AC Drives Market Worth $22.07 Billion by 2021
Market is growing due to urbanization, industrialization, rising need for energy efficiency
PUNE, India — The global ac drives market is expected to grow from an estimated $15.72 billion in 2016 to $22.07 billion by 2021, registering a compound annual growth rate (CAGR) of 7 percent from 2016 to 2021, according to a report from MarketsandMarkets. The report notes that the global market is witnessing significant growth due to urbanization and industrialization, the rising need for energy efficiency, and regulation on energy efficiency.
By end-use industry, the oil and gas industry led the overall ac drives market in 2015, and it is expected to hold the largest share of the market during the forecast period. These drives are mostly used to control the speed of pumps and compressors used in the industry and help reduce energy consumption.
By power rating, low power drives are expected to hold the largest market of the global market during the forecast period. The demand for low power drives is driven by industries such as building, automation, food and beverage, oil and gas, and pulp and paper, among others. Low power drives offer quick payback periods due to high energy savings with low capital costs and better process control with increased motor control.
By region, the ac drives market has been analyzed by North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to be the fastest growing region. Rising need for energy efficiency and rapid industrialization in the region are expected to drive the Asia-Pacific market from 2016 to 2021.
The report includes profiles of some of the leading players in the ac drives market. These include ABB Ltd. (Switzerland), Siemens AG (Germany), Danfoss Group (Denmark), Schneider Electric SE (France), Rockwell Automation Inc. (U.S.), Mitsubishi Electric Co. (Japan), and Yaskawa Electric Corp. (Japan). The report says the leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
More information is available here.
Publication date: 11/22/2016