AC Drives Market to Reach $52.7 Billion, Globally, by 2033 at 8% CAGR: Allied Market Research
The global AC drives market is propelled by growing industrialization in emerging economies. Emerging economies, particularly in Asia-Pacific, Latin America, and Africa, are experiencing rapid industrialization. This growth drives the demand for efficient and reliable motor control solutions. The demand for AC drives increases as these regions build new industrial facilities and upgrade existing ones. The industrial growth in these regions also includes investments in infrastructure projects, which further boosts the market for AC drives.
/EIN News/ -- Wilmington, Delaware, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "AC Drives Market by Type (Reversible AC Drives and Non-Reversible AC Drives), Voltage Type (Low, Medium and High), and Application (HVAC Systems, Water Treatment Pumps, Renewable Energy Systems, Mining and Metals, Oil and Gas, Food and Beverage and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the AC drives market was valued at $24.3 billion in 2023, and is estimated to reach $52.7 billion by 2033, growing at a CAGR of 8% from 2024 to 2033.
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Prime determinants of growth
The global AC drives market is driven by expansion of HVAC systems. The heating, ventilation, and air conditioning (HVAC) industry is a significant user of AC drives. AC drives are used to control fans, pumps, and compressors in HVAC systems, optimizing their performance and reducing energy consumption. With the growing emphasis on energy-efficient buildings and the expansion of the construction industry, particularly in urban areas, the demand for AC drives in HVAC systems is increasing. However, while AC drives can enhance system efficiency and performance, they also introduce additional maintenance requirements. Ensuring that these devices operate reliably over time can be challenging. Also, AC drives contain sensitive electronic components that can be prone to failure if not properly maintained, especially in harsh industrial environments. This factor is projected to restrain the growth of the AC drives market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $24.3 billion |
| Market Size in 2033 | $52.7 billion |
| CAGR | 8.0% |
| No. of Pages in Report | 350 |
| Segments covered | Type, Voltage Type, Application, and Region |
| Drivers |
|
| Opportunities |
|
| Restraints |
|
The reversible segment to maintain its lead position during the forecast period
The demand for reversible AC drives is increasing due to their ability to provide both forward and reverse control of motor operations, enhancing flexibility and efficiency in various applications. Industries like manufacturing, material handling, and robotics benefit significantly from this feature, as it allows for more precise control and positioning of equipment. Additionally, reversible AC drives contribute to energy savings and reduced wear and tear on mechanical components by enabling smooth transitions between forward and reverse motions. This capability is particularly valuable in applications requiring frequent direction changes, such as conveyor systems and automated machinery, making reversible AC drives a critical component in modern industrial processes.
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The medium segment to maintain its lead position during the forecast period
The demand for medium voltage AC drives is increasing due to their ability to handle higher power levels efficiently, making them ideal for heavy industrial applications such as mining, oil and gas, and large-scale manufacturing. These drives offer significant energy savings and improved process control, which are crucial for industries aiming to reduce operational costs and enhance productivity. Additionally, medium voltage AC drives are essential for integrating renewable energy sources and supporting infrastructure development, where high power and reliability are required. Their capacity to minimize harmonic distortion and enhance motor performance further drives their adoption in sectors demanding robust and efficient power solutions.
The HVAC systems segment to maintain its lead position during the forecast period
The demand for AC drives in HVAC systems is increasing primarily due to their ability to improve energy efficiency and operational control. HVAC systems require precise adjustment of fan and pump speeds to match varying load conditions, which AC drives facilitate by adjusting motor speeds according to real-time demand. This capability not only reduces energy consumption but also extends the lifespan of equipment by minimizing wear and tear associated with frequent starts and stops. Additionally, AC drives contribute to quieter operation and enhanced comfort levels in buildings by providing smooth and controlled airflow. With a growing emphasis on energy conservation and sustainability, HVAC systems leveraging AC drives offer significant operational and environmental benefits, driving their increased adoption across residential, commercial, and industrial sectors.
Asia-Pacific to maintain its dominance by 2033
The demand for AC drives in the Asia-Pacific (APAC) region is increasing due to rapid industrialization, urbanization, and infrastructure development across countries like China, India, and Southeast Asia. These economies are witnessing a surge in manufacturing activities, construction projects, and transportation infrastructure, all of which require efficient motor control solutions. AC drives enable precise speed and torque control, leading to energy savings and enhanced operational efficiency in industrial applications such as pumps, fans, and conveyor systems. Additionally, stringent government regulations promoting energy efficiency and sustainability are driving the adoption of AC drives in various sectors. The Asia-Pacific region's growing focus on modernizing industrial processes and improving resource management further fuels the demand for AC drives as essential components of smart and efficient manufacturing and infrastructure projects.
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Leading Market Players: -
- Bharat Bijlee Limited
- P G Drive
- Amtech ELECTRONICS India Limited
- Yaskawa, Danfoss
- Symbiotic Systems
- Gennext Control
- N. D. AUTOMATION
- Zema Automation & Controls Pvt Ltd,
- Shenzhen Simphoenix Electric Technology Co., Ltd
The report provides a detailed analysis of these key players in the global AC drives market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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