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Variable Frequency Drives Market Trends

Report ID: GMI1185
Published Date: Jun 2023
Report Format: PDF

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Variable Frequency Drives Market Trends

Variable frequency drives industry is anticipated to a witness significant momentum on account of the introduction of stringent government mandates focused to promote environment sustainability. In the recent timeframe, the concept of smart manufacturing is gaining traction in large industrial automation fields. For Instance, according to the India Brand Equity Foundation (IBEF), the Indian Government has set an ambitious objective of growing manufacturing output contribution to GDP to 25% by 2025 from 16% currently. The Udyog Bharat 4.0 SAMARTH programme (Smart Advanced Manufacturing & Rapid Transformation Hub) intends to raise awareness of Industry 4.0 in the Indian manufacturing industry and allow stakeholders to overcome automated material handling concerns.

In addition, growing focus on technical enhancements accompanied by launch of Industrial Internet of Things (IIoT) with an aim to offer optimized sizing of systems to enhance & ensure energy efficiency will complement the industry growth.

An upsurge in the demand for continuous and reliable power supply to meet the ever-increasing consumption of electricity along with implementation of stringent energy efficiency norms will encourage the variable frequency drives market deployment. Comparatively lower operation costs with minimal downtime, improved system reliability, heavy lifting capability, substantial control accuracy & operational flexibility, significant energy savings & benefits over peak energy charges are some of the key parameters stimulating the product demand. In addition, ongoing technological advancements including instantaneous energizing of equipment controls motors will enhance the product acceptance over the years. The growing expenditure to develop advanced infrastructure owing to the rapid urban and industrial development has seeded the demand for electricity capacity expansion and technological enhancements which will further complement the business dynamics.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of variable frequency drive crossed USD 21.1 billion in 2023 and is poised to witness a 4.4% CAGR from 2024 to 2032, driven by the escalating demand for energy-efficient systems and stringent regulatory framework concerning energy consumption.

Low voltage drive segment is likely to register 4% CAGR through 2032, credited to their increasing utilization of low voltage frequency drives across several industrial applications due to their low costs and less maintenance requirements.

Asia Pacific market size surpass USD 14.5 billion by 2032, owing to an increased emphasis on clean power generation, supportive government policies, and increasing investments in the industrial sector.

Notable players in this industry include Siemens, Johnson Controls, ABB, Honeywell International, Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Schneider Electric, Eaton, Rockwell Automation, Fuji Electric Co., Ltd., WEG, YASKAWA ELECTRIC CORPORATION, Danfoss, and Hitachi Industrial Equipment Systems Co., Ltd.