North America Alternating Current (AC) Drive Market Size
| 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 |
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.
North America Alternating Current (AC) Drive Market Trends
This section covers the major market trends shaping the North America Alternating Current (AC) Drive Market according to our research experts:
Electric Pumps and Motors will Become more Energy Efficient with AC Drives
- AC drives allow for the creation and advancement of more energy-efficient motor technology. According to the Department of Energy, North America has two major and three minor alternating current (AC) power grids or "interconnections," implying that AC drives are being rapidly adopted. The technology is increasingly being implemented in new products, providing additional features and allowing the AC drive to play a larger part in the system.
- According to the IEA, electric pumps and motors account for about 50% of global electrical energy consumption. In industrial applications, the ratio is even higher. Depending on the region and the industrial area, 65-75% of the electrical energy in industry is used for electric motors. Therefore, electrical drive technology, especially AC drive technology, has great potential for reducing worldwide energy consumption.
- Also, AC drives can lead to high energy savings being quickly and easily realized as most applications (approximately 60-70%) are suitable for speed control. In particular, the usage of AC drives for fans and pumps is primarily main trend due to its advantage of the huge saving potential.
- Due to the ever-increasing level of automation in the industry in North America, there is a continuing need for AC Drives with more automated control and a steady increase in production speeds, thus better methods to improve the efficiency of production plants are constantly being developed.
- Moreover, nearly all motors can operate with control algorithms specially adapted to each motor type. Some manufacturers of AC Drives across North America relate the design to a narrow group of motor technologies. Amongst this Robots are rapidly deploying AC drives to regulate motion more precisely in electric motors. Robots are rapidly being adopted by segments that are new to automation. Therefore, it will boost the demand for AC drive market in North America.
Oil & Gas Industry to Witness Significant Growth
- In North America, electric drives are used in various applications in the oil and gas industry for varying motor speeds driving critical components, including pumps, fans, and compressors, and the AC drive units are used across many applications. The AC drive industry will develop owing to the increase in AC motors used in drilling rigs for both onshore and offshore drilling operations to extract oil and natural gas from reservoirs in the oil and gas sector.
- Moreover, pumps are the major application for AC drives in the market. Pumps in the oil and gas industry are used across all end-user applications. In North America, mostly high-power-rated pump drives are used for oil exploration purposes where high-powered motors are used. In midstream applications, large mainline pumps transport oil and gas. The rising demand for an energy-efficient solution is driving the growth of the North American AC Drive Market.
- Heavy industries with hazardous operating conditions, such as chemical environments, benefit from the drive's compact design and robust reliability. The AC drive is used as a sensor in various applications as it detects faults or irregularities in the processes early. The maintenance operations can be scheduled in advance, reducing unexpected downtime and costs, extending the lifetime of the applications and helping to future-proof the system.
- Many large energy users, such as refineries, will charge higher peak-demand electricity prices when the plant exceeds a preset limit or base load of electricity. These peak demand charges typically occur when motors draw large current peaks when started across the line. Variable frequency drives help reduce power peaks by gradually ramping the motor up to speed. Therefore the demand for AC drives across Oil & Gas Industry will boost the North America Alternating Current AC Market.
North America Alternating Current (AC) Drive Industry Overview
The North American Alternating Current (AC) Drive Market is competitive and consists of several players like Danfoss, WEG, Siemens, Fuji Electric Co., Ltd., Schneider Electric, Emerson Electric Co., Rockwell Automation, Inc., ABB, Yaskawa Electric Corporation, and many more. The companies are increasing their market share by forming multiple partnerships, investing in projects, and launching new products into the market.
- May 2022 - Rockwell Automation, Inc., a provider of industrial automation and digital transformation solutions, has announced the availability of its new Allen-Bradley Armor PowerFlex AC drives for industrial motor control applications. On-machine drives enable faster installation, easier commissioning, and predictive maintenance.
- July 2021 - ABB acquired ASTI Mobile Robotics Group to drive the next generation of flexible automation with autonomous mobile robots. ASTI is a global leader in the high-growth AMR ( Autonomous Mobile Robot ) market with a broad portfolio of vehicles and software. Thus, this accquisition will allow ABB to boost the demand for AC drives.
North America Alternating Current (AC) Drive Market Leaders
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ABB
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Danfoss
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Schneider Electric
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Rockwell Automation, Inc.
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Yaskawa Electric Corporation
*Disclaimer: Major Players sorted in no particular order
North America Alternating Current (AC) Drive Market News
- June 2022 - Binder USA introduces the 823 and 824 series M12 cable connectors, which are designed to meet the North American market's testing and certification requirements. Male and female cables as well as angled connectors are included in these compact M12 K- and L-coded connectors. These 5-pin connectors are made for power supplies in alternating current drives.
- April 2021 - TMEIC Corporation, a leading designer and developer of advanced automation systems, AC drives, solar inverters, and variable frequency drives, has announced that its operations in Katy, Texas, United States will be merged with TMEIC's North American manufacturing division.
North America Alternating Current (AC) Drive Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the North America Alternating Current (AC) Drive Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Ease of Regulation on Energy Efficiency Implementation
5.1.2 Emerging Demand for Sensorless Drives
5.2 Market Challenges
5.2.1 Increasing Prices of AC Drives
6. MARKET SEGMENTATION
6.1 By Voltage
6.1.1 Low
6.1.2 Medium
6.2 By End-User Industry
6.2.1 Oil & Gas
6.2.2 Chemical & Petrochemical
6.2.3 Food & Beverages
6.2.4 Water & Wastewater
6.2.5 Power Generation
6.2.6 Metal & Mining
6.2.7 Pulp & Paper
6.2.8 HVAC
6.2.9 Discrete Industries
6.3 By Country
6.3.1 United States
6.3.2 Canada
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 ABB
7.1.2 Danfoss
7.1.3 Schneider Electric
7.1.4 Rockwell Automation, Inc.
7.1.5 Yaskawa Electric Corporation
7.1.6 Mitsubishi Electric Corporation
7.1.7 Siemens
7.1.8 Fuji Electric Co., Ltd.
7.1.9 Emerson Electric Co.
7.1.10 WEG Industries
- *List Not Exhaustive
8. VENDOR MARKET SHARE ANALYSIS
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
North America Alternating Current (AC) Drive Industry Segmentation
Alternating current drive (AC drive) is an electronic device that regulates the speed of an electric motor by varying the frequency, magnetic flux, and voltage in a motor circuit. In energy-intensive industries, optimal energy usage and efficient energy consumption are critical for controlling overall operating costs. By monitoring the speed and torque of electric motors, these drives can optimize energy usage while also aiding in the reduction of operational costs.
The North American Alternating Current (AC) Drive Market is Segmented by Voltage (Low and Medium), By End-User Industry (Oil & Gas, Chemical & Petrochemical, Food & Beverage, Water & Wastewater, Power Generation, Metal & Mining, Pulp & Paper, HVAC, and Discrete Industries) and by Country. The rising emphasis on industry 4.0 is driving the market for AC Drives in North America. Industrial automation in the region propels the manufacturing industry toward more efficient goods, which is expected to grow substantially during the projection period.
| By Voltage | |
| Low | |
| Medium |
| By End-User Industry | |
| Oil & Gas | |
| Chemical & Petrochemical | |
| Food & Beverages | |
| Water & Wastewater | |
| Power Generation | |
| Metal & Mining | |
| Pulp & Paper | |
| HVAC | |
| Discrete Industries |
| By Country | |
| United States | |
| Canada |
North America Alternating Current (AC) Drive Market Research FAQs
What is the current North America Alternating Current (AC) Drive Market size?
The North America Alternating Current (AC) Drive Market is projected to register a CAGR of less than 6.90% during the forecast period (2024-2029)
Who are the key players in North America Alternating Current (AC) Drive Market?
ABB, Danfoss, Schneider Electric, Rockwell Automation, Inc. and Yaskawa Electric Corporation are the major companies operating in the North America Alternating Current (AC) Drive Market.
What years does this North America Alternating Current (AC) Drive Market cover?
The report covers the North America Alternating Current (AC) Drive Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Alternating Current (AC) Drive Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Alternating Current (AC) Drive Industry Report
Statistics for the 2024 North America Alternating Current (AC) Drive market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. North America Alternating Current (AC) Drive analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
