Alternate Current (AC) Drives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 05/18/2017 -- 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.
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.
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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.
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, the AC drives market is classified into low power (<40Kw), medium power, and high power. Based on industry verticals, the global AC drives market is divided oil and gas, power generation, building automation, food and beverage, metals and mining and chemicals and petrochemicals industries.
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In terms of geographical regions, the AC drives market is divided into Middle East & Africa (MEA), Asia Pacific (APAC), North America, Europe, and South America. Emerging economies realize that the existing infrastructure is a bottleneck for their economic growth. High power AC drives are expected to prove beneficial in this environment, as they are key components for any infrastructure development and operation. Thus, Asia Pacific is likely to hold the major share of the market for AC drives during the forecast period.
Major competitors operating in the global AC drives market include Parker Hannifin Corporation, ABB Ltd., Emerson Electric Co., Siemens AG, Hitachi Ltd., Toshiba International Corporation Ltd., Danfoss Group, Mitsubishi Electrical Co, Ltd., Rockwell Automation, Fuji Electric Holdings, and Schneider Electric.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.