AC Drives Market has been valued USD 14.51 billion in the year 2021 and it is estimated to reach USD 30.5 billion by the year 2027, with a CAGR of 7.6% from 2022 to 2027. AC Drives is a device used to control the speed of an electrical motor in order to: enhance process control. Reduce energy usage and generate energy efficiently. decrease mechanical stress on motor control applications; these are the main factors that have considerably increased the demand for AC Drives in the market, thereby driving the huge growth of the AC Drives market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for AC Drive in the market are mainly the increasing need for the low power ac drives in response to enhance the efficiency of the fuel, the stringent government regulations regarding environmental concerns and technological advancements in this segment are expected to drive the AC Drives Market over the predicted years; these are the main factors that have considerably increased the demand for the AC Drives in the market, thereby driving the huge growth of the AC Drives market in the upcoming years

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The report is segmented as:

AC Drives Market is segmented on the basis of:

By application (Compressors, Fans, Pumps, Conveyors, and Extruders),

By end-use industry (oil and Gas, Power Generation, Building Automation, Food and Beverages, Water and Wastewater, Metals and Mining, and Chemicals and Petrochemicals)

Geographical Segmentation:

AC Drives Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the rest of the world. North America has the dominant share in AC Drives due to the growing urbanization & industrialization and expects a boost to the market in the coming years. Additionally, the improvised application of this product in various industries and technological advancements in this segment is predicted to fuel the market during the forecasted years these are the main factors that have considerably increased the demand for AC Drives in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the AC Drives Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected almost every industry, and the long-term effects are projected to impact the growth of AC Drives during the forecast period. The covid-19 pandemic has impacted hugely the sales revenue of the AC Drives market, Due to the government restrictions like lockdowns many countries have stopped the production of products by manufacturing companies. Companies have started opening their manufacturing units after taking all the necessary preventive measures. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus.

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