Keywords: AC Drives, Energy Efficiency, Sustainability, Infrastructure, Automation Solutions, Variable Frequency Drives (VFD), Variable Speed Drives, Adjustable Speed Drives, Motor Speed Controls, Global Market Research Report, Market Shares, Market Growth, Market Forecast
Orders for high power AC drives declined at the end of 2013, resulting in a lower backlog going into 2014 for suppliers. However, the long-term outlook for the high power AC drives market is very 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 sustaining demand and boosting market growth during the forecast period, according to a new ARC Advisory Group study.
The world's energy consumption continues to grow, and it is simply too large to be satisfied by renewable energy solutions alone. This will result in a continuing push for more power generating plants, as well as for efforts to reduce the world's energy consumption. “The trend toward using energy more efficiently will continue to gather momentum, as energy efficiency represents by far the largest opportunity to curb growth in consumption and emissions, and contribute to increasing the productivity and profitability of businesses. To this end, high power AC drives are a key to helping businesses achieve these goals,” according to Senior Analyst Himanshu Shah, the principal author of ARC’s “High Power AC Drives Global Market Research Study”.
Growing Demand for More Energy
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. Meanwhile, environmental concerns have raised interest in renewable sources of energy. High power AC drives are used for controlling traditional and renewable power generating processes.
Additionally, energy can be the largest component of industrial cost structures. Energy prices as a whole are trending long-term toward higher levels, and the days of consistently inexpensive energy are long gone. Industries have always strived for energy efficiency, but today it has become an imperative. Automation equipment in general, and high power AC drives in particular, are critical tools in achieving energy savings goals.
Oil & Gas Investments
The oil & gas industry will make significant capital investments because there is continuing strong demand for petroleum, petroleum-based products, and natural gas. A combination of mature markets; frontier markets (deep water, arctic, heavy oil); and non-conventional gas (shale, coal seam gas) within these industries are growing investments to new levels. Additionally, higher oil prices are driving industrial productivity and energy efficiency. Uses of high power AC drives span various applications in this industry and will benefit from these investments.
In addition to the quantitative assessment of the high power AC drives market, this ARC study provides an insightful analysis of the products and strategies of the leading and emerging high power AC drives suppliers and explores issues that will impact these businesses well into the future.
For more information on this study, please visit our Market Research section.