NEW YORK, Nov. 9, 2016 /PRNewswire/ -- "The AC drives is projected to grow at a CAGR of 7.0% from 2016 to 2021" The AC drives market is projected to reach USD 22.07 billion by 2021, growing at a CAGR of 7.0% from 2016 to 2021. AC drives are used in oil & gas, water & wastewater, power generation, building automation, food & beverage, metals & mining, chemicals & petrochemicals, and other industries. Increase in urbanization & industrialization, rising need for energy efficiency, and regulation for energy efficiency are expected to drive the AC drives market. Decrease in Greenfield investment is a restraint for global AC drives market. "The AC drive with Medium voltage segment is expected to grow at the fastest CAGR from 2016 to 2021"With regard to voltage, the medium voltage AC drives is estimated to grow at the fastest CAGR. The demand from industries such as utilities, petrochemicals, water & wastewater, metals & mining, and cement, will drive the medium voltage AC drives market. The medium voltage generally employed in applications such as pumps, compressors, conveyors, crushers & mills, fans, and kiln applications. " Asia-Pacific: The largest market for AC drives"Asia-Pacific is currently the largest market for AC drives market, followed by Europe. The market of Asia-Pacific is primarily driven by countries such as China, India, Japan, Australia, and Rest of Asia-Pacific. China is expected to dominate the AC drives market, followed by Japan and India. Urbanization and industrialization will drive the Asia-Pacific market for the forecast period. Breakdown of Primaries:In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:By Company Type: Tier 1- 40%, Tier 2- 35%, Tier 3- 25%By Designation: C-Level- 36%, D-Level- 24%, Others- 40%By Region: North America- 34%, Europe- 15%, Asia-Pacific- 38%, Rest of World- 13%Note: The tier of the companies has been defined on the basis of their total revenue, as of 2015: Tier 1 = > USD 20 billion, Tier 2 = From USD 10 billion to USD 20 billion, and Tier 3 = The leading players in the AC drives market include ABB Ltd. ( Switzerland), Siemens AG ( Germany), Danfoss Group ( Denmark), Schneider Electric SE ( France), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Co. ( Japan), and Yaskawa Electric Corporation ( Japan) , among others.