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The global AC drives market will grow from an estimated value of USD 14.6 Billion in 2015 to USD 21.0 Billion by 2020 with a CAGR of 7.4% from 2015 to 2020.

AC Drives Market

Rising electricity prices, along with increased demand for electricity and energy, is currently driving the AC drives market. In addition, high potential of AC drives to reduce energy consumption and enhance efficiency of the 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 device.

The global AC drives market has been analyzed based on end-use industry, voltage, application, power rating, and region. The report covers the key regions of North America, Asia-Pacific, Europe, South America, and the Middle-East & Africa.

Asia-Pacific: The largest market for AC drives

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 & gas industry: Largest Market by industry

Oil & 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 & gas industry. The oil & gas market was valued USD 2.0 Billion in 2014, and is expected to reach USD 2.9 Billion by 2020, from 2015 to 2020. The other Industries covered in this segment is water & wastewater, power generation, building automation, food & beverage, metals &mining, chemical & petrochemicals and others.