PUNE, India, Dec. 4, 2019 /PRNewswire/ -- The global AC Drives Market size is projected to reach USD 15.62 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. Rapid rise in power demand worldwide will be the central factor driving the growth of this market. According to the World Energy Outlook Report 2018 published by the International Energy Agency (IEA), between 2017 and 2040, the world energy demand will grow by 27%, with developing countries accounting for around 67% of this rise. Asia-Pacific is slated to consume 46% of the global energy by 2040, with India and China leading the pack. AC drives play a critical role in power generation as it is used in controlling the speed of an electric motor. The use of this device becomes all the more significant in grid facilities where large amount of power is generated and distributed. Thus, rise in demand for power will lead to a demand upsurge for AC drives, augmenting the market in the process.
According to a new report published by Fortune Business Insights, titled "AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan, Extruders, and Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals, and Others), and Regional Forecast, 2019-2026", the market value stood at USD 10.39 billion in 2018. Within the report is contained a thorough research comprising of a detailed evaluation of different drivers, factors, upcoming trends, future prospects, and regional and competitive dynamics that are likely influence the market. Besides this, the report also shares a macroscopic overview of the general industry outlook that will aid businesses to align their strategies with the market requirements.
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Fast-Paced Industrialization and Urbanization to Propel the Market
Accelerated pace of urbanization and industrialization, especially in Asia-Pacific, is expected to be one of the major factors driving the AC Drives Market trends. According to the estimates released by the U.S. Central Intelligence Agency, urban population in China, India, Malaysia, and Vietnam is rising at an annual rate of 2.4%, 2.4%, 2.1%, and 3% respectively. Furthermore, Asia-Pacific, as per the 2018 World Investment Report, received Foreign Direct Investment (FDI) to the tune of USD 476 billion in 2017. Thus, increasing urban population coupled with industrial growth will boost consumer demand for energy and power, thus enhancing the potential of the market for AC drives.
Asia-Pacific to Showcase the Most Promising Growth Prospects
With a revenue generation of USD 3.32 billion in 2018, Asia-Pacific is poised to dominate the AC Drives Market share during the forecast period. High development rate of the manufacturing sector, favorable government policies, and an overall healthy pace of economic development will be the key growth drivers of the alternating current drive market in this region. For instance, government schemes such Make in India, which are aimed at developing the manufacturing sector, will augur well for this market in the region. Increasing oil and gas exploration and production activities will spur the market in North America, while a well-established mining industry will aid the growth of the market in Europe.
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Increasing Focus on Innovation to Characterize Competition
The AC Drives Market analysis provided by Fortune Business Insights predicts that this market is slated to experience stiff competition. This will be a result of major players looking to strengthen their position by ramping up their investment in R&D to bring out innovative products. A few companies are also engaging in acquiring other competitors to broaden their sales horizons.
Key Industry Developments:
- March 2019: ABB introduced the medium voltage ACS6080 drive for critical applications. The device comprises of a new-age control technology of ABB that enhances the performance of motors in process-driven industries such as mining and metals.
- April 2018: Fuji Electric Corp. launched its novel FRENIC-HPAQ product line which offers a package bypass and non-bypass solution for fan and pump applications. The system will be available in 3 configurations and will expand the company's package drive solution series.
List of Prominent Players Operating in the AC Drives Market Research Report are:
- Fuji Electric
- Schneider Electric
- Yaskawa Electric Corporation
- Rockwell Automation
- Toshiba International Corporation
- Parker Hannifin
- Danfoss Group
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global AC Drives Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Rating
- Low Power Drive
- Medium Power Drive
- High Power Drive
- Market Analysis, Insights and Forecast – By Voltage
- Low Voltage
- Medium Voltage
- Market Analysis, Insights and Forecast – By Application
- Electric Fan
- Market Analysis, Insights and Forecast – By End-User
- Food & Beverage
- Oil & Gas
- Power Generation
- Building Automation
- Metal & Mining
- Water & Wastewater
- Chemicals & Petrochemicals
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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