PUNE, Maharashtra, November 2, 2016 /PRNewswire/ --
The report "AC Drives Market by Voltage (Low and Medium), Power Rating (Low, Medium, and High Power), Application (Pumps, Fans, Compressors, Conveyors, Extruders), End-Use Industry and Region - Global Trends & Forecast to 2021" published by MarketsandMarkets, the market is expected to grow from an estimated USD 15.72 Billion in 2016 to USD 22.07 Billion by 2021, registering a CAGR of 7.0% from 2016 to 2021.
Browse 78 market data Tables and 62 Figures spread through 198 Pages and in-depth TOC on "AC Drives Market"
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The global market is witnessing significant growth due to urbanization & industrialization, rising need for energy efficiency, and regulation on energy efficiency.
Oil & Gas segment is expected to hold the largest share of the AC Drives Market, by End-Use Industry, during the forecast period
The oil & gas industry led the overall AC Drives Market in 2015. AC drives are mostly used to control the speed of pumps and compressors used in the oil & gas industry. Most processes in oil & gas industries are complex and operate at varying operating conditions. AC drives control the speed effectively and reduce energy consumption at a large scale.
Low power drives are expected to hold the largest market share of the AC Drives Market, by Power Rating, during the forecast period
The low power drives are expected to hold the largest market of the global AC Drives Market during the forecast period. The demand for low power drives is driven from industries such as building, automation, oil & gas, food & beverage, and pulp & paper among others. Low power drives also offer quick pay back periods due to higher energy savings with low capital costs and better process control with increased motor control.
Asia-Pacific is the fastest growing market for AC drives
In this report, the AC Drives Market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Asia-Pacific is expected to be the fastest growing market for AC drives. Rising need for energy efficiency and rapid industrialization in the region will drive the Asia-Pacific AC Drives Market from 2016 to 2021.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the AC Drives Market. These players include ABB Ltd. (Switzerland), Siemens AG (Germany), Danfoss Group (Denmark), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Co. (Japan), and Yaskawa Electric Corporation (Japan). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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