LONDON, June 15, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the variable frequency drives market, increasing need and government regulations for energy efficiency across various industries are driving the growth of the market. Industries across the world have been striving to make better use of energy. Governments across the world have also been enforcing strict regulations for the industries to be energy efficient. The variable frequency drives are known to be very energy efficient and convenient. Thus, they are very useful in decreasing energy usage in industries. For instance, the Energy Conservation Building Code (ECBC) sets minimum energy standards for new commercial buildings in India having a connected load of 100kW or contract demand of 120 KVA and above. Hence, the increasing government efficiency standards would boost the variable frequency drives market.
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The global VFD market size is expected to grow from $16.58 billion in 2021 to $17.37 billion in 2022 at a compound annual growth rate (CAGR) of 4.8%. The global variable frequency drives market growth is expected to reach $21.23 billion in 2026 at a CAGR of 5.1%.
Technological advancements are the main trend that is gaining popularity in the variable frequency drives market. Many companies are developing new products to provide an enhanced experience to their clients. For an instance, In June 2021, Ireland based power management company, Eaton launched POWER XL DM 1 Micro Variable frequency drive. This new drive offers the best value through the incorporation of IoT and Ethernet Communication. Moreover, customers will benefit from the DM1's greater efficiency, safety, and dependability, as well as features that enhance integration and simplicity of use.
Major players in the variable frequency drives market are Eaton Corporation, Hitachi Hi-rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation, WEG, ABB, Nidec Motor Corporation, Siemens, Danfoss, Honeywell International, TMEIC, Fuji Electric Corp, Schneider electric, Yaskawa Corporation, General Electric, Mitsubishi Electric Automation, Toshiba International Corporation, Delta Electronics.
The global variable frequency drives market overview is segmented by type into AC drives, DC drives, Servo drives; by power rating into low power rating, medium power rating, micro power rating, high power rating; by application into pumps, fans, compressors, conveyors, others; by end-user into food and beverages, oil and gas, power generation, infrastructure, others.
Asia-Pacific was the largest region in the variable frequency drives market share in 2021 and is expected to be the fastest-growing region in the global variable frequency drives market during the forecast period. The regions covered in the global VFD market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Variable Frequency Drives Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide variable frequency drives market overviews, variable frequency drives market analyze and forecast market size and growth for the whole market, variable frequency drives market segments and geographies, variable frequency drives market trends, variable frequency drives market drivers, variable frequency drives market restraints, variable frequency drives market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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