According to Fortune Business Insights, the global variable speed drive market size is expected to grow from US$19.21 billion in 2021 to US$32.31 billion in 2029, with a compound annual growth rate of 7.2% over the forecast period. period.
Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) — The global frequency converter market was valued at US$ 19.21 billion in 2021. The market is expected to grow from US$19.87 billion in 2022 to US$32.31 billion in 2029. The compound annual growth rate during the forecast period is 7.2%. This information was provided by Fortune Business Insights™ in its report entitled “Variable Drive Market 2022-2029.” According to our researchers, the fact that this technology helps control operating speed to reduce power consumption will drive the market.
January 2022: Danfoss intelligent drives help improve the safety of HVAC systems by automating system checks. This process involves automatic testing of the entire installation performed by the frequency converter.
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Variable Frequency Drives [VFD] Market Size, Share and COVID-19 Impact Analysis, by Type (AC Drives, DC Drives, Servo Drives), By Power Range (Micro, Low, Medium, High), By Application ( pumps, electric fans), HVAC, conveyors, extruders, etc.), by end user (power generation, infrastructure, oil and gas, food and beverage, mining, agriculture, etc.) and region
Increasing digitalization and automation are driving market growth. With the growing inclination towards digitalization, connectivity and automation of industrial processes across various industries, people are seeing a growing need for variable frequency drives to help them control their processes remotely. In complex industrial applications such as HVAC systems for large buildings, the generated data can be improved by monitoring and testing the motor using a variable speed drive, turning it into a smart motor and even allowing them to be controlled, thereby greatly increasing capabilities and saving energy remotely or even automatically , further improving performance, system efficiency and energy savings.
The impact of COVID-19 has created a global health emergency and negatively impacted many industries. Imposition of travel bans and restrictions, stay-at-home orders and production shutdowns that have led to a deterioration in the manufacturing industry, as well as trade disputes across the world are some of the significant factors hampering the growth of the market.
To learn more about the short- and long-term impact of COVID-19 on this market, visit: https://www.fortunebusinessinsights.com/industry-reports/variable-frequency-drive-market-100876.
The market report includes a detailed assessment of the various growth drivers and restraints, opportunities and challenges that the market will face during the forecast period. Additionally, the report provides a comprehensive study of the regional development of the market that will influence its growth during the forecast period. It includes information derived from recommendations from industry professionals using various methods from our research analysts. The competitive landscape provides a more detailed understanding of the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by companies between 2022 and 2029 to maintain their position in the market.
Based on application, the market is segmented into pumps, conveyors, HVAC, electric fans, extruders and others.
Based on end user, the market is segmented into power generation, infrastructure, oil and gas, food and beverage, mining, agriculture and others. The electric utility segment will dominate the market in 2021.
By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
During the forecast period, the demand for electricity will increase. Much of this growth will occur in the fastest-growing Asia-Pacific region, giving the region the largest share of the variable frequency drive market.
The growth of renewable energy in North America and Europe is expected to bring significant market share to these regions.
Latin American countries will experience major capitalization events in the mining and oil and gas industries.
On the other hand, North America is expected to take the second position in the market due to increased exploration activities in the oil and gas industry in countries like the US between 2022 and 2029.
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Key market players use various strategies to strengthen their position in the market as a dominant company. One of the key strategies is acquiring companies to increase brand value for users. Another important strategy is to regularly launch innovative products that benefit users.
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6. Analysis, analytics and forecasts of the global frequency converter market (billion US dollars) for 2018-2029.
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Post time: Sep-22-2023