Alternate Current (AC) Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 05/01/2018 -- Alternate Current (AC) drive is a part of an electric drive used to control the speed and direction of an AC motor by varying the magnetic flux, frequency, and voltage in a motor circuit. It relies on frequency and voltage of the motor power supply. This drive is widely used to regulate and control electrical devices such as fans, conveyors and pumps, compressors, and extruders. AC drive is a key component of any infrastructure development and operation. It is used extensively in manufacturing and food & beverages industries. Furthermore, AC drive plays a vital role in hybrid industries, as it helps provide an efficient way to combine conventional energy sources and energy storages to create total energy management solutions.
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The global AC drives market is expected to expand significantly during the forecast period due to the increase in industrialization and urbanization, new road construction, rise in demand for modern infrastructure, and growth in airport facilities. This is anticipated to drive the demand for products from the metals & mining, cement and glass, and oil & gas industries. Thus, application of AC drives in the industries mentioned above is estimated to boost the AC drives market in the near future. However, decrease in Greenfield investment (i.e. a type of foreign investment in which a parent company begin its new venture usually in a developing country, thus creating new facilities and jobs) is projected to hamper the global AC drives market during the forecast period. Furthermore, implementation of strict governmental norms and regulations to reduce carbon emissions during electricity production and consumption, increase in demand for power, and rise in competition among the local players are likely to offer growth opportunities to the global AC drives market.
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The global AC drivers market is broadly segmented in terms of application, power rating, voltage, industry verticals, and geographic regions. Based on application, the AC drivers market is segmented into fans, pumps, compressors, conveyors, and extruders. In terms of voltage, the AC drives market is subdivided into low voltage and medium voltage. In terms of power rating,