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AC Drives Market Trends

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

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AC Drives Market Trends

The installation of AC drives will be encouraged by an increase in the demand for continuous and dependable power supply to counteract the ever-increasing electricity consumption, along with the introduction of stringent rules & regulations to promote energy efficiency. Moreover, stabilizing global economic development and shifting manufacturers' focus on the cost effectiveness is set to accelerate the AC drives market outlook.

The enormous potential of these units to offer low energy consumption, together with the related monetary advantage from installing these drives, will continue to foster the industry overview. In addition, the growing integration of advanced industrial automation technologies including Industrial Internet of Things (IIoT) across large-scale energy intensive industrial operations will positively cater to the medium voltage AC drives industry dynamics.

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