Variable Frequency Drive Market Overview:-
The increasing demand for the appliances owing to rising infrastructure and buildings is leading to the demand for energy efficient devices. Governments around the world are promoting energy efficiency through technologically advanced devices that can cut energy costs. Increase in the market size of energy efficient systems will benefit the variable frequency drive market. Market Research Future (MRFR) has published a report about the global Variable Frequency Drive Market that predicts growth for this market with 6.3% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
Variable frequency drive (VFD) can regulate the speed of an alternating current motor by making adjustments in the frequency along with the voltage of the electrical power that is being supplied to that motor. During the forecast period, the VFD market is expected to expand due to automation in power industry and increasing infrastructure sector. The factors enhancing the growth of this market are the advantages offered by VFDs. Such advantages include (but are not limited to) device management at various speeds, easy installations, energy savings, low motor starting current, and operations at high power factor. Other factors aiding the market growth include rising industrialization and increasing construction of infrastructure and buildings.
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The key players in the global variable frequency drive market include ABB Ltd. (Switzerland), Eaton Corporation Plc. (Ireland), Electric Corporation (Japan), Emerson Electric Co. (USA), General Electric (USA), Hitachi Ltd. (Japan), Honeywell International (USA), Mitsubishi Schneider Electric (USA), Rockwell Automation, Inc. (USA), Siemens AG (Germany), WEG (Brazil), and Yaskawa Electric Corporation (Japan).
Latest Industry News:-
UltraTech Cement has joined EP100, a global leadership initiative that brings together a growing group of energy-smart companies. With the membership of EP100, UltraTech has committed to double its energy productivity. UltraTech has invested in energy efficiency technologies like burner modification, calciner modification, cooler upgradation, and voltage variable frequency drive (VVFD) installation across its manufacturing plants to improve energy productivity. 11 SEP 2018
SPOC Automation, a specialist in building world-class variable frequency drive (VFD) solutions, has launched a new product, ‘Revelation,’ a pump-off controller that uses pump cards and analyzes the information collected to make decisions, run diagnostics and optimize settings for those in the oil and gas production. 29 AUG 2018
Variable Frequency Drive Global Market Segmentation:-
The global variable frequency drive market has been segmented on the basis of application, end users, type, and region. The application-based segmentation of this market covers compressor, extruder, fans, pumps, and others. Based on end users, the market has been segmented into industrial, infrastructure, oil & gas, power generation, and others. By the time, the market segmentation comprises of AC, DC, and servo.
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The regional segmentation of the global variable frequency drive market covers regional markets namely Asia Pacific, Europe, North America, and the rest of the world (RoW). According to the report, Asia Pacific is likely to dominate the market share during the forecast period. Industries including metals, mining, and oil & gas, are adopting the drives to reduce the energy consumption and to limit the carbon dioxide emission. In this region, the fastest growing country-specific markets are China, India, Indonesia, Japan, and South Korea. These countries are largest markets for infrastructure and industrial sectors.
During the forecast period, there are expectations for the European market to grow due to the rapid progress of the automotive sector. The most important country-specific markets in this region are France, Germany, Spain, and the United Kingdom (UK), followed by the rest of Europe. Due to technological advancement, North America is a significant market for VFD. Many key players in this market in this region are based in the United States of America (USA), with Canada being the second most important country-specific market in this region. Among RoW countries, the Middle East region follows the Asia Pacific region in this market by virtue of rising construction industry.
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