WASHINGTON, Dec 14, 2022 (GLOBE NEWSWIRE) — The global VFD market was valued at $20.7 billion in 2021 and is projected to reach $26.9 billion by 2028, growing by an average of 4.5 during the forecast period from 2022 to 2020. 2028%.
One of the most important sectors of the economy is the variable frequency drive market, which is expected to continue to expand in the future. Despite the turmoil in the industry, there are many factors that can affect its growth or decline. The study evaluates current trends and expected future developments to provide a comprehensive understanding of the industry. In addition, it provides detailed information on the key players in the industry and their expansion strategies.
The report provides a comprehensive analysis of international manufacturers and suppliers, their current status and future prospects. It also details the global drivers of VFD market demand, including growing investment needs, evolving technology and new laws.
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According to Vantage market research, several key factors are expected to accelerate the growth of the VFD market during the forecast period. One of the main factors favoring demand in the variable frequency drive market is the increasing demand for electrical equipment with energy efficient pumps, fans, motors and other components.
We predict that continued rapid urbanization and industrialization in developing countries, along with increased investment in safe and advanced infrastructure, will improve market competition.
In 2021, the Asia-Pacific region accounted for the most important share of revenue. It is expected that market liberalization, increased construction and rapid industrialization in developing countries will contribute to the expansion of the regional market. In addition, the growth in energy consumption may encourage energy companies to introduce frequency converters, thereby supporting regional development.
The presence of water treatment companies, major automotive, food and beverage manufacturers in countries such as China, Japan and India is expected to increase demand in the variable frequency drive market to improve operating efficiency and reduce power consumption.
Buildings and industrial infrastructure consume the majority of global electricity consumption, and electric motors are expected to account for about 45% of consumption in these two industries. In addition, the demand for frequency converters is expected to increase due to the development of the global economy and the growing public awareness of the need to combat climate change and use sustainable technologies. Adding a variable speed drive, especially in pumps, fans or compressors widely used in all industries and buildings, can reduce energy consumption by another 25%.
Favorable government regulations and policies are expected to drive market expansion as they are one of the leading drivers of industrial investment in energy efficiency worldwide. This is especially true for laws passed by large industrial producers such as China, India, the US and Europe. In addition, investments in drives and motors are often well-received due to their ease of installation. Their installation often does not require further modifications to existing industrial systems, resulting in rapid system implementation.
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The profiles of key players were considered and the competitive environment in the industry was studied. These include Siemens AG, ABB Ltd., Danfoss A/S, Rockwell Automation, G Toshiba International, E Energy Power Conversion, Schneider, Mitsubishi Electric Corporation, Hitachi Ltd. and Honeywell International. Moreover, the main market players use different strategies to strengthen their positions as industry leaders. One of the key strategies is to hire companies to add brand value to their clients. Another important strategy is to regularly release cutting-edge products that benefit users.
The oil and gas industry will dominate the market and provide the largest share of revenue in 2021. Large pumps and pumping systems, compressors, fans and other equipment are widely used in the oil and gas industry and are involved in production, storage, distribution and processing. This device takes advantage of the variable frequency drive market. When the VFD market is integrated with electric motors, energy consumption is reduced and productivity is increased. Therefore, players’ strategy of maximizing profits through efficiency is expected to drive demand in the variable frequency drive market. Therefore, a significant portion of the target market’s revenue is expected to come from the industrial category.
The VFD market is used to start motors and control flow. Due to the large number of machines and pumps used in this industry, the variable frequency drive market has greatly reduced the energy costs associated with the operation of these pumps and machines. It is estimated that the VFD market can reduce pump energy bills by 10-35%. Consequently, demand in the variable frequency drive market is expected to grow as the oil and gas industry focuses more on energy efficiency.
Browse 143 pages of tables and charts for market data and a detailed table of contents for the VFD Market Forecast Report (2022-2028).
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Post time: Aug-04-2023