Innovations in AC/DC Converter ICs Drive the Market Growth
The AC drives market is growing rapidly, witnessing huge demand. Moreover, the growing energy industry worldwide witnessing increasing production boosts the AC drives market revenues. Increasing penetration of the oil gas sector and focus on increased energy efficiency provide impetus to the AC drives market value globally.
Resultantly, the AC drives market shares are projected to rise continually during the years to come. In this regard, Market Research Future (MRFR) asserts that the global AC drives market is expected to grow at an impressive CAGR during the assessment period (2020-2027).
Emerging regions worldwide, with their favorable government policies, are expected to present untapped opportunities. Industry players strive to increase their production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Furthermore, the rising demand for household applications supported by the spurring growth residential sector is expected to create a huge demand for AC drives.
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Rising demand for AC Drives from Numerous Industries Propel the Market
The AC drives market outlook appears promising mainly due to the vast demand for energy-efficient pumps, compressors, fans, conveyors, and extruders. Besides, the upsurge in environmental awareness impacts the market growth positively, leading to the higher implementation of these AC drives to provide energy efficiency. Additionally, rising uses of AC drives in food beverage and building automation industries contribute to the growth of the market.
Price Volatility and Demand-Supply Gap in Key Components is a Major Headwind
Despite significant growth propellers, the market witnesses major setbacks such as volatility in prices and the demand-supply gap in raw materials and components, increasing the overall cost of AC drives. Besides, the high research and development costs are projected to restrict the AC drives market growth. Also, the lack of awareness of the benefits of AC drives could restrain the ongoing market growth, negatively impacting the market sales.
Nevertheless, huge advances and continuous developments in equipment used in metals mining, chemicals petrochemicals, water wastewater, and residential applications are anticipated to contribute to the AC drives industry over the review period. Also, high expansion activities by multinationals and well-established companies, alongside the new product launches, are expected to boost the AC drives market shares.
COVID 19 Impacts on the Market
Just like many industries, the AC drives industry was too impacted by the COVID-19 pandemic drastically. Lockdowns initiated by governments worldwide disrupted the supply chain and manufacturing of AC drives, impacting production and sales. Disrupted supply chains and import-exports of the raw materials required for the production affected the market growth.
Moreover, the change in consumers’ purchasing behavior due to economic uncertainties affected the demand for AC drives significantly. However, as various business and industrial activities are rapidly returning to normalcy, the demand for AC drives is too picking up gradually. The gradual reopening of manufacturing facilities is expected to upscale the growth of the market slightly.
The market is segmented into voltage, application, end-use, and regions. The voltage segment is sub-segmented into up to 1 kV and above 1 kV. Of these, the up to 1 kV segment accounts for the largest market share. The application segment is sub-segmented into pumps, compressors, fans, conveyors, extruders, and others.
The end-user segment is sub-segmented into power generation, oil gas, food beverage, building automation, metals mining, chemicals petrochemicals, water wastewater, residential and others. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
The Asia Pacific region dominates the global AC drives market. Factors such as rapid industrialization and urbanization across the region increase the AC drives market size. Besides, the increased demand for energy-efficient equipment and supportive government plans support the AC drives the market growth in the region.
China, Japan, India, and Southeast Asian countries prominently contribute to the regional market growth. Moreover, economic upsurge, large-scale industrialization commercialization, and advances across the end-use sectors are major AC drives market trends.
The AC drives market is experiencing implementations of several strategic approaches, such as collaboration, mergers acquisitions, expansion, and product launches. Major industry players are making strategic investments in research and development activities and fostering their expansion plans.
Key players involved in the market are ABB (Switzerland), Siemens (Germany), Mitsubishi Electric Corporation (Japan), Danfoss (Denmark), Schneider Electric (France), Rockwell Automation Inc. (US), Yaskawa Electric Corporation (Japan), Eaton (Ireland), Parker Hannifin Corp. (US), and Hitachi Ltd. (Japan).
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For instance, recently, on June 17, 2021, Benshaw Inc. launched a new series of intelligent multi-pump controlled AC drives with UL / cUL ratings of 7.5-800HP. The new H2P series drives can optimize up to 8 pumps as a tuned pump control system. Benshaw H2P series pump control drive is an ideal solution for multi-pump control applications in industrial, commercial and water/wastewater industries. These rugged and compact drives are designed for pump OEMs, packagers, and system integrators.
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