Variable Speed Drive Market – Smart Strategies of the Research and Development Process
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.
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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 a 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 rising 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.
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 the application system, the pump is projected to dominate the global market, followed by the fan in 2023.
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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 a highest CAGR during the forecast period.
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.
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