Variable Frequency Drive (VFD) Market To Reach USD 19 Billion By 2028 At A CAGR of 3.0% | Valuates Reports
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Friday, November 11, 2022
HVAC, Oil, Infrastructure, Variable-frequency drive, Sub-Micro AC Drive, Automation, DOL, Adoption, Food, USD, Type, Maintenance, CAGR, Application, AC, Vibration-powered generator, Growth, Electricity generation, Overalls, Time, Industry, Electric motor, Heating, ventilation, and air conditioning, VFD
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.
Key Points:
- 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.
- Growing industrialization, rising energy efficiency need, and rising digital and automation to steer Variable Frequency Drive Market expansion.
- Increasing industrialization and growing demand for energy efficiency will further fuel the growth of the Variable Frequency Drive Market.
- 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.