Variable Frequency Drive (VFD) Market To Reach USD 19 Billion By 2028 At A CAGR of 3.0% | Valuates Reports

BANGALORE, India, Nov. 11, 2022 /PRNewswire/ -- Variable Frequency Drive Market is segmented by Type - AC Drives, DC Drives, Servo Drives, by Application - Oil & Gas, Industrial, Infrastructure, Power Generation, Others. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the  Electronic Components Category.

The global market for Variable Frequency Drive estimated at USD 16 billion in the year 2022, is projected to reach a revised size of USD 19 billion by 2028, growing at a CAGR of 3% during the forecast period 2022-2028.

Major Factors Driving The Growth of  Variable Frequency Drive Market Are

Increased demand for variable frequency drives (VFDs) due to their advantages in the power generation, automotive, and oil & gas industries, as well as their benefits in terms of adjustable speed, dynamic torque control, and energy-saving, are significant drivers anticipated to fuel Variable Frequency Drive Market growth.

Growing industrialization, rising energy efficiency need, and rising digital and automation to steer Variable Frequency Drive Market expansion.

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TRENDS INFLUENCING THE GROWTH OF VARIABLE FREQUENCY DRIVE MARKET

The way a variable frequency drive saves energy or reduces energy consumption is by adjusting the power delivered to fit the energy requirements of the driven equipment. When compared to direct-on-line (DOL) operation, where the motor runs at full speed regardless of demand, the drive can significantly lower energy consumption. In order to improve performance control and boost productivity, modern drives also have networking and diagnostic features. Therefore, using a VFD as the controller in any motor-driven system is a smart decision for three reasons: energy savings, intelligent motor control, and decrease of peak current drawn. These factors are expected to drive the growth of the Variable Frequency Drive Market

The major cost-saving benefit of the Variable Frequency Drive is that it can ensure that the motor doesn't use too much current at startup, allowing the factory as a whole to control the overall demand factor and keep the utility bill as low as possible.

Increasing industrialization and growing demand for energy efficiency will further fuel the growth of the Variable Frequency Drive Market. The industrial and manufacturing sectors are expanding quickly as a result of rapid industrialization in developing nations, supporting the demand for variable frequency drives. Similar to how it is being widely used in the power generation industry, variable frequency drives are used to smoothly start huge motors and continually alter speed as needed by the process. Consequently, it is anticipated that rising demand for variable frequency drives from the power generating industry will accelerate the target Variable Frequency Drive Market growth.

The industrial and manufacturing sectors are expanding quickly as a result of rapid industrialization in developing nations, supporting the demand for variable frequency drives. Similar to how it is being widely used in the power generation industry, variable frequency drives are used to smoothly start huge motors and continually alter speed as needed by the process. Consequently, it is anticipated that rising demand for variable frequency drives from the power generating industry will accelerate the target market's growth.

Different industry verticals' increased propensity for digitization, connection, and automation of industrial processes has led to an increase in demand for VFDs, which enable them to remotely manage the process. By monitoring and checking the motor by variable drives, transforming them into smart motors, and even allowing them to be controlled remotely or even automatically, the resulting data can be improved with a notable gain in competence and energy savings in complex industrial uses like the HVAC systems of large buildings, further enhancing performance, system efficiency, and energy savings.

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VARIABLE FREQUENCY DRIVE MARKET SHARE ANALYSIS

Based on type, The AC drives segment is expected to be the most lucrative segment. This development can be attributed to the advantages of AC drives, such as their high power, comparative ease of installation, and low maintenance requirements. To increase operational effectiveness, these advantages are luring a wide range of end-users from sectors like food and beverage, automotive, and power generation.

Based on application, the Power Generation is expected to be the most lucrative segment. From the fuel to the grid, the power production industry uses VFDs at every stage to smoothly start huge motors and continuously regulate the speed as needed by the process. Power generation will continue to rule the market sector during the anticipated period of time due to the rising need for energy in countries throughout Asia Pacific, North America, and Europe.

Based on region, The Asia Pacific market is expected to be the most lucrative. The government's business-friendly policies, rapid industrialisation in developing nations, and rising construction activity are all expected to boost regional market expansion. In a same vein, the increased adoption of VFD by energy producers is anticipated to assist regional growth as a result of the rising energy demand.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• ABB
• Siemens
• Schneider Electric
• Danfoss
• Rockwell Automation
• Crompton Greaves
• Eaton
• Fuji Electric
• Hitachi
• Nidec
• Tmeic
• Weg
• Yaskawa

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