Market Research Future published a research report on “Variable Frequency Drive Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global variable frequency drive market is expected to grow at a decent pace over the forecast period as mentioned by a released report by Market Research Future (MRFR). The report also states that the global market is projected to attain a CAGR of 6.3% during the forecast period between 2018 and 2023. The report is aimed at bringing forward an in-depth look of the global market through various findings like segmentation, regional diversification, competitive analysis, and driving factors of the market.
The booming usage of appliances across the globe has prompted the growth of the market off late. The growing number of government initiatives associated with the reduction of energy usage is projected to be highly beneficial to the Variable Frequency Drive Market. Some of the other key factors driving the growth of the market are the growing construction level for both buildings and other infrastructures coupled with fast-paced paced industrialization.
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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The global variable frequency drive market segmentation is divided on the basis of end-user, application, and type.
By end-user, the market segments into AC, Servo, and DC. The AC segment holds the dominating position in this market category owing to its high efficiency level, lower maintenance cost, and longer lifespan.
By application, the market includes fans, extruders, pumps, compressors, and others. The compressors segment hold the highest share percentage in the global market and is anticipated to be the dominant segment over the foerecast period. This is primarily due to the growing use of refrigeration system, oen which is mostly driven by the booming food and beverage industry.
By end-user, the market comprises industrial, oil & gas, power generation, infrastructure, and others. The infrastructural segment holds the highest share percentage and Is anticipated to be leading the market standings in the near future. The growth of the segment can be attributed to the increasing and fast-paced urbanization and smart city projects from some of the growing nations around the world.
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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.
Table of Content
- Global Variable Frequency Drive Market Overview
- Manufacturers Profiles
- Global Variable Frequency Drive Sales, Revenue, Market Share and Competition by Manufacturer
- Global Variable Frequency Drive Market Analysis by Regions
- Global Market Segment by Type
- Global Variable Frequency Drive Market Segment by Application
- Variable Frequency Drive Market Forecast (2018-2023)
- Sales Channel, Distributors, Traders and Dealers
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