Market Synopsis:
According to Market Research Future (MRFR)’s assessment, the Global Variable Frequency Drive Market is projected to expand at a CAGR of 6.3% during the forecast period. The major advantages of VFD that are presumed to dictate the growth trajectory of the market include low motor starting current, easy installations, operations at high power factor, managing devices at various speeds, etc.
The rising number of projects for infrastructural development is the key driver of the variable frequency drive market. It is projected to increase the demand for energy efficient devices. Rapid urbanization and industrialization are poised to augment the Variable Frequency Drive Market in the upcoming years.
Initiatives undertaken by the governments are boosting the expansion of the Variable Frequency Drive Market. It is anticipated to exhibit a similar trend over the next couple of years. For instance, the Chinese government has introduced the Energy Efficiency Leader Scheme under which motivates the builder and manufacturers to exceed energy efficiency benchmarks set by the China Energy Label.
Industry News:
ABB, a Swiss-Swedish multinational corporation has released ACQ580 variable frequency drive (VFD) designed for water and wastewater industries.
Larson Electronics, a Texas-based company, announced the introduction of 3-phase, 3-wire configuration variable frequency drive for the improvement of AC motor performance.
A leading manufacturer of industrial lighting and equipment, Larson Electronics, has announced the release of a 7.5 horsepower explosion proof variable frequency device phase converter.
Artificial Lift Werx Ltd. has initiated work on bringing incomplete pumpjacks to life and includes proprietarily programmed variable frequency drive (VFD).
BossTek, Peoria, Illinois, has released a new DustBoss DB-60 Fusion which can be optimized with a Variable Frequency Drive (VFD) for the precise adjustment of fan speed.
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Competitive Dashboard:
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.
- ABB Ltd. (Switzerland)
- Rockwell Automation, Inc. (U.S.)
- WEG (Brazil), Siemens AG (Germany)
- Yaskawa Electric Corporation (Japan)
- General Electric (U.S.)
- Schneider Electric (U.S.)
- Emerson Electric Co. (U.S.)
- Hitachi, Ltd. (Japan)
- Eaton Corporation Plc. (Ireland)
- Mitsubishi Electric Corporation (Japan)
- Honeywell International (U.S)
Market Segmentation:
Variable Frequency Drive Market is segmented on the basis of type, application, end-use, and region
By Type
- AC
- DC
- Servo
By Application
- Pumps
- Fans
- Compressors
- Extruders
- others
By End-Use
- Oil & gas
- Industrial
- Infrastructure
- Power generation
- Others
Regional Analysis:
The global variable frequency drive market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to dominate the global market owing to the developments in the major country-level markets such as China, South Korea, India, Japan, and Indonesia. The accelerated adoption of the technology across different industries such as for reducing carbon emissions is forecasted to drive the expansion of the regional market.
The Middle East & Africa is presumed to retain its second spot in the global variable frequency drive market over the assessment period. The flourishing construction industry is poised to expedite the growth of the market in the region. Europe is also expected to grow substantially in the upcoming years. Its growth can be attributed to the expansion of the automotive sector.
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