LONDON, Feb. 16, 2016 /PRNewswire/ -- Energy consumption plays an important role in the overall operating costs of any energy intensive industry. AC drives, which are primarily used to control the speed and torque of electric motors, provide optimized energy use, and reduce related costs. Advantages of energy save and long life of the equipment making AC drives increasingly popular. They also help in reducing production costs, improve production quality, and reduce Co2 emissions.
The global AC drives market is estimated at USD 14.6 billion in 2015 and is projected to reach USD 21.0 billion by 2020, at a CAGR of 7.4% from 2015 to 2020. The market has been classified on the basis of voltage, power rating, application, end-use industry, and region, which has been further divided on the basis of countries.
The study has profiled leading market players of the industry, along with their recent developments and other strategic industry activities. Some of the key players include ABB Ltd. (Switzerland), Siemens AG (Germany), Danfoss Group (Denmark), Schneider Electric SE (France), Mitsubishi Electric co. Ltd (Japan), Rockwell Automation (U.S.) and Yaskawa Electric Co.(Japan).
Asia-Pacific leads the AC drives system market with share of approximately 42.6% in 2015, which is expected to grow with a CAGR of 8.8% during the forecast period. This growth is attributed to the increasing government mandates to conserve electricity via energy efficiency norms and rapidly growing industrialization in this region.
Based on end-use industry, AC drives market has been broadly classified into oil & gas, water & wastewater, power generation, building automation, food & beverage, metals & mining, chemicals & petrochemicals and others. Water & wastewater industry is expected to grow at a highest CAGR of 8.4% from 2015-2020.
The low voltage drives segment accounted for the largest market share in 2014. Its growth has been attributed to the usage of low voltage motors in various industries globally. However medium voltage AC drives is expected to register a higher growth rate during the forecast period.
In the methodology various secondary sources have been taken into consideration including annual reports, press releases, investor presentations of companies, white papers and certified publications, articles from recognized authors from association panels, manufacturers associations, directories, and databases. These secondary sources were used to identify and collect information that was useful for this extensive commercial study of the AC drives market. In the primary research process, various primary sources from both supply and demand side have been interviewed to obtain qualitative and quantitative information for this report.
The report caters to
- AC drive manufacturers, dealers and suppliers
- Manufacturing industry
- Consulting companies in energy and power sector
The report also offers the following paid customizations:
- Detailed analysis and profiling of additional market players (Up to 5).
- Further segmentation and analysis of AC drives based on end-use industry
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