Variable Frequency Drive Market Details to 2023 – Evaluates High Growth by Key Players | ABB, Siemens, Schneider Electric, Danfoss, Rockwell

According to new market research report "Variable Frequency Drive Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region - Global Forecast to 2023", The variable frequency drive market is expected to grow from an estimated USD 20.73 billion in 2018 to USD 27.57 billion by 2023, at a CAGR of 5.87%, from 2018 to 2023.

Increase in industrialization and urbanization and rising need of energy efficiency across various industries such as oil & gas and power generation are likely to drive the variable frequency drive market.

Browse 90 market data Tables and 43 Figures spread through 183 Pages and in-depth TOC on "Variable Frequency Drive Market - Global Forecast to 2023"

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The low-voltage segment is expected to hold the largest share of the VFD market, by voltage, during the forecast period.

The low-voltage segment led the VFD market in 2017 and is projected to have the largest market share during the forecast period. Low-voltage VFDs are used in various industrial applications such as building automation, pulp & paper, power, water & wastewater, and oil & gas, and especially in process industries, which would drive the low-voltage segment during the forecast period.

The pump segment is expected to hold the largest share of the VFD market, by application, during the forecast period.

The pump segment led the VFD market in 2017. Pump is one of the most important equipment in most industries such as oil & gas, chemical & petrochemical, and pulp and paper as it provides huge potential for energy savings, improved performance, and reliability. Increase in oil and shale gas productions are driving the pump market.

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The infrastructure segment of the VFD market, by end-user, is expected to grow at the highest CAGR during the forecast period.

The infrastructure segment is projected to grow at the highest CAGR from 2018 to 2023. Rapid infrastructure development in the developing companies and growing concerns over energy efficiency in the developed countries are likely to drive the infrastructure segment. For instance, in December 2017, the government of Japan planned to invest USD 57.97 million on development projects, including housing and commercial facilities, as per Japan Overseas Infrastructure Investment Corporation. Such investments toward the infrastructure activity would boost the VFD market during the forecast period.

Asia Pacific: The leading market (by volume) for VFD

In this report, the VFD market has been analyzed with respect to 6 regions, namely, Asia Pacific, North America, South America, Europe, Africa, and the Middle East. Asia Pacific led the global VFD market in 2017. China and Japan are the largest markets for VFD in the region. The government of China plans to invest heavily on clean energy production, which would drive the VFD market in the country. In order to accomplish its target, the Chinese government planned to invest about USD 361 billion in clean energy by 2020, as China aims to supply 20% of power from non-fossil sources by 2030. Meanwhile, Japan is actively focusing on infrastructure development. For instance, as per the Japan Overseas Infrastructure Investment Corporation, Japan planned to invest USD 57.97 million for development projects, including housing and commercial facilities. Therefore, factors such as increasing investments in renewable energy and infrastructure development in China, Japan, and India are driving the VFD market in the region.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the variable frequency drive market. The key players include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (US), and Rockwell (US). The leading players are adopting various strategies to increase their shares in the VFD market.

Recent Developments

In March 2018, Schneider Electric expanded its business by establishing its new business in East Asia & Japan headquarters in Singapore to develop tailored solutions to optimize energy efficiencies for building, healthcare, data center, oil & gas, and utility segments. This would help the company to serve its customers in a better way.
In November 2017, Siemens expanding its market with the introduction of Simotics SD add low-voltage motors, by extending the application scope of the next-generation Simotics SD low-voltage motor series
In February 2017, Nidec acquired Emerson Electric’s motor, drives, and electric power generation businesses. This acquisition will help Nidec to strengthen its motors and drives business
In June 2016, ABB opened a new testing laboratory for drives and motors at its factory (Finland) with the aim of helping its customers to have their motors tested with its VFD to check their performance and energy consumption
In November 2017, Airbus, Rolls-Royce, and Siemens formed a partnership for the development of drive systems across various power classes for hybrid-electric flight

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Critical questions the report answers:

Where will all these developments take the industry in the long term?
What are the upcoming trends for the VFD market?
Which segment provides the most opportunity for growth?
Who are the leading manufacturers operating in this market?
What are the opportunities for new market entrants?

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