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.