The AC drives market was valued at $24.3 billion in 2023 and is projected to reach $52.7 billion by 2033, growing at a CAGR of 8% from 2024 to 2033.
Alternative current (AC) drives are variable frequency drives that control the speed and torque of electric motors by fluctuating the voltage and frequency of the power supplied to them. The drives are deployed in applications which require improved energy efficiency, adjustable motor speed, and reduced mechanical stress. The functioning of AC drives involves the conversion of incoming AC power to direct current (DC) and further back to a controlled AC output. Industrial automation and HVAC systems primarily use AC drives as they require precise motor control.
Rise in inclination of industries toward automation is a key driver of the AC drives market. By offering precise control over motor speed and operation, the drives help to improve efficiency, maintain product quality, and reduce downtime. In addition, with surging awareness toward energy savings & sustainability, AC drives are witnessing an increase in adoption as they optimize the motor operation and reduce the energy consumption. Miniaturization of AC drives is a key trend gaining prominence in the market in recent times. Small-sized drives are easy to accommodate in equipment with limited spaces, hence improving their performance.
However, the installation of AC drives is a complex process, failure in which leads to damage to motors. This limits the adoption of the drives and restrains the growth of the market. On the contrary, rapid surge in industrialization and urbanization is boosting the rate of energy consumption. As per a report published by L&T Electrical Automation in 2024, the energy demand of India is anticipated to double by 2030. The industry sector alone accounts for 40% of the total energy consumption in the country. This energy consumption is anticipated to boost the demand for AC drives in the future.
Segment Review
The AC drives market is segmented into type, voltage type, application, and region. On the basis of type, the market is bifurcated into reversible AC drives and non-reversible AC drives. As per voltage type, it is divided into low, medium, and high. Depending on application, it is classified into HVAC Systems, water treatment pumps, renewable energy systems, mining & metals, oil & gas, food & beverage, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the reversible AC drives segment is expected to dominate during the forecast period.
As per voltage type, the medium segment is anticipated to be the highest shareholder by 2033.
Depending on application, the HVAC systems segment is projected to account for a high market share during the forecast period.
Region wise, Asia-Pacific is predicted to be the highest revenue generator by 2033.
Competition Analysis
The leading players operating in the global AC drives market include Bharat Bijlee Limited, P G Drive, Amtech ELECTRONICS India Limited, Yaskawa, Danfoss, Symbiotic Systems, Gennext Control, N. D. AUTOMATION, Zema Automation & Controls Pvt Ltd, and Shenzhen Simphoenix Electric Technology Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Alternative current (AC) drives are variable frequency drives that control the speed and torque of electric motors by fluctuating the voltage and frequency of the power supplied to them. The drives are deployed in applications which require improved energy efficiency, adjustable motor speed, and reduced mechanical stress. The functioning of AC drives involves the conversion of incoming AC power to direct current (DC) and further back to a controlled AC output. Industrial automation and HVAC systems primarily use AC drives as they require precise motor control.
Rise in inclination of industries toward automation is a key driver of the AC drives market. By offering precise control over motor speed and operation, the drives help to improve efficiency, maintain product quality, and reduce downtime. In addition, with surging awareness toward energy savings & sustainability, AC drives are witnessing an increase in adoption as they optimize the motor operation and reduce the energy consumption. Miniaturization of AC drives is a key trend gaining prominence in the market in recent times. Small-sized drives are easy to accommodate in equipment with limited spaces, hence improving their performance.
However, the installation of AC drives is a complex process, failure in which leads to damage to motors. This limits the adoption of the drives and restrains the growth of the market. On the contrary, rapid surge in industrialization and urbanization is boosting the rate of energy consumption. As per a report published by L&T Electrical Automation in 2024, the energy demand of India is anticipated to double by 2030. The industry sector alone accounts for 40% of the total energy consumption in the country. This energy consumption is anticipated to boost the demand for AC drives in the future.
Segment Review
The AC drives market is segmented into type, voltage type, application, and region. On the basis of type, the market is bifurcated into reversible AC drives and non-reversible AC drives. As per voltage type, it is divided into low, medium, and high. Depending on application, it is classified into HVAC Systems, water treatment pumps, renewable energy systems, mining & metals, oil & gas, food & beverage, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the reversible AC drives segment is expected to dominate during the forecast period.
As per voltage type, the medium segment is anticipated to be the highest shareholder by 2033.
Depending on application, the HVAC systems segment is projected to account for a high market share during the forecast period.
Region wise, Asia-Pacific is predicted to be the highest revenue generator by 2033.
Competition Analysis
The leading players operating in the global AC drives market include Bharat Bijlee Limited, P G Drive, Amtech ELECTRONICS India Limited, Yaskawa, Danfoss, Symbiotic Systems, Gennext Control, N. D. AUTOMATION, Zema Automation & Controls Pvt Ltd, and Shenzhen Simphoenix Electric Technology Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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Key Market Segments
By Application
- HVAC Systems
- Water Treatment Pumps
- Renewable Energy Systems
- Mining and Metals
- Oil and Gas
- Food and Beverage
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
By Type
- Reversible AC Drives
- Non-Reversible AC Drives
By Voltage Type
- Low
- Medium
- High
- Bharat Bijlee Limited
- P G Drive
- Amtech ELECTRONICS India Limited
- Yaskawa
- Danfoss
- Symbiotic Systems
- Gennext Control
- N. D. AUTOMATION
- Zema Automation & Controls Pvt Ltd
- Shenzhen Simphoenix Electric Technology Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: AC DRIVES MARKET, BY TYPE
CHAPTER 5: AC DRIVES MARKET, BY VOLTAGE TYPE
CHAPTER 6: AC DRIVES MARKET, BY APPLICATION
CHAPTER 7: AC DRIVES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the AC Drives Market include:- Bharat Bijlee Limited
- P G Drive
- Amtech ELECTRONICS India Limited
- Yaskawa
- Danfoss
- Symbiotic Systems
- Gennext Control
- N. D. AUTOMATION
- Zema Automation & Controls Pvt Ltd
- Shenzhen Simphoenix Electric Technology Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 350 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 24.3 billion |
| Forecasted Market Value ( USD | $ 52.7 billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
