DUBLIN, Feb. 22, 2023 (GLOBE NEWSWIRE) – “Analysis Report on Variable Frequency Drives Market Size, Share and Trends by Product Type (AC Drives, DC Drives, Servo Drives), Power Range, Application, End Use” ResearchAndMarkets .com added the Market Forecasts by Region and Segment 2023-2030 report. By 2030, the global VFD market is expected to reach $39.66 billion at a CAGR of 5.6%. Rapid advances in semiconductor technology and growing consumer awareness of the benefits of energy efficient products are two factors that are expected to drive market expansion.
Likewise, the growing demand for energy worldwide and the use of variable frequency drives (VFD) to control the flow and speed of fans to prevent energy wastage is expected to drive the growth of the global market over the next few years. More than 90 percent of energy consumption in the United States is for domestic refrigeration and HVAC equipment. VFDs help control motor speed and reduce power consumption in HVAC systems, which is expected to drive market growth.
The growing awareness of energy conservation and ways to reduce excessive power consumption is expected to increase the demand for these devices. In addition, the growing demand for variable frequency drives in the food, automotive, and oil and gas industries is expected to drive market expansion. Market expansion is expected to be hampered by high product and service costs. In addition, labor shortages are expected to pose a threat to market expansion. However, rising costs in power distribution and generation, coupled with growing oil and gas operations around the world, are likely to open up new prospects for players in the VFD market in the coming years. Highlights of the VFD Market Report drives
Key Topics Covered: Chapter 1. Methodology and Scope Chapter 2. Summary Chapter 3. Chapter 4. Variables, Trends and Market Size of Variable Frequency Drives. 4.1 Frequency Inverter Market Prospects by Product Type. Market share of variable frequency drives by product in 2022 and 2030 (million USD) 4.2. AC drive 4.3. DC drive 4.4. Servo Drives Chapter 5 Market Overview of Variable Frequency Drives 5.1. Market share of variable frequency drives in energy sector in 2022 and 2030 (million USD) 5.2. Micro (0-5 kW) 5.3. Low (6-40 kW) 5.4. Medium (41-200 kW) 5.5. High (>200 kW) Chapter 6. Prospects for the application of the market of variable frequency drives 6.1. Market share of variable frequency drives by application in 2022 and 2030 (USD million) 6.2. Pump 6.3. Electric fans 6.4. Conveyor 6.5. HVAC 6.6. Extruder 6.7. Other Chapter 7 Variable Frequency Drive Market End-Use Prospects 7.1. Market share of variable frequency drives by end use in 2022 and 2030 (USD million) 7.2. Oil and gas 7.3. Electricity generation 7.4. Industry 7.5. Infrastructure 7.6. Auto 7.7. Food & Beverage 7.8. Miscellaneous Chapter 8. Variable Frequency Drive Market: Regional Overview Chapter 9. Competitive Landscape Companies Mentioned
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Post time: Aug-17-2023