Variable Frequency Drives Global Market Report 2023
Major players in the variable frequency drives market are Eaton Corporation, Hitachi Hi-rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation, WEG, ABB, Nidec Motor Corporation, Siemens, Danfoss, Honeywell International, TMEIC, Fuji Electric Corp, Schneider electric, Yaskawa Corporation, General Electric, Mitsubishi Electric Automation, Toshiba International Corporation, Delta Electronics.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Variable Frequency Drives Global Market Report 2023" - https://www.reportlinker.com/p06290029/?utm_source=GNW
The global variable frequency drives market grew from $17.65 billion in 2022 to $18.84 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The variable frequency drives market is expected to grow to $24.55 billion in 2027 at a CAGR of 6.9%.
The variable frequency drive market consists of sales of pilot devices, safety switches, control circuit.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The variable frequency drive (VFD) includes a type of motor controller that varies frequency and voltage to drive an electric motor.These drives also can control ramp-up or ramp-down of the motor.
These drives help save energy and system efficiency and most commonly used in fans, pumps, conveyors, and compressors.
Asia-Pacific was the largest region in the variable frequency drives market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the variable frequency drives report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of variable frequency drives are AC drives, DC drives, and servo drives.AC Drives are used to control the speed of an electrical motor for enhancing process control, reducing energy usage and generating energy efficiently.
These are of various power ratings such as low power rating, medium power rating, micropower rating, and high power rating.They are applicable in pumps, fans, compressors, conveyors, and other applications.
Variable frequency drives are used by end-users such as food and beverages, oil and gas, power generation, infrastructure, and other end-users.
Increasing need and government regulations for energy efficiency across various industries are driving the growth of the market.Industries across the world have been striving to make better use of energy.
Governments across the world have also been enforcing strict regulations for the industries to be energy efficient.The variable frequency drives are known to be very energy efficient and convenient.
Thus, they are very useful in decreasing energy usage in industries.For instance, the Energy Conservation Building Code (ECBC) sets minimum energy standards for new commercial buildings in India having a connected load of 100kW or contract demand of 120 KVA and above.
Hence, the increasing government efficiency standards would boost the variable frequency drives market.
Technological advancements are the main trend that is gaining popularity in the variable frequency drives market.Many companies are developing new products to provide an enhanced experience to their clients.
For an instance, In June 2021, Ireland based power management company , Eaton launched POWER XL DM 1 Micro Variable frequency drive.This new drive offers the best value through the incorporation of IoT and Ethernet Communication.
Moreover, customers will benefit from the DM1’s greater efficiency, safety, and dependability, as well as features that enhance integration and simplicity of use.
In August 2020, Siemens Ltd., an India-based company operating in electrification, automation, and digitalization acquired C&S Electric Ltd for a deal of $ 25.50 billion ( INR 2,100 crores). Through this acquisition, Siemens Ltd aims to strengthen its position in supplying low-voltage power distribution and electrical installation technology to gain a competitive advantage in the market. C&S Electric Ltd is an India-based manufacturer of electrical equipment.
The countries covered in the variable frequency drives market report is Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The variable frequency drive (VFD) market research report is one of a series of new reports that provides variable frequency drive (VFD) market statistics, including variable frequency drive (VFD) industry global market size, regional shares, competitors with a variable frequency drive (VFD) market share, detailed variable frequency drive (VFD) market segments, market trends and opportunities, and any further data you may need to thrive in the variable frequency drive (VFD) industry. This variable frequency drive (VFD) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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