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AC Drives Market Size

Report ID: GMI5925
Published Date: Jun 2023
Report Format: PDF

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AC Drives Market Size

AC Drives Market size surpassed USD 16.3 billion in 2023 and is projected to grow at 4.7% from 2024 to 2032 owing to the increasing demand for the need of energy-efficient motor control solutions, technological advancements, along with the integration of motor control with industrial automation.

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The market is expected to continue expanding as industries increasingly recognize the benefits of AC drives in terms of energy savings, improved process control, and extended equipment lifespan. The demand for these units is driven by the key factors including increasing industrialization, automation, and a growing emphasis on energy efficiency. The wide adoption of these units in several industries, including manufacturing, oil and gas, HVAC, water, and wastewater treatment, will further augment the industry growth. By varying the frequency and voltage, the ability of these units to control the motor speed and torque will further enhance product deployment.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of AC drives surpassed USD 16.3 billion in 2023 and is likely to grow at 4.7% CAGR from 2024 to 2032 attributed to the increasing need for energy-efficient motor control solutions.

Low voltage AC drives industry was valued at more than USD 14.5 billion in 2022 and is set to record substantial growth till 2032 driven by rising adoption due to compact size for installations at limited spaces.

Asia Pacific AC drives industry recorded over USD 5.7 billion in 2022 and is set to observe significant expansion through 2032 on account of the accelerating expenditures in the manufacturing sector along with increasing adoption of high-power machinery.

Some of the prominent manufacturers of AC drives are ABB, Siemens, Fuji Electric. Co., Ltd., Rockwell Automation, Schneider Electric, TMEIC, Eaton, General Electric, Johnson Controls, WEG, Danfoss, Emerson Electric Co., and Hitachi Hi-Rel Power Electronics Private Limited