Alternate Current (AC) drives are electronic devices thatalternates with voltage, frequency & magnetic flux to regulate the speed& torque of an electric motor. In an energy intensive sector optimal usageof energy and efficient utilization of its consumption is important formanaging the overall operating costs of that industry. AC drives can optimizethe energy usage and at the same time help in reduction of operative costs bymonitoring the speed and torque of electric motors. Reduction in energy usageand the gain from extending the life of electrical equipment make AC drives tohave widespread applications in industries such as water & wastewater, oil& gas and mining. The primary reasons leading to growth of AC drives marketincludes increasing technological improvement in drives market, and improvisedapplication of this product in various industries. This market is expected toregister healthy growth due growing usage of AC drives across globe.

Increasing urbanization & high industrialization growthrate across the globe are the primary aspects that is driving faster adoptionof this product. Diverse processes for earning energy efficiency along withrising need for energy optimizations in different industrial processes are thekey factors that are boosting the market growth. Although the reduction in theforeign direct investment in this sector is a key restrictive factor deterringthe growth of this market. Also, there is a vast growth opportunities of thismarket in the auxiliary market. Moreover, increasing applications in IndustrialInternet of Things (IIoT) will provide growth opportunities for the AC drivesmarket. The major manufacturers have consolidated power in the market but inrecent period various local vendors are developing new products in this marketwhich is expected to offer stiff competition to the big market players is a keymarket challenge to be overcome by key market players to gain stronghold in themarket.

AC drives market is segmented on the basis of power rating,voltage, end-user industry applications, and region. On the basis of powerrating the market is segmented into low power drives, medium power drives and highpower drives. The usage of high power variants are predominant in powergeneration, metals & mining and chemical & petrochemical industries.These industries also hold the largest market share and is expected to remainprominent throughout the forecast period 2016-2024.

On the basis of voltage, the market is segmented into low,medium and high voltage. The medium voltage AC drivers are expected to grow atthe fastest rate owing to their vast end user base. The increasing growthpotential of consumer electronics segment is driving this market.

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 By end-use industry the market is distributed into food& beverage, oil & gas, metals & mining, power generation, watergeneration, automation, chemicals & petrochemicals and others. Theincreasing adoption of AC drivers in power generation and automation industryis driving the growth of this market during the forecast period. F&B andautomation has high growth potential and are the fastest growing segment.

On the basis of applications, the market is segmented intofans, pumps, compressors, extruders conveyors, among other applications. Theincreasing use of compressors into different applications has made it thefastest growing segment in the market. Compressors also old the highest marketshare and will remain dominant throughout the forecast period.

On the basis of region, the market is segmented into NorthAmerica, Europe, Asia-Pacific, Middle East & Africa and South America.North America has largest penetration for AC drivers and also hold the highestmarket share. Asia-Pacific is the fastest growing segment in this market.

Prominent market players operating in the market are SiemensAG (Germany), Fuji Electric Holdings (Japan), Danfoss Group (Denmark),Schneider Electric (France) Mitsubishi Electrical Co, Ltd. (Japan), EmersonElectric Co. (U.S.), Hitachi Ltd. (Japan), ABB Ltd. (Switzerland), and RockwellAutomation (U.S.) amongst others.

The report offers a comprehensive evaluation of the market.It does so via in-depth qualitative insights, historical data, and verifiableprojections about market size. The projections featured in the report have beenderived using proven research methodologies and assumptions. By doing so, theresearch report serves as a repository of analysis and information for everyfacet of the market, including but not limited to: Regional markets,technology, types, and applications.