accounting for the largest share in the market.

What is the dominant application of AC drives in the industry?

Compressor is the dominant application in the industry.

Who are the key industry players, according to the report?

The major players in the industry 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 13.31 billion in 2022, 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 2023-2028, growing at a CAGR of 5%. The market is aided by low voltage AC drives which is projected to reach USD 17.74 billion by 2028.

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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