AC drives, also known as variable frequency drives (VFDs), are used to control the speed and torque of electric motors in various applications. The AC drives market is driven by several factors, including:
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Energy efficiency: AC drives help to reduce energy consumption by controlling the speed of electric motors, which leads to significant energy savings. As energy costs continue to rise, businesses and industries are increasingly adopting AC drives to reduce their energy bills.
Industrial automation: The increasing adoption of automation in various industries, including manufacturing, oil gas, and water wastewater, is driving the demand for AC drives. AC drives are essential components of automation systems, and they help to improve process control and efficiency.
Government regulations: Government regulations aimed at reducing energy consumption and carbon emissions are driving the demand for AC drives. For example, the European Union has implemented energy efficiency directives that require the use of energy-efficient equipment, including AC drives.
Increasing use of renewable energy sources: The increasing use of renewable energy sources, such as wind and solar power, is driving the demand for AC drives. AC drives are used to control the speed of electric motors in wind turbines and solar tracking systems.
Technological advancements: The development of new and advanced AC drive technologies, such as sensorless vector control and regenerative braking, is driving the demand for AC drives. These advanced technologies improve the performance and efficiency of AC drives, making them more attractive to end-users.
AC Drives Market Analysis
AC Drives Market is projected to be worth USD 32.51 billion, registering a CAGR of 5.97% during the forecast period (2022 - 2030), The market was valued at USD 19.15 billion in 2020.
Market Segmentation
The global AC drives market has been segmented into voltage, application, and end-use.
By voltage, the global AC drives market has been segmented into Up to 1 kV and Above 1 kV.
By application, the global AC drives market has been segmented into Pumps, Compressors, Fans, Conveyors, Extruders, and Others.
By end-use, the global AC drives market has been segmented into Power Generation, Oil Gas, Food Beverage, Building Automation, Metals Mining, Chemicals Petrochemicals, Water Wastewater, Residential, and Others.
