Variable Frequency Drive Market Highlights:-
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.
Rising industrialization and increasing construction of infrastructure and buildings are factors that drive the Variable Frequency Drive Market . In the developing countries such as India, Indonesia, China, Nigeria, South Africa, there is high demand for infrastructure to meet the demand for industrialization and urbanization. This has resulted into higher FDI investments in infrastructure projects. According to IBEF, in India, total foreign direct investment in the construction sector including infrastructure sector reached USD 12.3 billion by the end of 2017. Along with this, there has been high demand for VFD owing to energy efficiency, which has been mandatory for manufacturers, offices, industries and commercial buildings.
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.
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Competitive Analysis:-
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.
Industry Updates:-
Aug 2018 Invertek Drives Ltd. and Reftronix which is a Danish CO2 refrigerant control specialist will introduce a new variable frequency drives (VFD) and a CO2 condensing unit controller (CDU). Their technical partnership aims to deliver natural and energy efficient refrigerant-based solution to fulfill the requirements that the EU’s F-Gas Regulation and Eco-Design Directive levies on the HVAC&R industry.
Regional Analysis of Variable Frequency Drive Market:-
The regional segmentation of the global variable frequency drive market covers regional markets namely Asia Pacific, Europe, North America, and the rest of the world (RoW). According to the report, Asia Pacific is likely to dominate the market share during the forecast period. Industries including metals, mining, and oil & gas, are adopting the drives to reduce the energy consumption and to limit the carbon dioxide emission. In this region, the fastest growing country-specific markets are China, India, Indonesia, Japan, and South Korea. These countries are largest markets for infrastructure and industrial sectors.
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During the forecast period, there are expectations for the European market to grow due to the rapid progress of the automotive sector. The most important country-specific markets in this region are France, Germany, Spain, and the United Kingdom (UK), followed by the rest of Europe. Due to technological advancement, North America is a significant market for VFD. Many key players in this market in this region are based in the United States of America (USA), with Canada being the second most important country-specific market in this region. Among RoW countries, the Middle East region follows the Asia Pacific region in this market by virtue of rising construction industry.
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