Market Leaders - the Global AC Drives Market
The global AC drives market is projected to grow at a CAGR of 7.0% from 2016 to 2021. Asia-Pacific is estimated to be the largest market for AC drives, followed by Europe. The trend is expected to continue till 2021. The growth of the AC drives market is driven by increase in urbanization & industrialization, rising need of energy efficiency, and regulations on energy efficiency.
The AC drives market is dominated by global players. Some of the key players operating in the market are ABB Ltd. (Switzerland), Siemens AG (Germany), Danfoss Group (Denmark), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Co. (Japan), and Yaskawa Electric Corporation (Japan) , among others.
Key strategies adopted by players in the AC drives market include new product development, investment & expansions, contracts & agreements, and merger & acquisition. New product development was the most commonly used strategy, constituting 26.5% of total development from 2012 to 2016. Industry players also widely adopted investment & expansion strategy during the same period.
ABB Ltd. is the leading power and automation technology company offering an extensive range of products, services, and systems. ABB offers AC drives under discrete automation & motion business segment, which accounted for 24% of the company’s total net sales in 2015. The company has adopted expansion, penetration, and innovation as its key strategies to retain its leading position in the market. The company is also focusing on gaining new contracts for supplying AC drives. ABB had recently received a contract from POSCO Pohang Works (Korea) to replace twin DC motors and associated drives with new AC motors and drive technology for rolling mill.
Siemens AG is a leading manufacturing and engineering company. The company offers its AC drives under process industries and drives division, which is a part of the energy and industry sector. This division focuses on industries such as food & beverages, pharmaceuticals, chemicals, and other processes & infrastructure industries. Siemens’ strategy is to meet the growing demand for power products in different countries by establishing manufacturing facilities in those countries. The company has a dedicated R&D team which is working towards improving and upgrading existing products and developing new ones to meet growing customer requirements. Siemens is focusing on developing economies such as India and China, as they are becoming huge markets for power products. Siemens had expanded its power business in the Indian subcontinent by opening two new plants to manufacture power supply equipment.
Related Reports:
AC Drives Market by Voltage (Low and Medium), Power Rating (Low, Medium, and High Power), Application (Pumps, Fans, Compressors, Conveyors, Extruders), End-Use Industry and Region - Global Trends & Forecast to 2021
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