Variable Speed Drive Market by 2023 : Key Players are ABB Ltd., Siemens AG, Rockwell Automation, Inc., Yaskawa Electric Corporation, General Electric, Crompton Greaves, WEG, Schneider, Emerson Electric, and Danfoss.

According to a recent report published by Allied Market Research, titled, Variable Speed Drive Market by Type, Voltage, Application, and End User System: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global variable speed drive market was valued at $18,004 million in 2016, and is projected to reach at $26,544 million by 2023, growing at a CAGR of 5.6% from 2023 to 2026.

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.

Increase in urbanization and industrialization in the 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 restrain the growth of the market.

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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.

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.

Factors that are expected to impact the global variable speed drive market during the forecast period are as follows:

•Increase in industrialization in emerging market
•Increase in demand for energy efficiency devices
•High cost of variable speed drives
•Increase in demand for variable speed drives in food & beverage industry

Increase in Industrialization in Emerging Market

Rise in working population and increase in urbanization lead to rise in industrialization in emerging markets such as India, China, Brazil, and others. Further, with the increase in industrialization the demand for variable speed drives is also expected to rise as it regulates the speed and rotational force of the electric motor installed in several machines for instance pump, fan, compressor, conveyor, and others in the organization. In addition, the benefit such as controlled starting current that extends the life of the motor, reduced voltage sag, and controlled acceleration attracts industries toward adoption of variable speed drives.

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Increase in Demand for Energy Efficiency Devices

More than one-third of the global electrical energy is supplied by electric motors in fixed-speed centrifugal pump, compressor, fan, and other applications. This creates the demand for devices such as variable speed drives, which increases the energy efficiency, cuts down the operational cost, and results in rise in production efficiency. Variable speed drive reduces energy cost up to 50% through the reduction of speed on applications where the full speed of the electric motor is not required.

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