Variable Frequency Drive (VFD) Market size to exceed $40bn by 2026
Published Date: March 4, 2020 Authors: Ankit Gupta, Riya Gupta
Global Variable Frequency Drive Market size is expected to surpass USD 40 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Variable frequency drive industry is anticipated to witness significant growth on account of rising energy demand, increasing investments toward automobile and infrastructure sectors and increasing applicability of these units in power and oil & gas sectors. Moreover, lower maintenance cost, longer product life cycle, high performance and reliability are some of the eminent parameters which will complement the product adoption. Replacement of conventional AC drives along with introduction of industrial internet of things (IIot) technology will boost the product landscape.
Wide applicability of variable speed drive across conveyors and evaporator industries will stimulate the product demand
Light weight, high versatility & flexibility, compact size, and cost effectiveness when comparison with the existing frequency control units are prominent factors complementing the deployment of standard drives. Extensive applicability of these units across the industries including power generation, automotive and oil & gas establishments will enhance the business scenario. Furthermore, ongoing technological enhancement on account of their low maintenance cost, easy installation, durable & flexible product engineering and customization will nurture the product landscape.
Browse key industry insights spread across 643 pages with 1182 market data tables & 38 figures & charts from the report, “Global Variable Frequency Drive Market Size By Power Range (Micro, Low, Medium, High), By Drive (AC, DC, Servo), By Voltage (Low, Medium), By Technology (Standard, Regenerative), By Application (Pump, Centrifuges, Conveyor, Evaporators, Mixers, Grinders, Cutters, Fans, Others), By End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Integration of monitoring and control systems across oil & gas and power networks will complement the global variable voltage drive market outlook
Refurbishment and replacement of existing technologies across large, medium and small enterprises will positively influence the product demand. In addition, stringent energy efficiency policies coupled with growing customer inclination toward renewable technologies will complement the deployment of voltage drives. Growing integration of monitoring & control systems across transmission & distribution network, oil & gas and mining sector will further augment the high-power range voltage speed drives demand. The variable frequency drive market is set to witness an upsurge owing to its wide range of applicability across petrochemicals, food & beverage, cement, and other small and medium-scale utilities.
Increasing investments toward automobile and power sector will boost the product deployment
Paradigm shift toward energy efficiency coupled with reduced operating costs, increasing productivity and lower energy consumption will incline the manufacturers to deploy evaporators, centrifuges and conveyer technologies in compliance with traditional standards and codes. Increasing investments toward the automotive and power segment by eminent industry participants will augment the business landscape. Furthermore, rapid industrialization and urbanization across developing economies coupled with rising concerns toward safe and controlled power distribution network will strengthen the variable frequency drive market statistics.
Favorable government norms and incentive toward adoption of renewable technologies will sway the business scenario
Favorable regulatory norms toward renewable energy adoption along with financial incentives, resiliency initiatives and tax rebates are some of the key measures which will strengthen the product penetration across Europe. Increasing investments toward the manufacturing establishments in line with growing demand for power and oil & gas generation industry will complement the product demand.
Ongoing investments toward cutting edge technologies along with increasing mergers & acquisition across the variable frequency drive industry will drive the business outlook. Key industry giants across the variable frequency drive market are ABB, CG, American Electric Technologies, Danfoss, Emerson, Amtech Electronics, Fuji Electric, Eaton, GE, Hitachi, Honeywell, Hiconics Drive Technology, Siemens, Vacon, Johnson Controls, KB Electronics, Schneider Electric, Mitsubishi Electric, Yaskawa Electric, Rockwell Automation and Toshiba.
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