Pune, Aug. 26, 2020 (GLOBE NEWSWIRE) -- The global variable frequency drive market is anticipated to gain momentum from the increasing development of the industrial and commercial infrastructure worldwide. Apart from that, the rising demand for energy-efficient equipment to reduce the consumption of electricity would aid growth. This information is published in a recent report by Fortune Business Insights™, titled, “Variable Frequency Drive (VFD) Market Size, Share & Industry Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others), and Regional Forecast, 2019-2026.” The report further states that the VFD market size stood at USD 16.54 billion in 2018 and is expected to reach USD 25.19 billion by 2026, thereby exhibiting a CAGR of 5.46% during the forecast period.
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Highlights of This Report:
- In-depth analysis of the market trends, dynamics, drivers, and hindrances.
- Elaborate details on the vendors participating in the market to surge the sale of VFD.
- Extensive analysis of the top companies and the strategies adopted by them.
- Information about the segments and regions of the market.
Drivers & Restraints-
Rising Demand for Energy-efficient Systems to Accelerate Growth
The rapid development of technologically advanced devices for a wide range of applications, as well as the rising demand for energy-efficient systems are anticipated to augment the VFD market growth in the near future. Apart from that, numerous governments and organizations are introducing favorable targets and policies to keep a check on the intake of electricity of the structures. The VFD devices can be integrated with the industrial and commercial infrastructures to surge the life span of the systems, as well as reduce the operational cost.
Micro Segment to Grow Significantly Owing to Wide Application Range
Based on power range, the market can be segmented into high, low, micro, and medium. Amongst these, the medium segment held 35.78% VFD market share in 2018. This growth is attributable to their ability to provide better control, energy efficiency, and power. Also, they are compact in size and have long operational lives. The micro segment, on the other hand would exhibit significant growth owing to its ability to handle three-phase and single-phase motors. Besides, it can offer precise operating features, has wide application range, and is cost-effective.
Rising Oil & Gas Activities to Favor Growth in Asia Pacific
Asia Pacific generated USD 5.17 billion in 2018 in terms of revenue. The region is expected to grow considerably because of its possession of rich agricultural heritage, rising gas & oil activities, and ongoing developments of industrial infrastructure. In North America, the rising plans to set up efficient and new infrastructure would augment growth. Coupled with this, increasing extraction and production of oil and gas in this region would propel the growth of the market. Europe is set to showcase substantial growth in the coming years stoked by the increasing refurbishment of the existing buildings and strict government laws to develop energy-efficient infrastructure.
Key Players Focus on Launching Innovative Products to Intensify Competition
The market consists of multiple international and regional companies that are striving persistently to gain a competitive edge in the market. To do so, they are investing hefty amounts in research and development activities for launching new products equipped with the latest technologies. Below are two of the most recent industry developments:
- June 2019: Siemens introduced its latest air-cooled drive named Sinamics Perfect Harmony GH150. It is considered to be the largest single-channel AC VFD equipped with a wide range of heat management features. Also, it is capable of producing minimal stress impact on the motor.
- April 2019: ABB announced the launch of ACS6080, the company’s newest medium voltage drive equipment. It is capable of performing faster on motor control. This new product launch will help the company to enhance its product offerings across vital applications, namely, marine, mining, and metals.
List Of Key Companies Profiled In VFD Market Are:
- Danfoss Drives
- Hitachi Hi-Rel Power Electronics
- Honeywell International Inc.
- Rockwell Automation
- Toshiba International Corporation
- Johnson Controls
- ABB Electrification
- Anaheim Automation Inc.
- Mitsubishi Electric Automation, Inc.
- Nidec Motor Corporation
- Yaskawa America, Inc. - Drives & Motion Division
- Schneider Electric
- Fuji Electric Corp. of America
Quick Buy – Variable Frequency Drive Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100876
Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Variable Frequency Drive (VFD) Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type (USD Billion)
- AC Drive
- DC Drive
- Servo Drive
- Market Analysis, Insights and Forecast – By Power Range (USD Billion)
- Market Analysis, Insights and Forecast – By Application (USD Billion)
- Electric Fan
- Market Analysis, Insights and Forecast – By End-User (USD Billion)
- Food & Beverage
- Oil & Gas
- Power Generation
- Market Analysis, Insights and Forecast – By Region (USD Billion)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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