Offshore Wind Market Overview:-
The factor which drives the growth of variable frequency drive market is increase in urbanization and industrialization in developing countries. Other factors driving the growth of these market are regulation on efficiency of energy, growing trends in industrial automation, efficient utilization of energy and increase in construction activities, power transmission & distribution. The utilization of VFDs, also results in the reduction of production cost, ultimately leading to the growth of these market. The growth of VFDs is also attributed by the increase of infrastructure activities such as construction of hospitals and educational institutions. The reduction in the operating cost of energy industry also results in the growth of this market.
Rising industrialization and increasing construction of infrastructure and buildings are factors that drive the market for VFD. In the developing countries such as India, Indonesia, China, Nigeria, South Africa, there is high demand for infrastructure to meet the demand for industrialization and urbanization. This has resulted into higher FDI investments in infrastructure projects. According to IBEF, in India, total foreign direct investment in the construction sector including infrastructure sector reached USD 12.3 billion by the end of 2017. Along with this, there has been high demand for VFD owing to energy efficiency, which has been mandatory for manufacturers, offices, industries and commercial buildings.
Industry Top Key Players:-
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- Rockwell Automation, Inc. (U.S.)
- WEG (Brazil)
- Yaskawa Electric Corporation (Japan)
- Eaton Corporation Plc. (Ireland)
- General Electric (U.S.)
- Emerson Electric Co. (U.S.)
- Hitachi, Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- Schneider Electric (U.S.)
- Honeywell International (U.S)
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The report has been analyzed based on types, applications, end-user and regions. On the basis of type, AC drives is expected to witness the highest growth during the forecast period due to higher demand for AC drives and less requirement of maintenance. They are extensively used in heavy industries such as metals and mining, power generation, oil & gas, which has led to the growth of these segment. Based on applications, pumps segment is expected to dominate the market during the forecast period due to the rapid increase in the industrial activities and the growth of the construction sector. On the basis of end-user, infrastructure segment is expected to dominate the market because VFD’s are mainly used in infrastructure activities. The overall variable frequency drive market is expected to grow due to the growth in the infrastructure activities in Asia-Pacific.
Global Variable Frequency Drive Market Analysis:-
The VFD market is expected to expand at a phenomenal pace during the forecast period owing to automation in power industry and increasing infrastructure sector. Asia Pacific region is expected to dominate the market share in the variable frequency drive market. China, India, South Korea, Japan, and Indonesia are the fastest growing nations, which are the largest markets for infrastructure and industrial sectors. Industries including oil & gas, metals, and mining are adopting the drives to reduce the energy consumption and to limit the CO2 emission. The Middle East region will follow the Asia Pacific region in variable frequency drive market by virtue of rising construction industry. In Europe region, the progressing automotive sector is expected to lead the market growth.
The Asia-Pacific accounts for the highest market share during the forecast period because the region is leading in infrastructure and industrial sector. Energy industries are adopting these drives in order to reduce the energy consumption and reduce the emission of CO2. In Middle East and Africa, the growth in the construction industry have resulted in the growth of these market. Europe is expected to grow during the forecast period, due to the rise in automotive industry.
Major Points of TOC:-
1 Executive Summary
2 Research Methodology
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
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4 Global Variable Frequency Drive Market, By Type
5 Global Variable Frequency Drive Market, By Application
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