Variable Frequency Drive Market size is set to surpass USD 19 billion by 2028, as reported in the latest study by Global Market Insights Inc.
The market growth is owing to the flourishing oil & gas sector along with rising electricity demand. Stringent standards & directives on energy efficiency coupled with shifting customer inclination toward renewable energy integration will accelerate product demand. In addition, rapid urbanization, and industrialization across developing economies together with surging investments in reliable & smart infrastructure will complement the industry landscape.
Low maintenance costs, high performance, reliability, and extended product life cycle are some of the key parameters, which will boost the deployment of variable drives. The replacement of traditional AC drives in line with the introduction of the Industrial Internet of Things (IIoT) technology will positively accelerate business dynamics.
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Escalating investments across industrial facilities
Rising disposable incomes together with a better standard of living across developing and developed nations will positively stimulate the demand for energy-efficient systems that cater to the VFD market dynamics. The application of variable frequency drive in pumps holds a major share across the industry owing to their adoption in re-generation power turbines for energy generation. The increasing adoption of flow control drives in hydro plant infrastructures to increase performance will boost product penetration.
Browse key industry insights spread across 643 pages with 1182 market data tables & 38 figures & charts from the report, “Variable Frequency Drive Market Size, By Voltage (Low, Medium), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyer, Compressor, Extruder), By End-use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Encouraging government incentive schemes and norms for the adoption of different power generation technologies
Favorable government schemes for the adoption of renewables including tax rebates, financial assistance/incentives, and resiliency incentives are some of the prominent factors augmenting product adoption. Rising demand in the oil & gas generation industry in line with escalating investments & expenditure for the development of manufacturing and power generation establishments will further fuel the market demand. The paradigm shift toward energy efficiency along with increasing productivity, lowering energy consumption, and reduced operational costs has inclined manufacturers’ focus to deploy centrifuges, evaporators, and conveyer technologies that are compliant with traditional codes & standards.
Growing power demand along with ongoing exploration of unexploited energy potential to boost the Europe industry expansion
The Europe variable frequency drive market will witness significant momentum during the forecast period, due to the increasing population. However, most of the power generated is produced from conventional fuel-powered technologies across the region. Respective governments have introduced directives on the implementation of green energy infrastructure to gain sustainability in the energy sector and meet the escalating energy demand in a balanced manner. Favorable policies, resiliency initiatives, state incentives, and environmental regulations are some of the prominent government measures, encouraging product adoption across North America.
Prominent variable frequency drive (VFD) market players include Siemens, Emerson Electric Co., ABB, WEG Electric Corporation, Johnson Controls, Danfoss, Honeywell International, Inc., Rockwell Automation, Bosch Rexroth AG, Schneider Electric, Eaton, Fuji Electric Co., Ltd., Hitachi Hi-Rel Power Electronics Private Limited, Yaskawa Electric Corporation, Nidec Industrial Solutions, Mitsubishi Electric, Hiconics Eco-energy Technology Co., Ltd., GE, and CG Global, amongst others. Manufacturers aim to strengthen their market presence through strategic collaborations & partnerships and M&As.