August 12th, 2022
AC Drives Market
The AC Drives Market is expected to expand at a significant CAGR during the forecast period (2020-2027).
The factors driving the growth of AC Drives Market includes growing economic activities in the emerging economies such as India, China, and Indonesia, increasing energy consumptions around the world and the rising application of AC Drives in the manufacturing industries to regulate conveyors, machine spindles and fans. According to the report published by Economic Times, the Foreign Direct Investment (FDI) inflows in the manufacturing sector in India has remarkably increased by 76% in FY 2021-2022 to reach USD 21.34 billion as compared to USD 12.09 billion in 2020-2021, which will boost the demand for AC Drives in the Indian Market. Moreover, the integration of Industrial Internet of Things (IIoT), favorable Government policies regarding energy optimization coupled with rapid industrialization and rising disposable incomes, are some of the additional factors supplementing the Global Ac Drives Market.
However, the growth of AC Drives Market is hindered due to increasing protectionist policies implemented by different Governments and instability in the Oil and Gas Industry.
The major players operating in the market are PARKER HANNIF CORP, Rockwell Automation, Inc., ABB, Danfoss, Schneider Electric, Fuji Electric Co., Emerson Electric Co., Siemens, Mitsubishi Electric Corporation and Hitachi, Ltd. among others.
Application – Segment Analysis
According to Ac Drives Market Analysis, the compressors segment is projected to expand at a robust CAGR over the forecast period. The increasing application of compressors in small engines, plastic manufacturing, electronics and semiconductor and growing demand for AC Drives in the healthcare sector, are some of the factors driving the growth of the segment.
End-Use Industry – Segment Analysis
Based on End-Use Industry, the building automation segment is predicted to lead the market during the forecast period owing to emerging need for automation in the building industry and increasing electricity demand across the globe.
On the other hand, the food and beverage segment is anticipated to capture a sizeable share over the forecast period due to growing consciousness about sustainable food products, which significantly saves time for the user.
Regional – Segment Analysis
Based on region, the North American region is projected to capture the highest market share over the forecast period. The adoption of advanced pumps and compressors, increasing investments on oil and gas exploration and rapid urbanization, are some of the important factors influencing the market growth in North America.
Global AC Drives Market by Voltage
Global AC Drives Market by Power Rating
Global AC Drives Market by End-Use Industry
Oil & Gas
Water & Wastewater
Food & Beverage
Metals & Mining
Chemicals & Petrochemicals
Global AC Drives Market by Application
Global AC Drives Market by Region
Rest of APAC
North AmericaUnited States of America
Rest of Europe
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Add Arif68 to your subscriptions feedArif68