Variable Frequency Drive Market to exceed $19bn by 2024

Variable Frequency Drive Market size will exceed USD 19 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
 

Rising investments toward infrastructure development coupled with increasing manufacturing facilities across developing economies will drive the variable frequency drive market size. Growing adoption of energy efficient products with an aim to ensure energy security will complement the business outlook. Regulatory bodies across the globe has introduced various standards to encourage the deployment of energy efficient systems. For instance, the U.S. Department of Energy (DOE) plans to accomplish efficiency standards with an aim to improve energy efficiency that is economically justified and technologically feasible.

 

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UK variable frequency drive market is set to surpass 1.3 million units by 2024. Rising demand for clean energy technology along with stringent government norms toward the adoption of sustainable systems will positively impact the industry outlook. In 2014, the European Union introduced Climate and Energy target to reduce carbon footprints to 20% along with an aim to increase renewable energy share by 20% by the end of 2020.
 

Technological advancement across industries including metals & mining, utilities, petrochemicals, steel and cement industry will stimulate the variable frequency drive market. Increasing exploration and production activities across oil-rich countries will positively impact the product demand. As per the Organization for Petroleum Exporting Countries (OPEC) the world crude oil production has witnessed an increase of 2.4% in 2016 when compared to the production of 2015. High efficiency, limited maintenance, high power factor and low cost make its adoption preferable over other counterparts.
 

Variable Frequency Drive Market

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Browse key industry insights spread across 550 pages with 1258 market data tables & 12 figures & charts from the report, “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, Fan, Conveyer, Compressor, Extruder, HVAC, Others ), By End-Use (Oil and Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Norway, Sweden, Denmark, China, India, Japan, South Korea, Australia, Thailand, Indonesia, Malaysia, Philippines, Saudi Arabia, Qatar, UAE, Jordan, Iran, Nigeria, South Africa, Egypt, Algeria, Brazil, Argentina, Chile), Application Potential, Competitive Market Share & Forecast, 2017 – 2024in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/variable-frequency-drive-vfd-market
 

The U.S. variable frequency drive market will grow over 3% by 2024. Rising adoption of speed drives primarily across O&G and power generation sector will propel the industry growth.  Introduction of initiatives toward the achievement of energy efficiency will further augment the industry landscape. For instance, in the U.S., Federal Energy Management Programme identifies affordable solutions to meet goals related to energy leadership across the country.
 

For Asia Pacific, China variable frequency drive market is predicted to witness strong growth owing to rapid industrialization and urbanization. Rising need for energy efficiency along with high end technological advancement will complement the industry outlook. Rapid expansion by Original Equipment Manufacturers (OEMs) along with flourishing automotive industry will further stimulate the product penetration.
 

In 2016, Saudi Arabia accounted for over 17% of Middle East and Africa variable frequency drive market share. Aggressive spending towards the deployment of sustainable systems with an aim to facilitate energy savings along with limited maintenance cost, will augment the industry landscape. In 2015, GE initiated the deployment MV7000 speed drives of 18 MW across Yanbu desalination plant.
 

Key industry giants in the variable frequency drive market are ABB, Crompton Greaves, Amtech Electronics, Eaton, Emerson, Danfoss VLT Drives, Fuji Electric, Hiconics, GE, Johnson Controls, Honeywell, KB Electronics, Mitsubishi, Schneider Electric, Rockwell Automation, Siemens, Vacon, Toshiba and Yaskawa Electric.
 

Variable frequency drive market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:

Variable Frequency Drive Market, By Power Range

  • Micro power drive
  • Low power drive
  • Medium power drive
  • High power drive

Variable Frequency Drive Market, By Drive

  • AC
  • DC
  • Servo

Variable Frequency Drive Market, By Voltage

  • Low
  • Medium

Variable Frequency Drive Market, By Technology

  • Standard
  • Regenerative

Variable Frequency Drive Market, By Application

  • Pump
  • Fan
  • Conveyer
  • Compressor
  • Extruder
  • HVAC
  • Others

Variable Frequency Drive Market, By End-Use

  • Oil and gas
  • Power generation
  • Food processing
  • Automotive
  • Mining and metals
  • Pulp and papers
  • Others

The above information is provided on a country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Norway
    • Sweden
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Thailand
    • Malaysia
    • Philippines
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Jordan
    • Iran
    • South Africa
    • Nigeria
    • Egypt
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Chile

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