Press release
Variable Frequency Drive Market Intelligence with Competitive Landscape 2023
The innovation in products and services is the main factor adding to the market's profitability and swaying the trends that gain prominence in the market. The accessibility to a good labor force along with resources is adding to the overall market growth. The external factors are shaping the market which is dependent on the techniques and the strategic roadmaps that are deployed by market players. The market is relatively well defined in terms of its value and volume. The key success factors and competitors’ tendencies are progressively improving by the strategies being exploited by market players.
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The dominant contenders in the variable frequency drive market are Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric (U.S.), WEG (Brazil), Eaton Corporation Plc. (Ireland), Yaskawa Electric Corporation (Japan), General Electric (U.S.), Hitachi, Ltd. (Japan), Emerson Electric Co. (U.S.), Mitsubishi Electric Corporation (Japan), and Honeywell International (U.S) are among others.
Detailed Regional Analysis
The VFD market is anticipated to develop at a remarkable pace through the forecast period due to automation in the power industry and growing infrastructure sector. The Asia Pacific region is likely to control the market for the variable frequency drive. South Korea, China, Japan, India, and Indonesia are the most rapidly rising nations, which are the chief markets for industrial and infrastructure sectors. Industries such as oil & gas, metals, and mining are implementing the drives to lessen the energy consumption and to control the CO2 emission. The Middle East region will trail the Asia Pacific region in the market for variable frequency drive due to the mounting construction industry. In the European region, the developing automotive sector is anticipated to lead the market’s development.
Segmental Analysis
The segmentation of the VFD market is carried out on the basis of application, type, end-use, and region. On the basis of type DC, AC, and servo. By application, the market is segmented into extruder, pumps, compressor, fans, others. The end-user segment of the market comprises of power generation, industrial, oil & gas, infrastructure and others. The region-based segmentation of the market consists of North America, Europe, APAC and rest of the world.
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Industry Updates:
Aug 2018 Invertek Drives Ltd. and Reftronix which is a Danish CO2 refrigerant control specialist will introduce a new variable frequency drives (VFD) and a CO2 condensing unit controller (CDU). Their technical partnership aims to deliver natural and energy efficient refrigerant-based solution to fulfill the requirements that the EU’s F-Gas Regulation and Eco-Design Directive levies on the HVAC&R industry.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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