Alternate Current (AC) drive is a part of an electric drive used to control the speed and direction of an AC motor by varying the magnetic flux, frequency, and voltage in a motor circuit. It relies on frequency and voltage of the motor power supply. This drive is widely used to regulate and control electrical devices such as fans, conveyors and pumps, compressors, and extruders. AC drive is a key component of any infrastructure development and operation. It is used extensively in manufacturing and food & beverages industries. Furthermore, AC drive plays a vital role in hybrid industries, as it helps provide an efficient way to combine conventional energy sources and energy storages to create total energy management solutions.
The global AC drives market is expected to expand significantly during the forecast period due to the increase in industrialization and urbanization, new road construction, rise in demand for modern infrastructure, and growth in airport facilities. This is anticipated to drive the demand for products from the metals & mining, cement and glass, and oil & gas industries. Thus, application of AC drives in the industries mentioned above is estimated to boost the AC drives market in the near future. However, decrease in Greenfield investment (i.e. a type of foreign investment in which a parent company begin its new venture usually in a developing country, thus creating new facilities and jobs) is projected to hamper the global AC drives market during the forecast period. Furthermore, implementation of strict governmental norms and regulations to reduce carbon emissions during electricity production and consumption, increase in demand for power, and rise in competition among the local players are likely to offer growth opportunities to the global AC drives market.
The global AC drivers market is broadly segmented in terms of application, power rating, voltage, industry verticals, and geographic regions. Based on application, the AC drivers market is segmented into fans, pumps, compressors, conveyors, and extruders. In terms of voltage, the AC drives market is subdivided into low voltage and medium voltage. In terms of power rating, the AC drives market is classified into low power (<40Kw), medium power, and high power. Based on industry verticals, the global AC drives market is divided oil and gas, power generation, building automation, food and beverage, metals and mining and chemicals and petrochemicals industries. In terms of geographical regions, the AC drives market is divided into Middle East & Africa (MEA), Asia Pacific (APAC), North America, Europe, and South America. Emerging economies realize that the existing infrastructure is a bottleneck for their economic growth. High power AC drives are expected to prove beneficial in this environment, as they are key components for any infrastructure development and operation. Thus, Asia Pacific is likely to hold the major share of the market for AC drives during the forecast period.
Major competitors operating in the global AC drives market include Parker Hannifin Corporation, ABB Ltd., Emerson Electric Co., Siemens AG, Hitachi Ltd., Toshiba International Corporation Ltd., Danfoss Group, Mitsubishi Electrical Co, Ltd., Rockwell Automation, Fuji Electric Holdings, and Schneider Electric.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.