Variable Frequency Drive Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast 2022 -
2030
Variable Frequency Drive Market Growth & Trends
The global variable frequency drive market size is anticipated to reach USD 39.7 billion by 2030, registering a CAGR of 5.5% from 2022 to 2030, according to a new study by Grand View Research Inc. Rapid technological advancement in semiconductor technology, coupled with increasing awareness related to the use of energy efficient products are factors expected to drive the market growth. Likewise, increasing energy demand globally, coupled with increasing use of variable frequency drive to control speed and fan flow to avoid energy loss is expected to support the global market growth in coming years.
In the U.S. more than 90% of energy is consumed by HVAC systems and refrigeration applications used in the residential sector. Rising awareness about energy conservation and approach towards reducing the unnecessary energy consumption is expected to increase demand for variable frequency drives as they help in controlling the motor speed of HVAC systems within a wide range and reduce power consumption is expected to boost the market growth. Also, increasing demand for variable frequency drive from oil & gas, food & beverage, and automotive sectors to enhance the operational efficiency is expected to support the market growth.
The high cost associated with the product and maintenance is expected to hamper the market growth. Additionally, a lack of skilled labor is expected to challenge market growth. However, increasing investment in the power generation and distribution sector and
increasing oil & gas extraction activities globally are factors expected to create new opportunities for players in the coming years.
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Variable Frequency Drive Market Report Highlights
The AC drives segment dominated the market with more than 68% share in 2021 and is expected to continue leading the market with increasing demand from the industrial sector for equipment with less noise and maintenance.
Asia Pacific is anticipated to grow at 5.7% CAGR over the forecast period. This can be attributed to rapid industrialization in emerging economies and increasing demand from the water treatment sector.
Since the outbreak of COVID 19, major players are inclining toward enhancing the customer base through the introduction of new products. In June 2021, Eaton Corporation PLC, a global power management company launched its new PowerXL DM1 micro variable frequency drive. The newly launched product is designed for commercial and industrial customers. This product launch helped the company attract new customers.
Variable Frequency Drive Market Segmentation
Forthisstudy,GrandViewResearchhassegmentedtheglobalvariablefrequencydrive marketbasedonproducttype,powerrange,application,end use,andregion:
Variable Frequency Drive Product Type Outlook (Revenue, USD Billion, 20182030)
Variable Frequency Drive Power Range Outlook (Revenue, USD Billion, 2018 2030)
Variable Frequency Drive Application Outlook (Revenue, USD Billion, 2018 2030)
ElectricFans
Others
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Variable Frequency Drive End-use Outlook (Revenue, USD Billion, 2018 - 2030)
Oil&Gas
PowerGeneration
Industrial
Infrastructure
Automotive
Food&Beverages
Others
Variable Frequency Drive Regional Outlook (Revenue, USD Billion, 2018 2030)
NorthAmerica
o U.S.
o Canada
Europe
o U.K.
o Germany
o RestofEurope
AsiaPacific
o China
India
Japan
o SouthKorea
o RestofAsiaPacific
LatinAmerica
o Brazil
o Mexico
o RestofLatinAmerica
MiddleEast&Africa(MEA)
List of Key Players in Variable Frequency Drive Market
ABB
Eaton
GeneralElectric
HitachiLtd.
RockwellAutomationInc.
SchneiderElectric
SiemensAG
TheDanfossGroup
WEGS.A.
YaskawaElectricCorporation
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The report provides a holistic view of the competitive scenario Variable Frequency Drive Market.
The latest product launches, along with technological changes and developments, are included in the report.
The data analysis in the report will help you understand the Variable Frequency Drive Market dynamics projected from 2022 2030
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Grand View Research is a full time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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