AC Drives market to touch USD 15.62 Bn by 2026 - Fortune Business Insights
Published on : Friday 06-12-2019
Key companies covered in AC Drives Market Research Report are Fuji Electric, Schneider Electric, Yaskawa Electric Corporation, Rockwell Automation, ABB, Toshiba International Corporation, Parker Hannifin, WEG, Siemens, Danfoss Group, Emerson.
Pune, December 4, 2019 – The global AC Drives Market size is projected to reach USD 15.62 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. Rapid rise in power demand worldwide will be the central factor driving the growth of this market. According to the World Energy Outlook Report 2018 published by the International Energy Agency (IEA), between 2017 and 2040, the world energy demand will grow by 27%, with developing countries accounting for around 67% of this rise. Asia-Pacific is slated to consume 46% of the global energy by 2040, with India and China leading the pack. AC drives play a critical role in power generation as it is used in controlling the speed of an electric motor. The use of this device becomes all the more significant in grid facilities where large amount of power is generated and distributed. Thus, rise in demand for power will lead to a demand upsurge for AC drives, augmenting the market in the process.
According to a new report published by Fortune Business Insights, titled "AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan, Extruders, and Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals, and Others), and Regional Forecast, 2019-2026", the market value stood at USD 10.39 billion in 2018. Within the report is contained a thorough research comprising of a detailed evaluation of different drivers, factors, upcoming trends, future prospects, and regional and competitive dynamics that are likely influence the market. Besides this, the report also shares a macroscopic overview of the general industry outlook that will aid businesses to align their strategies with the market requirements.
The AC Drives Market analysis provided by Fortune Business Insights predicts that this market is slated to experience stiff competition. This will be a result of major players looking to strengthen their position by ramping up their investment in R&D to bring out innovative products. A few companies are also engaging in acquiring other competitors to broaden their sales horizons.
Key companies covered in AC Drives Market Research Report are Fuji Electric, Schneider Electric, Yaskawa Electric Corporation, Rockwell Automation, ABB, Toshiba International Corporation, Parker Hannifin, WEG, Siemens, Danfoss Group, Emerson.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/ac-drive-market-100728