Variable Frequency Drive Market

Variable Frequency Drive Market Expected to Reach $33.6 Billion by 2031 — Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, February 6, 2024 /EINPresswire.com/ -- Rapidly growing demand for various industrial products due to the surge in population and increase in income of middle-class people in developing countries have fueled the demand for variable frequency drive. The increase in demand for the construction sector due to the increase in the development of smart cities and smart residential & commercial buildings have a wide range of applications for variable frequency drive. Ongoing investments in developing countries related to automotive and other manufacturing plants will provide ample opportunities for the development of the global variable frequency drive market in the forecast period. The variable frequency drive market size was valued at $20.6 billion in 2021, and the variable frequency drive industry is estimated to reach $33.6 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/31855

Increase in penetration of connected devices in various sectors such as commercial, industrial, and residential sectors, coupled with a rise in demand for variable frequency drive (VFD) due to associated benefits such as adjustable speed, dynamic torque control, and energy-saving from sectors such as power generation, automotive, and oil & gas are crucial factors expected to drive the market growth. In addition, an increase in investment in infrastructure development results in high demand for HVAC systems which calls for solutions to improve building energy efficiency. This factor is expected to exhibit a positive impact on the variable frequency drive market growth.

Oil & gas is one of the leading end-user industries of variable frequency drives. The industry has been witnessing stagnant growth for the past few years owing to the decline in exploration and production activities. The demand for variable frequency drives in this industry is linked to the exploration, development, and production activities, as well as the capital spending by oil and natural gas companies.

The growth in energy demand has created the need for stable and reliable transmission and distribution (T&D) networks. According to the U.S. Department of Energy (DOE), uninterrupted power can only be ensured through a system capable of handling sudden power fluctuations. The major reasons behind the increase in number of blackouts are aging infrastructure, limited investments, and a lack of clear policies to modernize the grid. The electricity demand has increased by 10% over the past decade, although there are more energy-efficient products and buildings than in previous years. The recent regulations to reduce/limit the number of power blackouts and upgrade the aging power networks across the globe, particularly in North America, Europe, and parts of Asia Pacific, enhance the entire value chain across the power sector equipment. Modernization of power infrastructure is thus expected to fuel the demand for variable frequency drives and create lucrative variable frequency drive market opportunities for the market players.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-for-customization/31855

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Variable Frequency drives industry's key market players to adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐕𝐚𝐫𝐢𝐚𝐛𝐥𝐞 𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐜𝐲 𝐃𝐫𝐢𝐯𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

ABB Ltd
CG Power
Techsuppen
Rockwell Automation
Nord Drive Systems
General Electric
A.S. Automation
Schneider Electric
Fuji Electric
Hitachi, Ltd
Sew-Eurodrive
Sauer-Danfoss Inc.
Delta Electronics
Saksun Industries
Honeywell International
Siemens AG
Parker Hannifin Corporation

The variable frequency drive market forecast is segmented based on type, voltage type, power rating, application, end-use, and region. Based on type, it is divided into AC drive, DC drive, and servo drive. Based on voltage type, the market is bifurcated into low and medium. Based on power rating, the market is categorized into micro, low, medium, and high. Based on application, the market is segregated into pumps, conveyors, fans, compressors, and others. Based on end-use, the market is segmented into oil & gas, industrial, power, and infrastructure. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest variable frequency drive market share, followed by North America and Europe.

Rapid development of industrialization and urbanization have led to an increase in demand for electronic goods which further led to a rise in demand for power. Variable frequency drives are utilized to improve the efficiency of various electronic consumer goods. Additional growth strategies such as expansion of production capacities, acquisition, partnership, and research & innovation in detection technologies have made way for key developments in the global variable frequency drive market trends.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/31855

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

- As per variable frequency drive market analysis, by type, the AC drive segment accounted for the largest share in 2021.
- By voltage type, the low voltage type segment held the highest market share in 2021.
- By power rating, the low segment is expected to dominate the market in 2031.
- By application, the pumps segment held the largest market share in 2021 and is projected to grow at a CAGR of 4.7% from 2022 to 2031.
- By end use, the oil & gas segment held the largest market share in 2021.
- By region, Asia-Pacific is projected to exhibit a CAGR of 5.5% from 2022 to 2031.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐒𝐭𝐫𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐫𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/string-inverter-market-to-reach-4-6-bn-globally-by-2027-at-6-3-cagr-allied-market-research-873730773.html

𝟐. 𝐂𝐨𝐧𝐯𝐞𝐫𝐭𝐞𝐫 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/converter-transformer-market-to-reach-7-2-bn-globally-by-2030-at-14-1-cagr-allied-market-research-301575583.html

𝟑. 𝐋𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/03/20/2630472/0/en/Lighting-Transformer-Market-Is-Expected-to-Reach-2-1-Billion-by-2031-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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