AC drives market is growing rapidly and is used in applications such as oil and gas, water and wastewater, power generation, building automation, food and beverage, metals and mining and chemicals and petrochemicals. Oil and gas sector was the largest end user of AC drives in the global market, in 2015.
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AC drives offer efficient speed controls, and high energy savings, thereby reducing energy consumption at a large scale. As a result, they are widely used in oil and gas processes that are complex and operate at varying operating conditions.
The global AC drives market is expected to grow during the forecast period on account of rapidly growing industrialization and urbanization, increasing need for energy optimization and various government regulations for obtaining energy efficiency.
Some of the restraints in the global AC drives market include decline in foreign direct investments (FDIs) and increasing number of local vendors in the market resulting in tough competition for established market players.
In 2015, Asia-Pacific was the largest contributor to the global AC drives market, in terms of value, followed by Europe. The major factors expected to fuel the growth of the Asia-Pacific market, during the forecast period, are increasing industrialization and urbanization, driven by China, India, Japan, Australia, and Rest of Asia-Pacific.
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The key players operating in the global AC drives market are ABB Ltd., Siemens AG, Danfoss Group, Schneider Electric SE, Yaskawa America, Inc., Rockwell Automation, Inc., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd, and Emerson Electric Co., among others.