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Asia Pacific AC Drives Market Trends

Report ID: GMI11062
Published Date: Aug 2024
Report Format: PDF

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Asia Pacific AC Drives Market Trends

The Asia Pacific AC drives industry is anticipated to witness substantial growth owing to rising demand for electricity capacity expansion driven by rapid accelerated infrastructural expenditure, urbanization and industrial development. For instance. In May 2024, the Japanese Ministry of Trade and Economy unveiled a technology strategy aimed at enhancing energy efficiency and transitioning away from fossil fuels. This strategy outlines crucial technological domains essential for achieving carbon neutrality by 2050. Additionally, the ministry is backing R&D initiatives to promote the commercialization and advancement of emerging technologies. Furthermore, ongoing expansion of clean energy generation, increasing industrial investments, and expenditures for infrastructure development and favorable governmental policies, will drive the industry growth.

Authors: Ankit Gupta, Manish Verma

Frequently Asked Questions (FAQ) :

Asia Pacific AC drives market size exceeded USD 7.3 billion in 2023 and is anticipated to witness 5.2% CAGR from 2024 to 2032 due to rising demand for energy-efficient motor control solutions, driven by technological advancements and the integration of motor control with industrial automation.

The low voltage segment in the Asia Pacific AC drives market is set to exceed USD 10 billion by 2032 led by growing automation across industrial applications, shifting focus on energy efficiency, and ongoing technological advancements for enhanced motor controls.

China AC drives industry size is set to exceed USD 5 billion by 2032 led by rising focus to boost energy efficiency and streamlining operations along with inclinations on energy conservation and emission reduction.

ABB, Bonfiglioli S.P.A., CG Power & Industrial Solutions Ltd., Danfoss, Eaton, Emerson Electric Co., Fuji Electric Co., Ltd., GE Vernova, Hiconics Eco-energy Technology Co., Ltd., Hitachi Hi-Rel Power Electronics Private Limited, Invertek Drives Ltd., and Johnson Controls.