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Global AC Drives Market 2020 Key Findings, Future Insights, Market Revenue and Threat Forecast 2023
AC Drives Market Industry 2020 Global Market Research Report 2020 report is a professional and in-depth study on the market size, growth, share, trends, as well as industry analysis.

Global AC Drives Market, 9/16/2020 - Global AC Drives Market Synopsis

The global AC drives market is expected to grow during the forecast period as stated by Market Research Future (MRFR) majorly due to the regulations in energy efficiency. The global market is calculated to grow at CAGR of 7.05% during the forecast period of 2016 to 2023. The regulations in energy efficiency plays a significant role in accelerating the demand for AC drive in the global market.

AC drives are used primarily for controlling the speed level of an electric motor that is used in electrical products. The motor speed is controlled and regulated by changing the frequency level of the electricity passing through the motor. Some of the major advantages of ac drives are reverse operation, energy saving, and elimination of mechanical components so as to curb down the maintenance cost.

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AC Drives Industry Highlights

AC drive is an equipment that is applied to monitor the speed of an electric motor. The electric motor’s speed is governed by altering the frequency of the electricity transmitted through the motor with the assistance of these drives. The drives are mostly used in sectors such as power generation, oil & gas, metals & mining, food & beverage, chemicals & pharmaceuticals, and water & wastewater. Within these verticals, AC drives are arranged in applications such as conveyors, compressors, and pumps. The key benefits of AC drives include reverse operation, the elimination of mechanical elements to decrease maintenance cost, and energy saving. Factors like surging GDP in the emerging economies and rapid industrialization are propelling the AC drive market globally.

Economies such as India and China are offering an opportunity to several AC drive makers as these drives are placed with compressors and conveyors that are being applied in an assortment of industrial applications and manufacturing facilities, fuelling the AC drives market. Furthermore, governments throughout the world are putting focus on lessening energy consumption in households and verticals by allowing them to apply energy-saving methods. AC drives extend ideal solutions for saving energy by enhancing the efficacy of the machineries with the incorporation of AC power. This is likely to fuel the worldwide demand for AC drives market.

Regional Analysis

The global ac drives market is geographically segmented into four major regions, namely Asia Pacific, Europe, North America, the Middle East & Africa, and South America.

Among these geographical areas, the Asia Pacific regional market held the highest share percentage in AC drives as per the 2017 released study report. The market is expected to grow during the forecast period with the highest growth percentage and cement its positioning at the top of the global rankings for the foreseeable future. The regional market’s positioning globally is due to the increasing pace of urbanization and industrialization. Additionally, the proliferating rate of demand for energy efficient equipment and favorable government plans are slated to strikingly boost the global market for ac drives in Asia Pacific.

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