WASHINGTON, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The Global Variable Frequency Drive Market is valued at USD 20.7 Billion in 2021 and is projected to reach a value of USD 26.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Variable Frequency Drive Market business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Variable Frequency Drive Market, including rising investment requirements, developing technology, and new laws.
Get Access to the In-depth Free Sample Report @ https://www.vantagemarketresearch.com/variable-frequency-drive-market-1935/request-sample
Market Overview
According to Vantage Market Research, some of the key factors anticipated accelerating the Variable Frequency Drive Market growth over the forecast period. One of the main factors favorably affecting the demand for Variable Frequency Drive Market is the increased demand for electrical equipment with energy-efficient pumps, fans, motors, and other components.
We predict that continued fast urbanization and industrialization in developing countries, along with rising investments in secure and advanced infrastructure, would improve the competitive market.
In 2021, the Asia Pacific region accounted for the most significant revenue share. Market liberalization, increasing building activity, and quick industrialization in developing countries are all expected to promote regional market expansion. In addition, rising energy consumption will probably encourage VFD adoption by energy firms, which will support regional development.
The presence of water treatment, significant automotive, and food and beverage producers in nations like China, Japan, and India is projected to raise the need for Variable Frequency Drive Market to improve working efficiency and reduce power usage.
Market Dynamics
Rising Demand for Energy-efficient Solutions to Drive the Market
Buildings and industrial infrastructure account for most of the world's electricity usage, and it is predicted that electric-powered motors will account for about 45 percent of this consumption in these two sectors. In addition, the demand for VFDs is expected to increase due to the global economy and the growing public awareness of the need to combat climate change and use sustainable technology. Adding variable speed drives, especially in the pump, fan, or compressor applications, widely used in all industries and buildings, can reduce power consumption by an additional 25 percent.
Government Rules and Policies for Energy Saving to Promote Market Growth
Favorable government rules and policies are anticipated to boost market expansion as they are one of the leading factors behind global industrial investment in energy efficiency. This is especially true of the laws enacted by major industrial manufacturers like China, India, the United States, and Europe. Additionally, because of their ease of installation, investments in drives and motors are frequently a favorable prospect. They are typically installed without requiring further alterations to an existing industrial system, resulting in the system's quick adoption.
Limited Time Offer | Buy this Premium Research Report with Exclusive Discount and Immediate Delivery@ https://www.vantagemarketresearch.com/buy-now/variable-frequency-drive-market-1935/0
Top Players in the Global Variable Frequency Drive Market
- ABB Ltd
- Siemens AG
- Danfoss A/S
- Rockwell Automation
- GE Energy Power Conversion
- Toshiba International Corporation
- Schneider
- Mitsubishi Electric Corporation
- Hitachi Ltd
- Honeywell International Inc.
For Additional Information on Variable Frequency Drive Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Variable Frequency Drive Market
- One trend that Vantage Market Research (VMR) expects to see in the Variable Frequency Drive Market industry is escalating energy efficiency. Constantly rising energy prices have necessitated the use of energy-efficient motor control systems.
- The emergence of smart grid technology is a further trend that VMR anticipates to persist in the Variable Frequency Drive Market sector. Emerging applications of VFDs in smart grids are adopting innovative grid technologies at an increasing rate. This is done to change the necessary voltage and phase angle. As a result, electricity is transmitted more effectively. Market participants can profit from these opportunities and gain a competitive edge in the industry.
Recent Developments:
- April 2022 - Rockwell Automation Inc. launched a new Allen-Bradley Armor Powerflex AC VFD for industrial motor control applications. The newly launched on-machine motor drive provides simple commissioning, predictive maintenance, and quicker installation. This drive helps industrial companies to minimize costs and simplify the machine's design and time to deploy.
- February 2022 - Mitsubishi Electric Corporation announced the upcoming release of a half-bridge driver high-voltage (600V) integrated circuit (HVIC) with a built-in bootstrap diode (BSD) function, which can aid in reducing the number of parts required in inverter systems. The new HVIC is intended for circuits that drive power semiconductors in low-capacity inverter systems. It will also aid in reducing power consumption in white goods, electric bikes, and other electrical products.
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/variable-frequency-drive-market-1935
Top Report Findings
- Based on the Drive Type, most of the Variable Frequency Drive Market's revenue is controlled by the AC drive type. This growth can be attributed to the advantages of AC drives, including their high power, ease of installation compared to alternative systems, and low maintenance requirements.
- Based on Voltage Range, the low voltage category dominated the Variable Frequency Drive Market, and this trend is anticipated to continue. The end-user industries use low voltage frequency drives to run centrifugal pumps, fans, belt conveyors, pumps, and compressors.
- Based on Application Type, the standard types dominated the Variable Frequency Drive Market. This trend is anticipated to continue because during the forecast period.
- Based on End-Use Applications, the pump segment dominated the Variable Frequency Drive Market, which is anticipated to continue. Pumps are frequently employed in the metal, oil & gas, and water treatment industries. These pumps include integrated Variable Frequency Drive Markets that lower their energy consumption, lower their operating costs, and enable them to run at various speeds without a gearbox.
- Based on the End-Use Industry, the oil & gas category dominated the Variable Frequency Drive Market, which is anticipated to continue. The oil and gas industry uses large pumps and motors at the production site for many tasks like pumping, extraction, distribution, etc.
Top 10 Players Generate Most of the Global Variable Frequency Drive Market Revenue
The profiles of the major players were reviewed, along with examining the industry's competitive environment. These included Siemens AG, ABB Ltd, Danfoss A/S, Rockwell Automation, G Toshiba International Corporation, E Energy Power Conversion, Schneider, Mitsubishi Electric Corporation, Hitachi Ltd, and Honeywell International Inc. Additionally, the market's core players employ different tactics to strengthen their position as the industry's leading businesses. One such key strategy is hiring businesses to increase brand value among customers. Regularly releasing cutting-edge products that will benefit users is another crucial tactic.
The Oil & Gas Industry in Variable Frequency Drive Market to Generate Over 20% Revenue
The oil & gas sector dominated the market in 2021 with the largest revenue share. Large pumps and pumping systems, compressors, fans, and other equipment are extensively used in the oil and gas industry, which is involved in the production, storage, distribution, and refining processes. This equipment makes use of Variable Frequency Drive Markets. When the Variable Frequency Drive Market is integrated with the motors, energy consumption decreases while output increases. As a result, it is projected that players' strategy for maximizing profit by enhancing efficiency will fuel the need for Variable Frequency Drive Markets. Therefore, a large part of the revenue in the target market is expected to emerge from the industrial category.
A Variable Frequency Drive Market is utilized to start motors and regulate flow. Due to the enormous machinery and pumps used by the industry, Variable Frequency Drive Markets significantly reduce the energy costs associated with operating these pumps and machines. It is estimated that Variable Frequency Drive Markets can reduce pump energy expenses by 10 percent to 35 percent. Therefore, the need for Variable Frequency Drive Markets is anticipated to rise as the oil and gas industry turns its attention more and more toward energy efficiency.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Variable Frequency Drive Market Forecast Report (2022-2028).
Global Variable Frequency Drive Market Segmentation
By Drive Type
- AC Drive
- DC Drive
- Servo Drives
By Voltage Range
- Low Voltage
- High Voltage
By Application
- Standard
- Regenerative
By End-use Application
- Pumps
- Fan
- Compressor
- Conveyor
- HVAC
- Others
By End-use Industry
- Oil & Gas
- Food Processing
- Automotive
- Mining & Metals
- Pulp & Paper
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
- The Asia Pacific region is anticipated to hold a significant portion of the market. Because China and India are regarded as industrial hubs, Additionally, there is a significant industrial and commercialization occurring in these nations. As a result, the growth of the industrial sector, infrastructure investments, and the government's increasing emphasis on energy efficiency across various industries are some key drivers anticipated to fuel the region's market for variable frequency drives. There has been a rising demand for electricity and renewable power production options in the area as the number of industries has grown over the past several years.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 20.7 Billion |
| Revenue Forecast by 2028 | USD 26.9 Billion |
| CAGR | 4.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | ABB Ltd, Siemens AG, Danfoss A/S, Rockwell Automation, GE Energy Power Conversion, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Emerson Industrial Automation, Fuji Electric Co. Ltd, Johnson Controls Inc., Eaton PLC, Hitachi Ltd. |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
Browse More Reports from Vantage Library:
- Digital Twin Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/digital-twin-market-1810
- Clip-On Headphones Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/clip-on-headphones-market-1739
- EV Traction Motor Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/ev-traction-motor-market-1708
- RFID Tags Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/rfid-tags-market-1666
- Automotive Semiconductor Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/automotive-semiconductor-market-1661
- Consumer Electronics Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/consumer-electronics-market-1648
- Switchgear Market - Global Industry Assessment & Forecast: https://www.vantagemarketresearch.com/industry-report/switchgear-market-1635
- Top Companies in Variable Frequency Drive Market by Size, Share, Historical and Future Data & CAGR: https://v-mr.biz/variable-frequency-drive-market
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 - 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: sales@vantagemarketresearch.com
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog:
- bwsc.kr
- makitirapide.com
- v-mr.biz
- techwire24.com
- eurooo.fr
- basital.de
- emarketbee.com
- globalresearchwire.com
- ourdia-medium.fr
- ecofege.fr
- vmr.biz
