Dublin, Nov. 20, 2024 (GLOBE NEWSWIRE) — The “AC Drives – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for AC Drives was estimated at US$22.7 Billion in 2023 and is projected to reach US$32.3 Billion by 2030, growing at a CAGR of 5.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the AC drive market is driven by several key factors, primarily focused on the increasing demand for energy-efficient solutions, industrial automation, and sustainability initiatives. One of the most significant drivers is the rising cost of energy and the push for industries to reduce their carbon footprints. AC drives enable significant energy savings by ensuring that motors only use the power they need, making them a central component of energy management strategies in manufacturing, commercial buildings, and other sectors. As governments worldwide impose stricter energy efficiency regulations, industries are turning to AC drives to comply with these mandates while also reducing operational costs.
Another major factor is the growing trend toward industrial automation, where precise control of machinery is essential for optimizing production lines, improving product quality, and minimizing waste. AC drives play a crucial role in automating processes that require varying motor speeds, contributing to the broader adoption of smart manufacturing and Industry 4.0 technologies. Additionally, the expansion of renewable energy projects is fueling demand for AC drives, particularly in wind and solar power systems where they are used to control the speed of turbines and optimize energy output.
The increasing focus on sustainable construction and green buildings is also driving the adoption of AC drives in HVAC systems, where they are used to improve energy efficiency and reduce emissions. The development of advanced AC drives that incorporate features like predictive maintenance, remote monitoring, and integration with IoT platforms is further accelerating market growth.
These innovations are making AC drives more attractive to industries seeking to optimize operations and reduce downtime through real-time data analysis and automated maintenance alerts. As a result, the global AC drive market is expected to continue expanding rapidly, driven by the need for more efficient, reliable, and adaptable motor control solutions.
What Challenges Do AC Drives Face in Implementation?
While AC drives offer numerous advantages, there are also challenges associated with their implementation, particularly in complex industrial environments. One of the main issues is the initial cost of AC drives, which can be higher compared to other motor control methods. Although the long-term energy savings and reduced maintenance costs often offset this expense, the upfront investment can be a barrier for small or cost-sensitive operations. Additionally, proper installation and configuration of AC drives require technical expertise, as incorrect setup can lead to inefficiencies or even damage to the motors.
Ensuring compatibility between the AC drive and the motor is also critical, especially in older systems that were not originally designed for variable frequency control. Another challenge lies in the potential for harmonic distortion, where the AC drive’s conversion process can introduce electrical noise back into the power supply, potentially disrupting other sensitive equipment on the same grid. To mitigate these effects, filters and proper grounding are often required, adding to the complexity and cost of the installation. Moreover, the integration of AC drives into existing industrial control systems can be a challenge. Many industries rely on legacy systems where compatibility with modern AC drive technology might not be seamless.
There is also the consideration of environmental factors; AC drives need to be protected from extreme conditions such as high humidity, dust, and temperature fluctuations, which could impact their performance and lifespan. Lastly, ensuring continuous operation and minimizing downtime during the transition to AC drive technology is a critical concern for industries that operate on tight schedules or continuous production lines.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global AC Drives Market such as ABB Ltd., Danfoss Group, Emerson Electric Co., Fuji Electric Co. Ltd., Hiconics Drive Technology Co. Ltd. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Low Voltage AC Drives segment, which is expected to reach US$22.7 Billion by 2030 with a CAGR of a 5.6%. The Medium Voltage AC Drives segment is also set to grow at 4.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $6.1 Billion in 2023, and China, forecasted to grow at an impressive 8.7% CAGR to reach $7.1 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 89 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $22.7 Billion |
| Forecasted Market Value (USD) by 2030 | $32.3 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- AC Drives – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Industrial Automation Propels Growth in AC Drives Market
- Increased Focus on Energy Efficiency Expands Addressable Market for AC Drives
- Growing Demand for HVAC Systems Spurs Adoption of AC Drives in Building Automation
- Advancements in Motor Control Technologies Drive Innovation in AC Drives
- Surge in Renewable Energy Integration Generates Demand for AC Drives
- Increased Use of AC Drives in Electric Vehicles Propels Market Growth
- Rising Adoption of Smart Grid Technologies Spurs Demand for AC Drives
- Emerging Applications in Water and Wastewater Management Accelerate AC Drive Adoption
- Growing Manufacturing Sector Throws Spotlight on the Need for Efficient AC Drives
- Shift towards Industrial IoT (IIoT) Expands Opportunities for Smart AC Drives
- Demand for Variable Frequency Drives (VFDs) in Process Industries Drives Market Expansion
- Rising Investments in Infrastructure and Construction Propel Growth in AC Drive Applications
- Global Shift towards Electrification in Transportation Expands Market for AC Drives
FOCUS ON SELECT PLAYERS:Some of the 33 companies featured in this Global AC Drives market report include
- ABB Ltd.
- Danfoss Group
- Emerson Electric Co.
- Fuji Electric Co. Ltd.
- Hiconics Drive Technology Co. Ltd.
- Hitachi Ltd.
- Mitsubishi Electrical Corporation
- Parker Hannifin Corporation
- Rockwell Automation, Inc.
- Schneider Electric Se
- Siemens AG
- Toshiba International Corporation
- WEG SA
- Yaskawa Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4g62ng
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