Dublin, July 27, 2022 (GLOBE NEWSWIRE) -- The "Global Variable Frequency Drive Market by Type (AC, DC, Servo), Application (Pumps, Fans, Compressors, Conveyors), End-user (Industrial, Infrastructure, Oil & Gas, Power), Power Rating (Micro, Low, Medium, High), Voltage, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global variable frequency drive market is anticipated to grow from an estimated USD 21.2 billion in 2022 to USD 26.8 billion in 2027, at a CAGR of 4.8% during the forecast period. The advantages associated with the use of variable frequency drives include reduced energy consumption and costs, increased energy efficiency, extended equipment life, and low maintenance costs. They are used for variable torque applications in the oil & gas, power, infrastructure, and industrial sectors. These factor would drive the growth of variable frequency drive.
Pumps: The fastest-growing segment of the variable frequency drive market, by application
The growing need for enhancing energy efficiency and performance of pumps under different load conditions is likely to fuel the growth of the variable frequency drive market for pumps.
Industrial segment is expected to emerge as the largest segment based on end-user industry
The growing adoption of variable frequency drives in various industries, such as chemical, petrochemical, pulp & paper, and food & beverage is driving the growth of the industrial segment.
Europe is expected to account for the second-largest market size during the forecast period
North America is expected to be the second largest and fastest-growing market due to the presence of industrialized countries such as the UK, Russia, Germany, Italy, France, and Spain. Increasing investments, growing adoption of renewable energy, and rising focus on modernization of legacy infrastructure are factors projected to fuel the regional market's growth.
Research Coverage
The report defines, describes, and forecasts the global variable frequency drive market, by type, voltage type, power rating, application, end-user industry, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the variable frequency drive market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Industrialization and Growing Demand for Energy Efficiency
5.2.1.2 Rising Need for Enhancing Energy Efficiency and Decreasing Energy Consumption
5.2.1.3 Supportive Regulatory Environment for Efficient and Effective Energy Utilization
5.2.2 Restraints
5.2.2.1 Stagnant Growth of Oil & Gas Industry and Decline in Exploration and Production Activities
5.2.2.2 Increase in Maintenance Cost of Systems After Implementation of Variable Frequency Drives (VFDs)
5.2.3 Opportunities
5.2.3.1 Modernization of Power Infrastructure
5.2.3.2 Growing Use of Industrial Internet of Things (IoT) and Robotics Technologies
5.2.4 Challenges
5.2.4.1 Availability of Low-Cost Products in Gray Market
5.2.4.2 Shortage of Components and Parts due to Supply Chain Disruptions
6 Variable Frequency Drive Market, by Type
7 Variable Frequency Drive Market, by Voltage
8 Variable Frequency Drive Market, by Power Rating
9 Variable Frequency Drive Market, by Application
10 Variable Frequency Drive Market, by End-user
11 Variable Frequency Drive Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- A.S. Automation & Controls
- ABB
- Anaheim Automation
- CG Power and Industrial Solutions Limited
- Danfoss
- Delta Electronics
- Eaton
- Fuji Electric
- General Electric
- Hitachi
- Honeywell International
- Inovance Technology
- NIDEC
- Nord Drive Systems
- Parker Hannifin
- Rockwell Automation
- Saksun Industries
- Schneider Electric
- Sew - Eurodrive
- Shenzhen Gozuk
- Siemens
- Techsuppen
- TMEIC
- WEG SA
- Yaskawa
For more information about this report visit https://www.researchandmarkets.com/r/9bxntb
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