AC Drives Market Analysis

AC Drives Voltage Market Analysis

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Low voltage AC drives market crossed valuation of USD 14.5 billion in 2022 and is set to observe a substantial growth during the forecast period. The products are designed specifically for controlling the speed of small AC motors in low-power applications finding integration across various small machinery applications including pumps, fans, and conveyors. Their compact size, which makes them well-suited for installations with limited space constraints. In addition, precise speed control and the ability to enable efficient energy usage by adjusting the motor speed according to the specific requirements of the application is set to accelerate the product demand.
 

Accelerating demand for pumps and air compressors across the petrochemical sector for improved production process will business growth. As the power consumption fluctuates with load size, installing AC drives offering a significant energy-saving can have substantial energy-saving effect. As per the US Department of Energy (DOE), HVAC systems accounted for a significant amount of a facility's energy use as these systems require 40-60% of a facility's power. Also, increased efficiency, the introduction of improved technology, and the ongoing trend towards cost reduction through enhanced manufacturability are expected to expedite the future development of intelligent drive systems.
 

Continuous technological enhancements coupled with the implementation of stringent regulatory rules and regulations for AC drives market, will result in an increase in demand for energy-efficient systems. The increasing emphasis on lowering the power expenditures along with energy-saving possibilities is elevating the demand for these units across several application verticals Moreover, installing these systems allows fans, pumps, compressors, extruders, and conveyers to perform optimally and at a decreased capacity, as well as the ability to lower motor speed, so efficiently utilizing electrical energy, is fueling the product usage across industrial applications.
 

The demand for AC drives is increasing in a wide range of sectors, including oil and gas, power generation, food processing, automotive, mining and metals, pulp and paper, maritime, and textile. The oil and gas industry are essentially reliant on the active and dependable functioning of big pumps and compressors, which results in accelerated product demand. Some of the prominent factors driving the use of products in O&G industry include lower environmental impact, greater reliability, and better efficiency.
 

The continuous and expanding move towards gas turbine motor product implementation is driven by their ability to provide operational and economic viability in a wide range of O&G applications. These units require low maintenance, lower maintenance expenses, ability to improve production, and enhanced productivity of the operation are some of the vital factors bolstering AC drives market growth.
 

Rising popularity of AC drives in the food processing sector led by the demanding and distinctive requirements in numerous verticals such as poultry and fish, meat, dairy, and bakery goods, as well as applications such as mixers, conveyers, and grinders. These units will witness a significant demand on account of excellent machine operations, long-lasting technology, and greatest possible energy efficiency level throughout their lives. Moreover, continued technical advancements, as well as increased R&D spending for product innovation, will drive the industry outlook.
 

The Asia Pacific AC drives market was valued at over USD 5.7 billion in 2022 and is set to observe a significant expansion on account of accelerating expenditures in the manufacturing sector along with increased use of high-power machinery. Rising energy prices, as well as worries about supply and environmental effect, have heightened the transition towards energy-efficient technologies. Hence, the regional industry is propelled by continuous technical innovation, which is bolstered by a slew of regulatory requirements and harmonization policies aiming at increasing energy efficiency. The ongoing use of greater performance and more efficiency motors in energy-intensive industrial industries will push the installation of low voltage drives in the region.