Global AC Drives Market is predicted to reach USD 31,496.4 million at a CAGR of 6% during the forecast period

Market Research Future (MRFR) has published on the “Global AC Drives Market”.

The global AC Drives Market is estimated to register a CAGR of 6.0% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global AC Drives Market — ABB, Siemens, Schneider Electric, Parker Hanifin Corp., Hitachi, Mitsubishi Electric Corporation, Eaton Corporation, Danfoss, Rockwell Automation, Yaskawa Electric Corporation and others.

Market Highlights

The global AC Drives Market is accounted for to register a CAGR of 6.0 % during the forecast period and is estimated to reach USD 31,496.4 million by 2030.

There is increasing investment in manufacturing and process industries in developing countries such as India and China. Manufacturing and process industries have emerged as high-growth sectors in developing countries such as India and China. The manufacturing and process industries transform goods, materials, or substances into new products. Various electric components and equipment are installed based on industry type, operation mode, and voltage level requirements. AC drives are commonly used in the process and manufacturing industries to increase equipment efficiency. Furthermore, AC drives provide effective speed control of AC motors by changing voltage and frequency. The controlled speed of a motor gives users improved process control, less wear on machines, increased power factor, and substantial energy savings. AC drives offer good speed controls and high energy savings. The uncertainties in oil supply and the fluctuating prices of conventional fuels lead to a rising need for energy efficiency. The rising need for energy efficiency in various industries creates demand for AC drives.

Segment Analysis

The global AC Drives Market has been segmented based on voltage, application and end use.

Based on voltage, the market is segmented into up to 1KV and above 1kV. The up to 1kV segment attributed to holding the largest market share in 2022 with a market share of ~62% revenue as estimated by MRFR analysts.

In Up to 1 kV of low voltage AC drives, both low- and high-power applications can benefit from low-voltage drives. While medium voltage drives offer a lower current draw and use less energy, low voltage drives are frequently used because of their lower cost, smaller size, and greater availability. From micro and machinery drives for machine construction to industrial drives for regulating processing lines, industry-specific drives with purpose-built features and capabilities are available. For any industrial motion application, there are low voltage AC drives with general performance, high performance, component, distributed, and enclosed options. The Up to 1 kV drives captured the largest market revenue share during the historical period and are expected to remain the largest category during the forecast period due to their low cost and ability to work for both low- and high-power applications.

Based on application, the global AC Drives Market has been segmented into pumps, compressors, fans, conveyors, extruders and others. The pumps segment was expected to hold the largest market share in 2022.

Based on end use, the global AC Drives Market has been segmented into power generation, oil & gas, food & beverage, metals & mining, chemicals & petrochemicals, water & wastewater, residential and others. The power generation segment was expected to hold the largest market share in 2022.

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Regional Analysis

The global AC Drives Market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America consists of US, Mexico and Canada. The Europe market comprises of UK, Norway, Italy, Denmark, and the rest of Europe. The global AC Drives Market in Asia-Pacific has been segmented into China, India, Australia, Indonesia, and the rest of Asia-Pacific. The Middle East & Africa market comprises of Saudi Arabia, UAE, South Africa, and rest of Middle East & Africa. While the South America market consists of Brazil, Argentina, and rest of South America.

The increased demand for HVAC applications in the residential sector and the increasing affordability of household appliances are driving market expansion in the area. Because of technical developments and increased product usage in the oil & gas and mining industries, North America is expected to rise significantly over the projected period. Pipelines transmit petroleum products from refineries to demand regions and crude oil from sources to inland refineries in the oil and gas industry. Because of its ability to manage flow efficiently and optimize energy use, AC drives are becoming more popular as the oil and gas sectors expand globally. The United Kingdom, Germany, Italy, and Norway are among the European countries investing in oil and gas production and development to reduce their reliance on foreign countries, supporting the AC drive business. Europe is in high demand due to the expanding building and mining industries. Due to industrialization and urbanization, Asia-Pacific is one of the world's largest markets for AC drives and one of the fastest-growing markets throughout the forecast period. Furthermore, the market for AC drives in Asia-Pacific is likely to be driven by rising demand for energy-efficient equipment and supportive government programs.

Key Findings of the Study

• The global AC Drives Market is expected to reach USD 31,496.4 million by 2030, at a CAGR of 6.0 % during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market, owing to the presence of emerging nations with growing end use applications and factors such as increasing populations.


• Based on voltage, the up to 1kV segment was attributed to holding the largest market in 2022, with an approximate market share of 62%.


• ABB, Siemens, Schneider Electric, Parket Hanifin Corp., Hitachi, Mitsubishi Electric Corporation, Eaton Corporation are the key market players.