New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global variable frequency drive market is expected to gather a revenue of $26,897.3 million by 2028, growing at a healthy CAGR of 5.2% in the 2021-2028 timeframe. This holistic report puts forward a brief overview of the variable frequency drive market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
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Dynamics of the Variable Frequency Drive Market:
Drivers: Since the last few years, there has been a growing demand for energy efficient systems which is anticipated to be the primary growth driver of the variable frequency drive market. Moreover, increasing application of variable frequency drives for industrial purposes is further expected to help in boosting the growth rate of the market in the forecast period.
Opportunities: Rising need for the optimization of energy systems is expected to provide huge growth opportunities to the market in the forecast period. Additionally, development of advanced technologies such as Industrial Internet of Things (IIOT) is expected to augment the growth rate of the market.
Restraints: Capital-intensive installation of variable frequency drives is, however, expected to become a restraint in the full-fledged growth of the variable frequency drive market.
Impact of Covid-19 on the Variable Frequency Drive Market
The variable frequency drive market faced a moderate impact of the pandemic. The Covid-19 pandemic and the subsequent lockdowns led to shutdown of many industries and companies which led to a decline in the industrial demand for variable frequency drives. However, at the same time, business development opportunities presented to the market during the pandemic years helped the market grow.
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Segments of the Variable Frequency Drive Market:
The report has divided the variable frequency drive market into certain segments based on type, power range, application, end-use, and region.
Type: AC Drive Sub-Segment to Have the Highest Market Share
By type, the AC drive sub-segment is predicted to have a dominating market share and register a revenue of $12,347.9 million during the forecast period. AC drives are one of the most used electrical equipment in various industries such as oil & gas, agriculture, steel, robotics which is predicted to help in the growth of this sub-segment.
Power Range: Low Range Sub-segment to Have the Highest CAGR
By power range, low range sub-segment is predicted to have the fastest growth rate and surpass $8,437.4 million in the forecast period. The growth of this sub-segment is mainly on account of the growing applicability of low power range drives in industries such as petrochemical, oil & gas, water & sewage treatment, sugarcane processing.
Application: HVAC Systems Sub-segment to be the Most Dominant
By application, HVAC systems sub-segment is predicted to be the most dominant and $7,911.8 million by 2028. The growing demand for energy efficient temperature control solutions for residential and commercial buildings across the globe is predicted to be the leading growth factor of this sub-segment.
End Use: Infrastructure Sub-segment to be the Most Lucrative
By end use, infrastructure sub-segment is predicted to have the highest market share and register a revenue of $7,519.2 million by 2028. Growing demand for equipment such as conveyors, lifts, centrifuges, and mixers for development of infrastructure such as railways, bridges, dams is anticipated to push the sub-segment forward.
Region: Market in Asia-Pacific Region to be the Most Profitable
By regional analysis, the variable frequency drive market in the Asia-Pacific region is anticipated to be the most dominant as well as the fastest growing sub-segment and surge with a CAGR of 5.6% in the forecast timeframe. The development of industrial infrastructure in different industries of oil & gas, construction, and electrical appliances manufacturing in the developing countries of the region is predicted to be the main factor behind the growth of the market in this region.
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Prominent Variable Frequency Drive Market Players:
Some of the prominent players in the variable frequency drive market are
- ABB
- Eaton Corporation plc
- Danfoss
- Rockwell Automation, Inc.
- General Electric
- Siemens
- Johnson Controls International plc
- Schneider Electric
- Amtech
- Honeywell International Inc., among others.
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market. – Inquire here to buy the Full Report
For instance, in May 2021, Emerson, a multinational technology and engineering company, announced the launch of Copeland™ series of variable frequency drives. As per Emerson’s press statement, this product series is expected to fulfill all the contemporary demands of the industrial sector.
Finally, the report also summarizes many crucial aspects of the variable frequency drive market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Variable Frequency Drive Market:
- The Increasing Importance of Energy Optimization by Systems to Act as a Catalyst for the Growth of the Global Variable Frequency Drive Market
- Variable Frequency Drive: An Effective Source of Energy Consumption and Automation
