Variable-Frequency Drive Market Size To Be USD 35.34 Billion by 2030: P&S Intelligence
NEW YORK, March 7, 2023 /PRNewswire/ -- The global variable-frequency drive market revenue will touch USD 35.34 billion by 2030, advancing at a CAGR of 5.20% during 2022–2030, as per P&S Intelligence.
- NEW YORK, March 7, 2023 /PRNewswire/ -- The global variable-frequency drive market revenue will touch USD 35.34 billion by 2030, advancing at a CAGR of 5.20% during 2022–2030, as per P&S Intelligence.
- In 2022, the AC drive category held the larger market share, of approximately 69%.
- In 2022, the low-voltage drive category held the largest revenue share, and it is projected to continue with the dominance in the future.
- With the increasing E&P activities, driven by new discoveries in new areas, the industry's demand for VFDs will continue to surge.