Portland, OR, Oct. 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global variable frequency drive market generated $20.6 billion in 2021, and is projected to reach $33.6 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $20.6 billion |
| Market Size in 2031 | $33.6 billion |
| CAGR | 5.1% |
| No. of Pages in Report | 346 |
| Segments Covered | Type, Voltage Type, Power Rating, Application, End Use and Region |
| Drivers | A prominent demand for myriad industrial products with rise in population. |
| Increase in income of middle-income group population witnessed in emerging economies. | |
| Opportunities | Thriving construction activities owing to rise in smart city development and construction of smart residential and commercial buildings. |
| Huge investments in automotive production in emerging economies. |
COVID-19 Scenario:
- The outbreak of COVID-19 had a negative impact on the growth of the global variable frequency drive market, owing to the less production of electric motors as a result of supply chain disruption due to lockdowns in various countries across the globe.
- Decline in production activities in countries such as the U.S. and China due to COVID-19 pandemic outbreak hindered the production of variable frequency drives, thereby adversely impacting the global market growth.
The report offers detailed segmentation of the global variable frequency drive market based on application, end use, type, voltage type, power rating, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on application, the pumps segment held the largest market share in 2021, holding more than two-fifths of the global market share, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to dominate the global market share during the forecast period. The market also analyses other segments such as conveyors, fans, compressors, and others.
Based on end use, the oil and gas segment held the largest market share in 2021, holding nearly two-fifths of the global market share, and is expected to maintain its leadership status during the forecast period. The infrastructure segment, on the other hand, is expected to cite the fastest CAGR of 5.9% during the forecast period.
Based on type, the AC drive segment held the largest market share in 2021, holding nearly three-fourths of the global market share, and is expected to maintain its leadership status during the forecast period. The DC drive segment, on the other hand, is expected to cite the fastest CAGR of 5.8% during the forecast period.
Based on voltage type, the low segment held the largest market share in 2021, holding more than three-fourths of the global market share, and is expected to maintain its leadership status during the forecast period. The medium segment, on the other hand, is expected to cite the highest CAGR of 5.6% during the forecast period.
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Based on region, the market across the Asia-Pacific held the dominating market share in 2021, holding more than two-fifths of the global market share, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.5% during the forecast period. The report also includes regions such as North America, Europe, and LAMEA.
The key players analyzed in the global variable frequency drive market report include ABB Ltd, Siemens AG, Danfoss, Schneider Electric SE, General Electric Company, Hitachi, Ltd., Honeywell International Inc., Nord Drivesystems Group, Techsuppen, CG Power and Industrial Solutions, A.S. Automation, Parker Hannfin Corporation, SEW-EURODRIVE GmbH & Co KG, Rockwell Automation, Inc., Fuji Electric Co. Ltd., and Delta Electronics, Inc.
The report analyzes these key players in the global variable frequency drive market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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