New York, USA, July 13, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global variable frequency drive (VFD) market is projected to register a revenue of $25,180.7 million at a CAGR of 4.8% during the forecast period from 2020 to 2027, increasing from $17,574.5 million in 2019. The comprehensive report provides a brief summary of the current market scenario including major aspects of the market such as growth factors, challenges, restraints, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the rising demand for efficient energy systems coupled with the growing application of VFDs for industrial purposes are the significant factors predicted to bolster the growth of the global variable frequency drive (VFD) market over the forecast period. Moreover, the growing adoption of advanced technologies such as Industrial Internet of Things (IIOT) in VFDs is projected to create huge growth opportunities for the global market by 2027. However, the high costs associated with the installation of variable frequency drives is estimated to hinder the market growth in the coming years.
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Impact of COVID-19 on the Market
The COVID 19 pandemic has unfavorably impacted the global variable frequency drive (VFD) market. However, many key companies are adopting strategies to sustain during the crisis and also help the society to recover from the chaotic pandemic situation. For instance, in April 2020, ABB announced the launch of ‘ABB Ability Collaborative Operations’, a suite of digitally enabled solutions & maintenance services for metals, steel, and aluminum producers to enhance safety, simplify maintenance, monitor assets, and improve operations by collaborating remotely in real time with ABB’s team of industry experts through digital technologies. The company developments may generate significant investment opportunities in the market amidst the COVID-19 crisis.
AC Drive Sub-segment to Hold Largest Market Share
By type, the AC drive sub-segment valued for $9,075.3 million in 2019 and is projected to hold the majority of market share in the forecast period. This is mainly because AC drive is one of the most used electrical equipment in various industries such as agriculture, oil & gas, robotics, steel, and others. AC drives are the important part of devices including pumps, fans, hydraulic systems, and others.
Low Range Sub-segment to Witness Fastest Growth
By power range, the low range sub-segment accounted for $5,262.9 million in 2019 and is predicted to observe fastest growth during the forecast period. This is majorly due to the growing applicability of low power range drives in diverse industries such as petrochemical, water & sewage treatment, oil & gas, sugarcane processing, and others.
HVAC Systems Sub-segment to be Most Profitable
By application, the HVAC systems sub-segment observed considerable growth in 2019 and is estimated to reach up to $7,235.6 million by 2027. The rising demand for energy-efficient temperature control solutions for commercial and residential buildings around the world are anticipated to drive the sub-segment’s market growth.
Infrastructure Sub-segment to Account for Maximum Market Share
By end-user, the infrastructure sub-segment valued for $4,695.2 million in 2019 and is projected to hold a dominant market share in the global market in the forecast period. The increasing demand for equipment such as conveyors, centrifuges, lifts, and mixers in the sectors of infrastructure development projects, especially in the developing nations are the factors projected to boost the sub-segment’s market growth.
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Asia Pacific Region to Lead the Market
By region, the Asia Pacific market for variable frequency drive (VFD) valued for $6,114.3 million in 2019 and is expected to subjugate in the global industry throughout the forecast period. The extensive growth of the region can be attributed to the growing emphasis on areas such as industrial policy making and industrial investment. In addition, the increasing development of industrial infrastructure in different sectors such as construction, oil & gas industry, construction, and electrical appliances manufacturing in the emerging economies is driving the regional market growth.
Prominent Variable Frequency Drive (VFD) Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global variable frequency drive (VFD) industry are:
- ABB
- Amtech
- Johnson Controls International plc
- Danfoss
- Rockwell Automation, Inc.
- Siemens
- Honeywell International Inc.
- Schneider Electric
- General Electric
- Eaton Corporation plc.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in December 2020, Rockwell Automation, re-launched its Kinetix 5100 servo drive for a wider range of OEM applications for packaging, print and web, converting, life sciences, and machine & assembly. The variable frequency drive system meets the increasing consumer demand for more variety of product by providing a market-competitive offering for flexible and stand-alone machines.
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