AC Drives Market to Touch USD 15.62 Billion by 2026; Heightened Need to Achieve Sustainable Development Targets to Fuel Growth: Fortune Business Insights

According to a new report published by Fortune Business Insights, titled "AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan, Extruders, and Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals, and Others), and Regional Forecast, 2019-2026", the market value stood at USD 10.39 billion in 2018. Within the report is contained a thorough research comprising of a detailed evaluation of different drivers, factors, upcoming trends, future prospects, and regional and competitive dynamics that are likely influence the market. Besides this, the report also shares a macroscopic overview of the general industry outlook that will aid businesses to align their strategies with the market requirements.

According to a new report published by Fortune Business Insights, titled "AC Drives Market Size, Share & Industry Analysis, By Power Rating (Low Power Drives, Medium Power Drives, and High Power Drives), By Voltage (Low Voltage and Medium Voltage), By Application (Pumps, Conveyors, Compressors, Electric Fan, Extruders, and Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Building Automation, Metal & Mining, Water & Wastewater, Chemical & Petrochemicals, and Others), and Regional Forecast, 2019-2026", the market value stood at USD 10.39 billion in 2018. Within the report is contained a thorough research comprising of a detailed evaluation of different drivers, factors, upcoming trends, future prospects, and regional and competitive dynamics that are likely influence the market. Besides this, the report also shares a macroscopic overview of the general industry outlook that will aid businesses to align their strategies with the market requirements.

To gain more insights into the market with detailed table of content and figures, click here:
https://www.fortunebusinessinsights.com/industry-reports/ac-drive-market-100728

Fast-Paced Industrialization and Urbanization to Propel the Market

Accelerated pace of urbanization and industrialization, especially in Asia-Pacific, is expected to be one of the major factors driving the AC Drives Market trends. According to the estimates released by the U.S. Central Intelligence Agency, urban population in China, India, Malaysia, and Vietnam is rising at an annual rate of 2.4%, 2.4%, 2.1%, and 3% respectively. Furthermore, Asia-Pacific, as per the 2018 World Investment Report, received Foreign Direct Investment (FDI) to the tune of USD 476 billion in 2017. Thus, increasing urban population coupled with industrial growth will boost consumer demand for energy and power, thus enhancing the potential of the market for AC drives.

Asia-Pacific to Showcase the Most Promising Growth Prospects

With a revenue generation of USD 3.32 billion in 2018, Asia-Pacific is poised to dominate the AC Drives Market share during the forecast period. High development rate of the manufacturing sector, favorable government policies, and an overall healthy pace of economic development will be the key growth drivers of the alternating current drive market in this region. For instance, government schemes such Make in India, which are aimed at developing the manufacturing sector, will augur well for this market in the region. Increasing oil and gas exploration and production activities will spur the market in North America, while a well-established mining industry will aid the growth of the market in Europe.

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Increasing Focus on Innovation to Characterize Competition

The AC Drives Market analysis provided by Fortune Business Insights predicts that this market is slated to experience stiff competition. This will be a result of major players looking to strengthen their position by ramping up their investment in R&D to bring out innovative products. A few companies are also engaging in acquiring other competitors to broaden their sales horizons.

Key Industry Developments:

List of Prominent Players Operating in the AC Drives Market Research Report are:

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Table of Content:

Continued…!!!

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