The rising impetus on energy efficiency is contributing in a major way to the demand for variable frequency drives. Market reports associated with the energy and power sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The Variable Frequency Drive Market is projected to progress with a 6.3% CAGR over the forecast period.
The escalating usage of appliances has prompted the growth in the market of late. Rising government initiatives linked to the reducing energy usage is expected to benefit the market for variable frequency drives. Factors such as rising construction levels for infrastructure and buildings coupled with rising industrialization is expected to fuel the market over the forecast period.
Competitive Analysis
The innovation in products and services is the main factor adding to the market’s profitability and swaying the trends that gain prominence in the market. The accessibility to a good labor force along with resources is adding to the overall market growth. The external factors are shaping the market which is dependent on the techniques and the strategic roadmaps that are deployed by market players. The market is relatively well defined in terms of its value and volume. The key success factors and competitors’ tendencies are progressively improving by the strategies being exploited by market players.
The dominant contenders in the variable frequency drive market are Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric (U.S.), WEG (Brazil), Eaton Corporation Plc. (Ireland), Yaskawa Electric Corporation (Japan), General Electric (U.S.), Hitachi, Ltd. (Japan), Emerson Electric Co. (U.S.), Mitsubishi Electric Corporation (Japan), and Honeywell International (U.S) are among others.
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Segmental Analysis
The segmentation of the VFD market is carried out on the basis of application, type, end-use, and region. On the basis of type DC, AC, and servo. By application, the market is segmented into extruder, pumps, compressor, fans, others. The end-user segment of the market comprises of power generation, industrial, oil & gas, infrastructure and others. The region-based segmentation of the market consists of North America, Europe, APAC and rest of the world.
Detailed Regional Analysis
The VFD market is anticipated to develop at a remarkable pace through the forecast period due to automation in the power industry and growing infrastructure sector. The Asia Pacific region is likely to control the market for the variable frequency drive. South Korea, China, Japan, India, and Indonesia are the most rapidly rising nations, which are the chief markets for industrial and infrastructure sectors. Industries such as oil & gas, metals, and mining are implementing the drives to lessen the energy consumption and to control the CO2 emission. The Middle East region will trail the Asia Pacific region in the market for variable frequency drive due to the mounting construction industry. In the European region, the developing automotive sector is anticipated to lead the market’s development.
Key Players
The key players in the global variable frequency drive market include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), Electric Corporation (Japan), Emerson Electric Co. (USA), General Electric (USA), Hitachi Ltd. (Japan), Honeywell International (USA), Mitsubishi Schneider Electric (USA), Rockwell Automation, Inc. (USA), Siemens AG (Germany), WEG (Brazil), and Yaskawa Electric Corporation (Japan).
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Latest Industry News
SEP 2018: UltraTech Cement has joined EP100, a global leadership initiative that brings together a growing group of energy-smart companies. With the membership of EP100, UltraTech has committed to double its energy productivity. UltraTech has invested in energy efficiency technologies like burner modification, calciner modification, cooler upgradation, and voltage variable frequency drive (VVFD) installation across its manufacturing plants to improve energy productivity.
AUG 2018: SPOC Automation, a specialist in building world-class variable frequency drive (VFD) solutions, has launched a new product, ‘Revelation,’ a pump-off controller that uses pump cards and analyzes the information collected to make decisions, run diagnostics and optimize settings for those in the oil and gas production.
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