The global AC drives market is projected to grow at a CAGR of 7.0% from 2016 to 2021, to reach a market size of USD 22.07 Billion by 2021. This growth is attributed to the increasing urbanization & industrialization, rising need for energy efficiency, and regulations on energy efficiency.
The report segments the AC drives market based on end-user industries into oil & gas, water & wastewater, power generation, building automation, food & beverage, metals & mining, chemicals & petrochemicals, and other industries. Oil & gas segment is the largest end-user of AC drives as it offers good speed controls & high energy savings.
The low voltage AC drives segment is expected to dominate the AC drives market during the forecast period. The AC drives market has also been segmented based on power rating into three segments: low (below 40 kW), medium (41 - 200 kW), and high (above 200 kW). Demand from building automation, food & beverage, oil & gas, construction, and pulp & paper industries will drive the low power AC drives market during the forecast period.