Variable Frequency Drive Market Analysis
The global variable frequency drive market is expected to grow at a decent pace over the forecast period as mentioned by a released report by Market Research Future (MRFR). The report also states that the global market is projected to attain a CAGR of 6.3% during the forecast period between 2018 and 2023. The report is aimed at bringing forward an in-depth look of the global market through various findings like segmentation, regional diversification, competitive analysis, and driving factors of the market.
The booming usage of appliances across the globe has prompted the growth of the market off late. The growing number of government initiatives associated with the reduction of energy usage is projected to be highly beneficial to the variable frequency drive market. Some of the other key factors driving the growth of the market are the growing construction level for both buildings and other infrastructures coupled with fast-paced paced industrialization.
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The global variable frequency drive market segmentation is divided on the basis of end-user, application, and type.
By end-user, the market segments into AC, Servo, and DC. The AC segment holds the dominating position in this market category owing to its high efficiency level, lower maintenance cost, and longer lifespan.
By application, the market includes fans, extruders, pumps, compressors, and others. The compressors segment hold the highest share percentage in the global market and is anticipated to be the dominant segment over the foerecast period. This is primarily due to the growing use of refrigeration system, oen which is mostly driven by the booming food and beverage industry.
By end-user, the market comprises industrial, oil & gas, power generation, infrastructure, and others. The infrastructural segment holds the highest share percentage and Is anticipated to be leading the market standings in the near future. The growth of the segment can be attributed to the increasing and fast-paced urbanization and smart city projects from some of the growing nations around the world.
The global variable frequency drive market is geographically distributed across the following regions – North America, Asia Pacific, Europe, and the Middle East & Africa.
As mentioned previously, the VFD market is projected to garner growth at a considerable pace during the forecast period owing to the emergence of automation in the power industry and the burgeoning infrastructure sector. A major growth driver of the global market is the Asia Pacific region. The region holds the highest share percentage and is expected to continue its control in the coming years. Countries like India, China, Japan, and Indonesia are some of the rapidly growing countries that contribute significantly to the overall welfare of the region. Industries like mining, oil & gas, and metals are implementing new measures to lessen the consumption of energy and to curb down the CO2 emission.
The Middle Easter regions follows Asia Pacific as the leading player in the global variable frequency drive market. In the European region, the region is expected to witness considerable growth due to the developing automotive industry therein. Developing nations like Indonesia, Nigeria, India, South Africa, China, and others a high demand for infrastructure is noticed due the rapid paced industrialization and urbanization.
The global variable frequency drive market hosts a number of key players. These players contribute significantly to the overall growth of the market and are building a name with new and innovative strategies. The market includes key names such as Hitachi, Ltd. (Japan), ABB Ltd. (Switzerland), Siemens AG (Germany), Eaton Corporation Plc. (Ireland), Schneider Electric (U.S.), Yaskawa Electric Corporation (Japan), General Electric (U.S.), Rockwell Automation, Inc. (U.S.), Honeywell International (U.S), WEG (Brazil), Emerson Electric Co. (U.S.), Mitsubishi Electric Corporation (Japan), and others.
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