Demand for More Energy and Oil & Gas Boosts Growth
This global market study covers hardware, software, and services for high power AC drives, which comprises the midrange (41-200 kW), high-end (201-600 kW), and mega (>600kW) power segments.
The long-term outlook for the high power AC drives market is positive because it is boosted by increasing concern for the lack of natural resources compared to expected demands and the state of the global environment. More efficient use of energy is a prerequisite for all industrial operations, which will result in market growth.
The world's energy consumption continues to grow, and it is simply too large to be satisfied by renewable energy solutions alone, resulting in a continuing push for more power generating plants and efforts to reduce the world's energy consumption.
In developing countries, demand is increasing for new power generating plants that utilize high power AC drives in many applications, such as turbines and compressors. The oil & gas industry will make significant capital investments in a combination of mature markets; frontier markets (deep water, arctic, heavy oil); and non-conventional gas (shale, coal seam gas), which will increase demand for AC drives.
This study identifies growth segments and market trends, as well as challenges suppliers face to achieve expansion in a very fragmented market landscape. In addition to the quantitative assessment, this study provides an insightful analysis of issues that will impact this business in the future.
The challenge in the high power AC drives marketplace is how suppliers can differentiate themselves and continue to offer increasing value propositions to end users and OEMs. The market is extremely competitive and demand is expected to grow as users have recognized the benefits of high power AC drives. Well-planned strategies are invaluable for suppliers to strengthen and expand their market position and foothold. The study answers key questions, such as:
- What business strategies and product features should suppliers deploy to achieve an increase in market share?
- Which high growth industries are the most attractive for suppliers to target?
- Which emerging regional markets provide the highest growth potential?