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Pulished Date September, 2020
ID: 10254
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AC Drives Market Segmentation By application (Compressors, Fans, Pumps, Conveyors, and Extruders), by end use industry (oil and Gas, Power Generation, Building Automation, Food and Beverages, Water and Wastewater, Metals and Mining, and Chemicals and Petrochemicals), and Region - Industry Forecast to 2025

Pulished: September, 2020
ID: 10254
Pages: 175

AC Drives Market Overview

The global AC drive market was worth USD 14.51 billion in 2020 and is predicted to raise at a current CAGR of 7.6% throughout the foreseen period. AC drives are electronic devices that alternate with voltage, frequency, and magnetic flux to regulate the speed and torque of an electric motor. In an energy intensive industry, the optimal use of energy and the efficient use of its consumption are important to manage the overall operating costs of this industry. Frequency converters can optimize energy consumption while helping reduce operating costs by monitoring the speed and torque of electric motors. AC Drives is an electronic device that is employed to regulate the speed of an electric motor by varying the frequency, magnetic flux and voltage in a motor circuit. In energy-intensive businesses, optimal use of energy and efficient use of energy are important for managing overall operating costs. These drives can optimize energy consumption while helping to reduce operating costs by monitoring the speed and torque of electric motors. The reduction in energy consumption and the gain resulting from the increase in the useful life of electrical equipment are the main factors in the adoption of these AC drives in various businesses like water and wastewater, oil and gas and mining.

Market Trends:

The main trend identified in the worldwide AC drive market is the transformation of the manufacturing industry with strong adoption of the industrial Internet of Things (IoT). By adopting this technology, manufacturers can increase the productivity and efficiency of their operations to remain competitive on a worldwide scale. This factor creates a positive environment for the call for servo drives and motors, which in turn will also increase the call for these drives as they are employed in motors to achieve energy efficiency.

Recent Developments and Trends

In recent years, there is a growing call for variable speed drives that can be employed with induction motors for machine automation and energy savings. To meet this need, Bharat Bijlee has introduced a new range of superior performance ACs.

Samsung, India's largest and most trusted consumer electronics and mobile phone brand, launched an exciting new line of air conditioners including Wi-Fi enabled Wind-Free AC 2.0.

AC Drives Market Drivers

Rapidly growing industrialization and urbanization and various government regulations aimed at achieving energy efficiency are the main factors in the expansion of the global AC Drive market. Also, various processes to gain energy efficiency along with the increasing need for energy optimization in different industrial processes are the other key factors driving the expansion of the market. In addition to saving energy, VFDs reduce wear on mechanical components, reducing the downtime required for repairs and maintenance. This encourages the industrial sector to adopt these drives, which contributes to the expansion of the market. The low power consumption of AC drives is one of the main factors promoting the worldwide market. They adopt energy saving techniques that avoid depleting natural resources and offer a better return on investment and efficiency. Using these devices also reduces power outages and carbon dioxide emissions. Rapid industrialization and urbanization have increased the call for automated and motorized equipment, which in turn has increased the sales of frequency converters worldwide. In addition, the improvement in living standards has catalyzed the development of modern infrastructure that further contributed to the expansion of the market.

Restraints:

The main obstacles that are discouraging the expansion of the AC drives market include the decrease in foreign direct investment (FDI) due to the growing protectionism and the unstable scenario of the oil and gas industry, mainly in recent years.

Opportunities:

Increasing urbanization and high expansion rate of industries around the world are the main aspects that are accelerating the adoption of this product. The diversity of processes to gain energy efficiency as well as the growing need for energy optimization in different industrial processes are the key factors driving market expansion. The main factors driving the growth of the AC drive market are rising electricity prices, increased call for power and electricity, strict regulations imposed by the government to reduce carbon emissions during consumption. and electricity production, as well as industrialization and increasing urbanization. The low cost of production of the frequency converters coupled with an increase in electricity prices supported their sales. Since these drives consume a minimal amount of electricity, require less maintenance, and are easy to operate, they are preferred by manufacturers around the world for use in motorized equipment. The growing popularity of the industrial Internet of Things (IoT), along with the use of cloud computing, mobile communications and web technologies to control and maintain these units, is also predicted to have a positive impact on the expansion of the industry.

Challenges:

The increasing prices of these drives would also hinder the market expansion during the foreseen period.

AC Drives Market Segmentation:

By application:

  • Compressors
  • Fans
  • Pumps
  • Conveyors
  • Extruders

Compressors had the largest market share in terms of revenue during the historical period and will continue to dominate throughout the foreseen period, due to the increasing use of compressors in heating and ventilation equipment.

By end use industry:

  • Oil and Gas
  • Power Generation
  • Building Automation
  • Food and Beverages
  • Water and Wastewater
  • Metals and Mining
  • Chemicals and Petrochemicals

The oil and gas industry was the largest end-user of AC drives market during historic times. The industry is also predicted to capture the largest market share in terms of revenue during the foreseen period due to the widespread use of derivatives to control the speed of pumps and compressors employed in the industry.

AC Drives Regional Analysis:
The AC Drives Report includes the segmentation of Regions with their respective Countries.

  • North America AC Drives Industry includes U.S, Canada.
  • Europe AC Drives Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
  • Asia Pacific AC Drives Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
  • Latin America AC Drives Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.
  • Middle East & Africa AC Drives Industry includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

North America has the highest penetration of AC drives and also has the substantial share. The AC drive market is predicted to post a significant CAGR over the foreseen period. Asia-Pacific accounts for comparatively high market share and is growing at a relatively high CAGR during the foreseen period due to increasing call for drives in a wide range of applications from various businesses. North America is experiencing a rapid increase in frequency converter production capacity, attributed to increased urbanization and the development of end-user businesses. Key factors driving the expansion of the AC Drives market in the region include the increasing expansion and technological advancement of the HDD market and high-end user applications in various businesses. The AC drive market is predicted to experience healthy expansion due to the increasing use of such drives around the world. The variable speed drivetrain market for the Asia-Pacific region is also predicted to see rapid expansion during the foreseen period, primarily driven by large-scale infrastructure expansion, especially in China and India.

Competitive Landscape:

The major manufacturers have consolidated their power in the market, but in the recent period several local suppliers are developing new products in this market, which is predicted to offer fierce competition to the big players in the market is a key challenge of the market ahead by the main players in the market to earn their place in the market.

Key Players:

Some of the major companies operating in the global AC drives market include ABB Ltd., Siemens AG, Danfoss Group, Schneider Electric SE, Yaskawa America Inc., Rockwell Automation Inc., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Emerson Electric Co., and Parker Hannifin Corporation

1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                       

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling    

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary              

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                    

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                   

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 AC Drives Market, By Application                   

                             6.1.1 Compressors        

                             6.1.2 Fans         

                             6.1.3 Pumps     

                             6.1.4 Conveyors             

                             6.1.5 Extruders

                             6.1.6 Market Size Estimations & Forecasts (2019-2024) 

                             6.1.7 Y-o-Y Growth Rate Analysis            

                             6.1.8 Market Attractiveness Index          

              6.2 AC Drives Market, By End-User                       

                             6.2.1 Oil and Gas           

                             6.2.2 Power Generation             

                             6.2.3 Building Automation         

                             6.2.4 Food and Beverages          

                             6.2.5 Water and Wastewater    

                             6.2.6 Metals and Mining             

                             6.2.7 Chemicals and Petrochemicals      

                             6.2.8 Market Size Estimations & Forecasts (2019-2024) 

                             6.2.9 Y-o-Y Growth Rate Analysis            

                             6.2.10 Market Attractiveness Index        

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region                            

              7.2 North America - Market Analysis (2018 - 2024)                        

                             7.2.1 By Country            

                                           7.2.1.1 USA

                                           7.2.1.2 Canada

                             7.2.2 By Application      

                             7.2.3 By End-User          

              7.3 Europe                      

                             7.3.1 By Country            

                                           7.3.1.1 UK

                                           7.3.1.2 France

                                           7.3.1.3 Germany

                                           7.3.1.4 Spain

                                           7.3.1.5 Italy

                                           7.3.1.6 Rest of Europe

                             7.3.2 By Application      

                             7.3.3 By End-User          

              7.4 Asia Pacific                

                             7.4.1 By Country            

                                           7.4.1.1 China

                                           7.4.1.2 India

                                           7.4.1.3 Japan

                                           7.4.1.4 South Korea

                                           7.4.1.5 South East Asia

                                           7.4.1.6 Australia & NZ

                                           7.4.1.7 Rest of Asia-Pacific

                             7.4.2 By Application      

                             7.4.3 By End-User          

              7.5 Latin America                         

                             7.5.1 By Country            

                                           7.5.1.1 Brazil

                                           7.5.1.2 Argentina

                                           7.5.1.3 Mexico

                                           7.5.1.4 Rest of Latin America

                             7.5.2 By Application      

                             7.5.3 By End-User          

              7.6 Middle East and Africa                       

                             7.6.1 By Country            

                                           7.6.1.1 Middle East

                                           7.6.1.2 Africa

                             7.6.2 By Application      

                             7.6.3 By End-User          

8. Key Player Analysis                                

              8.1 ABB Ltd                      

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Siemens AG              

              8.3 Danfoss Group                       

              8.4 Schneider Electric SE                           

              8.5 Yaskawa America Inc                          

              8.6 Rockwell Automation Inc                   

              8.7 Mitsubishi Electric Corporation                       

              8.8 Fuji Electric Co. Ltd                

              8.9 Emerson Electric Co              

              8.10 Parker Hannifin Corporation                         

9. Market Outlook & Investment Opportunities                             

Appendix                                       

              List of Tables                   

              List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global AC Drives Market By Region, From 2020-2025 ( USD Billion )
  2. Global AC Drives Market By Application, From 2020-2025 ( USD Billion )
  3. Global Compressors Market By Region, From 2020-2025 ( USD Billion )
  4. Global Fans Market By Region, From 2020-2025 ( USD Billion )
  5. Global Pumps Market By Region, From 2020-2025 ( USD Billion )
  6. Global Conveyors Market By Region, From 2020-2025 ( USD Billion )
  7. Global Extruders Market By Region, From 2020-2025 ( USD Billion )
  8. Global AC Drives Market By End-User, From 2020-2025 ( USD Billion )
  9. Global Oil and Gas Market By Region, From 2020-2025 ( USD Billion )
  10. Global Power Generation Market By Region, From 2020-2025 ( USD Billion )
  11. Global Building Automation Market By Region, From 2020-2025 ( USD Billion )
  12. Global Food and Beverages Market By Region, From 2020-2025 ( USD Billion )
  13. Global Water and Wastewater Market By Region, From 2020-2025 ( USD Billion )
  14. Global Metals and Mining Market By Region, From 2020-2025 ( USD Billion )
  15. Global Chemicals and Petrochemicals Market By Region, From 2020-2025 ( USD Billion )

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