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Asia Pacific Variable Frequency Drives Market Trends

Report ID: GMI6590
Published Date: Aug 2023
Report Format: PDF

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Asia Pacific Variable Frequency Drives Market Trends

Asia Pacific variable frequency drives industry is poised for significant growth owing to the implementation of stringent government mandates aimed at promoting environmental sustainability. In recent times, the concept of smart manufacturing has gained traction, particularly in the sector of large-scale industrial automation. For instance, as per the India Brand Equity Foundation, to elevate the manufacturing sector's contribution to the GDP from 16% to 25% by 2025, the Indian Government has set this ambitious target. This objective is reinforced by initiatives such as the Udyog Bharat 4.0 SAMARTH program, which seeks to foster Industry 4.0 awareness within India's manufacturing sector, addressing challenges in automated material handling.

Moreover, the industry's growth is being bolstered by an increased emphasis on technological advancements and the advent of the Industrial Internet of Things (IIoT) which is further inclined towards optimizing the sizing of systems to enhance and ensure energy efficiency. These developments are anticipated to synergize with the expansion of the Asia Pacific variable frequency drives market outlook.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size of variable frequency drives in APAC was reached USD 9.5 billion in 2023 and is set to grow at a 4.8% CAGR through 2032, backed by the increasing demand for energy-efficient solutions.

Asia pacific medium voltage drives market was evaluated at over USD 820 million in 2022 and is poised for rapid expansion driven by the extensive adoption across heavy-duty industrial applications for effectively managing significant load-bearing requirements.

AC drives segment is anticipated to witness a growth rate of over 5% through 2032, on account of the rising need for consistent and dependable power supply to counterbalance the escalating electricity consumption.

Nidec Motor Corporation, CG Power & Industrial Solutions Ltd., General Electric, Invertek Drives Ltd., Hiconics Eco-energy Technology Co., Ltd., Bonfiglioli and Teco Electric & Machinery Pte Ltd, among others.