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Asia-Pacific Alternating Current (AC) Drive Market Size (2024 - 2029)

The Asia-Pacific Alternating Current (AC) Drive Market is experiencing growth driven by factors such as urbanization, industrialization, and increasing energy demands. The market's expansion is supported by the adoption of energy efficiency regulations and the rising cost of electricity, which enhance the appeal of AC drives due to their ability to reduce energy consumption and improve return on investment. The market size is further influenced by initiatives like 'Make in India' and China's manufacturing dominance, which bolster industrial demand. However, the COVID-19 pandemic has posed challenges, leading to reduced demand and operational disruptions in the low voltage AC drive segment.

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Market Size of Asia-Pacific Alternating Current (AC) Drive Industry

Asia-Pacific Alternating Current (AC) Drive Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.50 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

APAC Alternating Current (AC) Drive Market Analysis

Asia-Pacific Alternating Current (AC) Drive Market is expected to register a CAGR of over 6.5% during the forecast period (2022 - 2027). Many factors influence the Asia pacific AC drives the market, including urbanization, industrialization, and the ever-increasing demand for energy. Other market influences include rising electricity prices and energy efficiency regulations. AC drives have the potential to reduce energy consumption while also providing a higher return on investment and efficiency.

  • Utilities and governments of Asia-Pacific encourage industries and households to use less energy by implementing energy-saving techniques. By increasing the efficiency of machines that use AC power, AC drives provide the ideal solution for energy savings. AC drives save between 25% and 70% of the energy used by motors.
  • AC drives low production costs, combined with an increase in electricity prices, which has boosted their sales. Manufacturers worldwide prefer these drives for motor-driven equipment because they use less electricity, require less maintenance, and are simple.
  • China has emerged as one of the world's largest manufacturing hubs, making it a significant market for AC drives. Similarly, initiatives such as 'Make in India' are expected to further propel India's industrial manufacturing and processing sectors, positioning the country as one of the most promising markets for AC drives.
  • Furthermore, the Covid-19 pandemic significantly impacted the oil and gas industry. For example, Australia's thriving LNG industry has stalled due to a drop in oil prices caused by the COVID-19 pandemic. The collapsed oil price and geopolitical price war have delayed more than USD 80 billion in investment decisions.
  • The COVID-19 outbreak has greatly reduced the demand for low voltage AC drives. Many manufacturers of these products have completely or partially shut down their plants due to government-imposed lockdowns to slow the spread of the pandemic. As a result of the COVID-19 pandemic, low demand for industrial products weighs on the Asia-Pacific AC Drive Market.

APAC Alternating Current (AC) Drive Industry Segmentation

Asia-Pacific Alternating Current (AC) Drive Market is segmented by Voltage (Low and Medium), and by End-user Industry (Oil & Gas, Chemical & Petrochemical, Food & Beverage, Water & Wastewater, Power Generation, Metal & Mining, Pulp & Paper, HVAC, Discrete Industries) and by Geography.

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Asia-Pacific Alternating Current (AC) Drive Market Size Summary

The Asia-Pacific Alternating Current (AC) Drive Market is poised for significant growth, driven by factors such as urbanization, industrialization, and the increasing demand for energy efficiency. AC drives are becoming essential in reducing energy consumption and enhancing the return on investment for industrial and household applications. The market is further bolstered by rising electricity prices and stringent energy efficiency regulations, making AC drives an attractive solution for energy savings. The region's focus on energy conservation, coupled with initiatives like 'Make in India,' is expected to propel the demand for AC drives, particularly in countries like China and India, which are emerging as key markets due to their robust manufacturing sectors.

The market landscape is moderately competitive, with major players like ABB LTD, Danfoss, and Siemens AG actively expanding their presence through strategic partnerships and innovations. The adoption of the industrial Internet of Things (IoT) and advancements in cloud computing and mobile technologies are anticipated to enhance the functionality and appeal of AC drives. Additionally, the growing interest in electric vehicles and renewable energy sources is expected to drive the demand for energy-efficient electrical equipment, further supporting market growth. Despite challenges posed by the COVID-19 pandemic, which temporarily impacted demand, the long-term outlook for the Asia-Pacific AC Drive Market remains positive, supported by substantial investments in infrastructure, oil, gas, and power generation sectors.

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Asia-Pacific Alternating Current (AC) Drive Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porters Five Force Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of Impact of COVID-19 on the Market

Asia-Pacific Alternating Current (AC) Drive Market Size FAQs

The Asia-Pacific Alternating Current (AC) Drive Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)

ABB LTD, Danfoss, Siemens AG, Weg SA and Hiconics eco-energy Technology Co., Ltd. are the major companies operating in the Asia-Pacific Alternating Current (AC) Drive Market.

Asia-Pacific Alternating Current (AC) Drive Report Snapshots

Asia-Pacific Alternating Current (AC) Drive Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)