Market Size of North America Alternating Current (AC) Drive Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | < 6.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Alternating Current (AC) Drive Market Analysis
The North American Alternating Current (AC) Drive Market is expected to register a CAGR of 6.9% over the forecast period of 2022 to 2027. North America has already taken a step to ensure maximum usage of renewable energy by 2050. Several investments in AC drives are expected to grow across many industries as these solutions simultaneously save energy and raise machinery productivity by providing better and more precise speed control.
Globalization is driving the use of advanced automation and energy-saving equipment worldwide. The usage will directly result in increased use of AC drives, widely employed across the process, discrete, and infrastructure industries such as building automation, chemicals, oil & gas, food & beverage, textiles, utilities, water & wastewater, and metals in North America.
- AC drives help to protect belts and other mechanical equipment by offering smooth and accurate motor speed and torque control, prolonging conveyor life while lowering operational and maintenance costs. AC drives provide efficient operation of the equipment by offering smooth and precise control of motor speed, allowing adjustment of the rate to suit the needs of the process. The drives can also be connected to the plant's automation system to monitor the load.
- Moreover, the AC drive market in North America relies on local manufacturing capabilities to lessen reliance on other countries for raw materials and many other components. Manufacturers are embracing contingency planning to react to shifting consumer patterns and unpredictable demand now that coronavirus infection rates are dropping in several nations. Mergers and acquisitions (M&A) are being used by businesses to add value to their products.
- Also, AC drives offer highly efficient speed and & torque controls for common purposes, little maintenance, and are compact size. A significant rate of industrialization and urbanization across the globe has led to a rise in electricity consumption. These trends will boost the demand for low voltage AC drives in North America.
- However, AC drives have the application primarily in industrial machinery. The COVID-19 outbreak has significantly hampered the demand for AC drives. Many manufacturers of these products have completely shut their plants owing to lockdowns imposed by governments to curb the spread of the pandemic.
