PUNA, India, March 24, 2022 (GLOBE NEWSWIRE) — The global market for frequency converters will be valued at US$19.21 billion in 2021. The market is expected to grow from $19.87 billion in 2022 to $32.31 billion in 2029, at a CAGR of 7.2% over the forecast period. This information was provided by Fortune Business Insights™ in its Inverter Drive Market 2022-2029 report.
According to our researchers, the fact that this technology helps manage the speed of operation to reduce power consumption is expected to drive the market.
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The impact of COVID-19 has triggered a global health emergency and negatively impacted many industries. The imposition of travel bans and restrictions, self-isolation orders and production shutdowns that have led to a deterioration in production, as well as trade disputes around the world are some of the significant factors hindering the growth of the market.
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Depending on the application, the market is segmented into pumps, conveyors, heating, ventilation and air conditioning systems, electric fans, extruders and others.
Depending on the end user, the market is segmented into power generation, infrastructure, oil and gas, food and beverages, mining, agriculture, and others. The power generation segment will dominate the market in 2021.
By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
The report provides a systematic overview of the segments and a systematic study of the market. The report provides a thoughtful overview of the current market trends as well as the upcoming outlook. In addition, it offers extensive analysis of regional trends and their role in shaping the growth of the Variable Frequency Drives market. The report discusses the impact of COVID-19 to help investors and business owners raise awareness of the possible threats prevailing in the market. The report further discusses the key players and their main strategies to maintain their leading positions.
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The growing inclination towards digitization, connectivity and automation of industrial processes in various industries is causing people to discover a growing demand for variable frequency drives that help them control processes remotely. In complex industrial applications such as HVAC systems in large buildings, by monitoring and checking motors with variable speed drives, turning them into smart motors, and even allowing them to be controlled, the data generated can be improved to greatly increase power and remotely save energy. or even automatically, further improving performance, system efficiency and energy savings.
During the forecast period, the demand for electricity will increase. Most of this growth will be in the fastest growing Asia-Pacific region, which gives this region the largest frequency converter market share.
The growth of renewable energy in North America and Europe is expected to increase market share in these regions.
Latin American countries will experience major capitalization events in the mining and oil and gas industries.
Key market players use several 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 introduce innovative products that benefit users.
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January 2022: Danfoss smart actuators help improve the safety of HVAC systems through automated system checks. This process includes automatic testing of the entire installation by the frequency converter.
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Post time: Aug-23-2023