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AC Drives Market Trends

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

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AC Drives Market Trends

AC drives industry is projected to observe significant expansion owing to the rising demand for automation across industries, increasing focus on energy efficiency, and growing need for reliable and efficient motor control solutions. Flourishing investments for industrial development, favorable government regulations and stringent regulations promoting energy efficiency will complement the industry landscape.

For instance, in July 2024, the U.S. Department of Commerce launched an initiative to boost domestic semiconductor advanced packaging which offers up to USD 1.6 billion for R&D activities. The program aims to distribute about USD 150 million while encouraging private sector participation to enhance the nation's semiconductor capabilities. Additionally, integration of advanced industrial automation technologies including Industrial Internet of Things across industrial operations is positively influencing the LV drives business dynamics.

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.