Pune, India, March 24, 2022 (GLOBE NEWSWIRE) -- The global variable frequency drive market size was valued at USD 19.21 billion in 2021. The market is projected to grow from USD 19.87 billion in 2022 to USD 32.31 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Variable Frequency Drive Market, 2022-2029.”
According to our researchers, the fact that the technology aids to manage the operating pace to decrease energy consumption is predicted to fuel the market.
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/variable-frequency-drive-market-100876
Leading Global Players in Variable Frequency Drive Market:
- Eaton Corporation (Ireland)
- Hitachi Hi-Rel Power Electronics (India)
- Rockwell Automation (U.S.)
- Johnson Controls (Ireland)
- Anaheim Automation Inc. (U.S.)
- WEG (Brazil)
- ABB (Switzerland)
- Nidec Motor Corporation (Japan)
- Siemens (Germany)
- Danfoss Corporation (Denmark)
- Honeywell International Inc. (U.S.)
- TMEIC (U.S.)
- Fuji Electric Corp. of America (Japan)
- Schneider Electric (France)
- Yaskawa Corporation (Japan)
- Toshiba International Corporation (U.S.)
- General Electric (U.S.)
- Mitsubishi Electric Automation, Inc. (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.2% |
| 2029 Value Projection | USD 32.31 Billion |
| Base Year | 2021 |
| Variable Frequency Drive Market Size in 2021 | USD 19.21 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 326 |
| Segments covered | Type, Power Range, Application, End-user and Geography |
| Variable Frequency Drive Market Growth Drivers | Commotions in Supply Chain Management to Decline Growth amid Pandemic |
| Rising Digital and Automation to Navigate Market Growth | |
| Asia Pacific to Lead Backed by Greater Electricity Demand | |
| Creative Product Unveilings by Prime Players to Spur Market Growth |
COVID-19 Impact
Commotions in Supply Chain Management to Decline Growth amid Pandemic
The global health emergency was triggered, owing to the influence of COVID-19 and had a negative effect on numerous industry verticals. The implementation of travel prohibitions and limitations, shelter-in-place-orders, and shutdowns that commenced deterioration in manufacturing industries, and trade disputes among others around the world are a few of the important factors hindering the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Please visit: https://www.fortunebusinessinsights.com/industry-reports/variable-frequency-drive-market-100876
Segments
Type, Power Range, Application, End-user, and Region Are Studied
The market is segregated into AC drive, DC drive, and servo drive based on type.
The market is divided into micro, low, medium, and high based on power range.
The market is classified into pumps, conveyors, HVAC, electric fan, extruders, and others based on application.
Based on end-user, the market is branched into power generation, infrastructure, oil & gas, food & beverages, mining, agriculture, and others. The power generation segment dominated the market in 2021.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers a methodical review of the segments and a methodical examination of the market. A considerate review of the present market trends, as well as the impending prospects, is offered in the report. Furthermore, it unveils an extensive analysis of the regional insights and their role in forming the variable frequency drive market growth. COVID-19 influences have been discussed in the report to aid investors and business owners with an enhanced perception of the imaginable threats prevailing in the market. The report further discusses the key players and their fundamental strategies to stay in the leading position.
Speak to Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/variable-frequency-drive-market-100876
Driving Factors
Rising Digital and Automation to Navigate Market Growth
The augmented inclination toward digitalization, connectivity, as well as automating industrial procedures by different industry verticals has perceived an increasing demand for variable frequency drive, aiding them to remotely administer the process. In complex industrial uses, such as huge buildings HVAC systems, the resulting data can be improved with a noteworthy gain in competence and energy savings by monitoring and checking the motor by variable drives, transforming them to become smart motors and even permitting them to be controlled distantly or even automatically, further augmenting performance, system efficiency as well as energy savings.
Regional Insights
Asia Pacific to Lead Backed by Greater Electricity Demand
Electricity is set to observe an increase in demand over the forecast period. Majority of this increase will arise in the quickest-growing Asia Pacific region, leading the region to hold the largest variable frequency drive market share.
The growth of renewable energy in North America and Europe is predicted to result in substantial market share for these regions.
Countries in Latin America are set to experience major capitalization events across mining and oil & gas industries.
Competitive Landscape
Creative Product Unveilings by Prime Players to Spur Market Growth
The fundamental players present in the market embrace numerous strategies to hike their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another vital strategy is periodically launching innovative products that will positively benefit the users.
Quick Buy - Variable Frequency Drive Market Analysis Report: https://www.fortunebusinessinsights.com/checkout-page/100876
Industry Development
January 2022: Danfoss’s Intelligent drives assists in enhancing HVAC safety with automated system check. The process involves automatic test of the complete installation, performed by the variable frequency drive.
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Variable Frequency Drive
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- AC Drive
- DC Drive
- Servo Drive
- Market Analysis, Insights and Forecast – By Power Range
- Micro
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Electric Fan
- HVAC
- Conveyors
- Extruders
- Others
- Market Analysis, Insights and Forecast – By End-user
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- AC Drive
- DC Drive
- Servo Drive
- Market Analysis, Insights and Forecast – By Power Range
- Micro
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Electric Fan
- HVAC
- Conveyors
- Extruders
- Others
- Market Analysis, Insights and Forecast – By End-user
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/variable-frequency-drive-market-100876
Have a Look at Related Research Insights:
Power Rental Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA and Above 750 kVA), By Fuel Type (Diesel, Gas, and Others), By Application (Continuous Load, Standby Load, and Peak Load), By End-user (Mining, Construction, Utility, Events, Manufacturing, Oil & Gas, and Others) and Regional Forecast, 2021-2028
Distributed Control System Market Size, Share and Industry Analysis, By Component (Hardware, Software, and Services), By End-User (Oil & Gas, Chemicals, Power Generation, Pharmaceutical, Food & Beverage, and Others), and Regional Forecast 2019-2026
Solar Photovoltaic Market Size, Share and COVID-19 Impact Analysis, By Technology (Monocrystalline Silicon, Thin Film, Multicrystalline Silicon, and Others), By Grid Type (On-grid and Off-grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential and Utilities), and Regional Forecast, 2021-2028
Lithium-Ion Battery Market Size, Share & COVID-19 Impact Analysis, By Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Cobalt Aluminum Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt, and Lithium Titanate Oxide), By Application (Consumer Electronics, Automotive, Energy Storage System, Industrial, and Others), and Regional Forecast, 2021-2028
Subsea Trencher Market Size, Share & COVID-19 Impact Analysis, By Type (Jet, Mechanical), By Application (Pipeline Burial, Cable Burial, Umbilical Burial), and Regional Forecast, 2021-2028
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
9th Floor, Icon Tower,
Baner - Mahalunge Road,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd
Read Press Release: https://www.fortunebusinessinsights.com/press-release/variable-frequency-drive-vfd-market-9332
