December 14, 2022 06:19 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The Global Variable Frequency Drive Market is valued at USD 20.7 Billion in 2021 and is projected to reach a value of USD 26.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 4.5% over the forecast period 2022-2028. Variable Frequency Converter Types
One of the most significant economic areas is the Variable Frequency Drive Market business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Variable Frequency Drive Market, including rising investment requirements, developing technology, and new laws.
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According to Vantage Market Research, some of the key factors anticipated accelerating the Variable Frequency Drive Market growth over the forecast period. One of the main factors favorably affecting the demand for Variable Frequency Drive Market is the increased demand for electrical equipment with energy-efficient pumps, fans, motors, and other components.
We predict that continued fast urbanization and industrialization in developing countries, along with rising investments in secure and advanced infrastructure, would improve the competitive market.
In 2021, the Asia Pacific region accounted for the most significant revenue share. Market liberalization, increasing building activity, and quick industrialization in developing countries are all expected to promote regional market expansion. In addition, rising energy consumption will probably encourage VFD adoption by energy firms, which will support regional development.
The presence of water treatment, significant automotive, and food and beverage producers in nations like China, Japan, and India is projected to raise the need for Variable Frequency Drive Market to improve working efficiency and reduce power usage.
Rising Demand for Energy-efficient Solutions to Drive the Market
Buildings and industrial infrastructure account for most of the world's electricity usage, and it is predicted that electric-powered motors will account for about 45 percent of this consumption in these two sectors. In addition, the demand for VFDs is expected to increase due to the global economy and the growing public awareness of the need to combat climate change and use sustainable technology. Adding variable speed drives, especially in the pump, fan, or compressor applications, widely used in all industries and buildings, can reduce power consumption by an additional 25 percent.
Government Rules and Policies for Energy Saving to Promote Market Growth
Favorable government rules and policies are anticipated to boost market expansion as they are one of the leading factors behind global industrial investment in energy efficiency. This is especially true of the laws enacted by major industrial manufacturers like China, India, the United States, and Europe. Additionally, because of their ease of installation, investments in drives and motors are frequently a favorable prospect. They are typically installed without requiring further alterations to an existing industrial system, resulting in the system's quick adoption.
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Top Players in the Global Variable Frequency Drive Market
For Additional Information on Variable Frequency Drive Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Variable Frequency Drive Market
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Top 10 Players Generate Most of the Global Variable Frequency Drive Market Revenue
The profiles of the major players were reviewed, along with examining the industry's competitive environment. These included Siemens AG, ABB Ltd, Danfoss A/S, Rockwell Automation, G Toshiba International Corporation, E Energy Power Conversion, Schneider, Mitsubishi Electric Corporation, Hitachi Ltd, and Honeywell International Inc. Additionally, the market's core players employ different tactics to strengthen their position as the industry's leading businesses. One such key strategy is hiring businesses to increase brand value among customers. Regularly releasing cutting-edge products that will benefit users is another crucial tactic.
The Oil & Gas Industry in Variable Frequency Drive Market to Generate Over 20% Revenue
The oil & gas sector dominated the market in 2021 with the largest revenue share. Large pumps and pumping systems, compressors, fans, and other equipment are extensively used in the oil and gas industry, which is involved in the production, storage, distribution, and refining processes. This equipment makes use of Variable Frequency Drive Markets. When the Variable Frequency Drive Market is integrated with the motors, energy consumption decreases while output increases. As a result, it is projected that players' strategy for maximizing profit by enhancing efficiency will fuel the need for Variable Frequency Drive Markets. Therefore, a large part of the revenue in the target market is expected to emerge from the industrial category.
A Variable Frequency Drive Market is utilized to start motors and regulate flow. Due to the enormous machinery and pumps used by the industry, Variable Frequency Drive Markets significantly reduce the energy costs associated with operating these pumps and machines. It is estimated that Variable Frequency Drive Markets can reduce pump energy expenses by 10 percent to 35 percent. Therefore, the need for Variable Frequency Drive Markets is anticipated to rise as the oil and gas industry turns its attention more and more toward energy efficiency.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Variable Frequency Drive Market Forecast Report (2022-2028).
Global Variable Frequency Drive Market Segmentation
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