HYDERABAD, India, August 2, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the 'AC drives' market. The report titled, Global 'AC drives' Market - Growth, Trends & Forecasts (2016 - 2021) explains the current landscape and outlook of the market.
The global 'AC drive' market is estimated to reach USD 22.1 billion by 2021 with a CAGR of 7.1%. Increased operational efficiency and cost savings from using AC drives is one of the major driving factor for this market.
Urbanization, industrialization, ever increasing demand for energy along with the rising electricity prices and regulations on energy efficiency are some of the factors driving the 'AC drives' market.
High potential of 'AC drives' to reduce energy consumption, greater return on investment (ROI) and enhanced efficiency, provide opportunities for the upgradation & retrofitting market. In addition, saving considerable amount of energy is expected to help reduce carbon dioxide emissions. Moreover, the efficient use of energy is a precondition for global growth and increased prosperity.
By region, the market is segmented into North America, South America, Europe, Asia-Pacific (APAC), and the Middle East & Africa. APAC accounts for a major share owing to urbanization and significant development in industries such as manufacturing, cement, metal processing, food & beverage, paper & pulp and textile followed by Europe and North America. Moreover, the Middle East & Africa market is expected to grow at a faster pace, underpinned by large-scale infrastructure spending along with oil & gas operations.
Despite short term economic slowdown due to various factors such as decline in oil prices, structural change in China, Brexit etc., emerging markets will continue to drive the economic growth as they are constantly to investing in long-term in infrastructure and basic industries.
By voltage, 'AC drives' market has been primarily segmented into low and medium voltage. Significant adoption of medium voltage drives in energy intensive industries such as metal, cement and power etc. is pushing growth of 'AC drives' market.
Furthermore, the market has also been segmented on the basis of power rating into low power (Up to 40kW), medium power (41-200kW), and high power 'AC drives' (Above 200kW).
By end-use industry, the 'AC drives' market has been segmented into oil & gas, water & wastewater, power generation, building automation, food & beverage, metals & mining, chemicals & petrochemicals and 'others,' which constitute industries such as cement, textile, and pulp & paper industries. Oil & gas is the largest end-user for the 'AC drives' market .The water & wastewater industry is expected to have a high growth rate in the wake of rapid urbanization and industrialization.
This report comprehensively analyses the 'AC drives' market by segmenting it based on voltage (low and medium voltage 'AC drives'), end use industry, application and geography. Key drivers and restraints that are effecting the growth of this market are discussed in detail. The study also elucidates on competitive landscape and profiling of key market players along with the market shares. Some of the prominent vendors of the market include ABB Ltd, Danfoss Group, Mitsubishi Electrical Co, Ltd., Schneider Electric Co., Siemens AG, Fuji Electric Holdings, Emerson Electric Co, Hiconics Drive Technology Co. Ltd., Hitachi Ltd., Rockwell Automation, Toshiba International Corporation Ltd., and Yaskawa Electric Co.
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SOURCE Mordor Intelligence