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AC Drives Market Size

Report ID: GMI5925
Published Date: Nov 2024
Report Format: PDF

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AC Drives Market Size

The global AC drives market size was valued at USD 17 billion in 2024 and is estimated to grow at a CAGR of 4.4% from 2025 to 2034. The demand for energy-efficient motor control solutions, technological advancements, and the integration of motor control with industrial automation are driving the industry growth. Increasing industrialization, growing automation, and increasing emphasis on energy efficiency will complement the industry landscape. The widespread adoption of AC drives in industries such as manufacturing, oil and gas, HVAC, and water and wastewater treatment is further augmenting market growth.

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The ability of these units to control motor speed and torque by varying frequency and voltage enhances their deployment across various applications. Moreover, manufacturers are also introducing new technologies and enhanced products for various industrial applications which will positively influence the business dynamics. For instance, in February 2024, ABB India introduces the ACH180, its latest compact drive for HVACR equipment. This new addition to the company’s HVACR drives portfolio offers precise control of high-efficiency motors. The units’ compact design provides space savings, reduces capital expenditure, and simplifies the commissioning process.

AC Drives Market Report Attributes
Report Attribute	Details
Base Year:	2024
AC Drives Market Size in 2024:	USD 17 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	4.4%
2034 Value Projection:	USD 26.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	32
Segments covered:	Voltage, Application, End-Use and Region
Growth Drivers:	Positive outlook towards energy efficient technologies and measures to mitigate the carbon footprint Growing investments across industrial infrastructures Stringent regulatory framework to reduce the overall energy consumptions
Pitfalls & Challenges:	Fluctuating raw material cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of AC drives reached USD 17 billion in 2024 and is set to grow at a 4.4% CAGR from 2025 to 2034, driven by the demand for energy-efficient motor control solutions and technological advancements.

The pumps segment is poised to witness a CAGR of over 4% through 2034, fueled by the petrochemical industrys need for efficient pumps and a focus on energy savings in power-intensive applications.

The U.S. AC drives market is set to surpass USD 3.6 billion by 2034, led by increased spending in manufacturing and the widespread use of high-power equipment.

Major players in the industry include ABB, Danfoss, Eaton, Emerson Electric, Fuji Electric, GE Vernova, Hitachi Hi-Rel Power Electronics, Johnson Controls, Nidec, Parker Hannifin, Rockwell Automation, Schneider Electric, Siemens, Sprint Electric, TMEIC, WEG, and Yaskawa Electric.