AC drives market to grow over 7% yearly to $21 billion by 2020
Pune, India – The global AC drives market will grow from an estimated value of US$14.6 billion in 2015 to $21.0 billion by 2020, with a compound annual growth rate of 7.4% from 2015 to 2020, according to a study by Markets and Markets.
The alternate current (AC) drive is an electronic device that controls the speed of an electric motor by changing the voltage, frequency and magnetic flux in a motor circuit. Its primary advantages are increased energy savings and reduced motor wear.
Rising electricity prices, along with increased demand for electricity and energy, are currently driving the AC drives market. In addition, the high potential of AC drives to reduce energy consumption and enhance efficiency of a system provides a huge opportunity for retrofit applications in the manufacturing industry.
Stringent government regulations to reduce carbon emissions during electricity production and consumption are also adding to the rising demand for the devices.
The global AC drives market has been analyzed based on end-use industry, voltage, application, power rating, and region. The study covers the key regions of North America, Asia-Pacific, Europe, South America, and the Middle-East & Africa.
The Asia-Pacific region holds the largest market for AC drives, driven by rapidly growing urbanization and industrialization in this region. Huge investments in infrastructure development are also driving the AC drives market in Asia-Pacific. The other major drivers include increasing power demand, and strict government regulations on energy efficiency.
Oil and gas is the largest user of AC drives among all industries. AC drives are mostly used to control the speed of pumps and compressors used in the oil and gas industry. The oil and gas market was valued at $2.0 billion in 2014, and is expected to reach $2.9 billion by 2020.
The market study, ‘AC Drives Market by Voltage (Low and Medium), Power Rating (Low, Medium and High Power), Application (Pumps, Fans, Compressors, Conveyors, Extruders, and Others), End-use Industry and by Region – Global Trends & Forecast to 2020’, defines and segments the market with regional forecast and segment revenue estimates till 2020.
A brochure about the study can be found at http://www.marketsandmarkets.com/pdfdownload.asp?id=131149781.