Global Variable Speed Drive Market is anticipated to reach $26,544 Million by 2023 With Key Player ABB Ltd., Siemens AG, Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, Crompton Greaves, WEG, Schneider, Emerson Electric, and Dan
Allied Market Research recently published a report, titled, “Variable Speed Drive Market by Type, Voltage, Application, and End User System: Global Opportunity Analysis and Industry Forecast, 2017-2023”.The report states that the global variable speed drive market accounted $18,004 million in 2016 and is expected to attain $26,544 million by 2023, registering a CAGR of 5.6% from 2023 to 2026.
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Increase in urbanization and industrialization in emerging countries such as India, China, Brazil, and others drive the demand for the variable speed drive market. Further, the growth in need for energy efficiency, rise in trend of industrial automation, and reduction in operating costs of any intensive industry fuel the market growth. However, high cost of deployment is expected to restrain the growth of the market.
In 2016, the low voltage segment dominated the global variable speed drive market, in terms of revenue. However, based on application system, pump is projected to dominate the global market, followed by fan in 2023.
At present, North America dominates this market. In 2023, China is expected to register the highest growth in Asia-Pacific. Similarly, the UK is expected to lead the overall market in the European region during the forecast period. Presently, the U.S. is expected to dominate the North American market.
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The variable speed drive market is segmented based on type, voltage, application, end user, and region. Based on type, the market is categorized into AC drive, DC drive, and servo drive. According to voltage type, the market is bifurcated into low voltage and medium voltage. Based on application, the market is divided into compressor, pumps, fans, and others. Based on end user, the market is segmented into automotive, electronic, oil & gas, power generation, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the Variable Speed Drive Market:
• Mining & Minerals is expected to generate the highest revenue in 2016.
• In 2016, the AC drive segment accounted for the highest revenue in the variable speed drive market.
• Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
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The key players profiled in the report include ABB Ltd., Siemens AG, Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, Crompton Greaves, WEG, Schneider, Emerson Electric, and Danfoss. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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