Press release
Variable Frequency Drives Market To Grow USD 38.55 Billion By 2027 At A CAGR of 5.70% | Industry Top Players, Growth, Demand and Forecast
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How big is variable frequency drives market?
The global variable frequency drives (vfd) market reached a value of US$ 27.38 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 38.55 Billion by 2027, exhibiting a growth rate (CAGR) of 5.70% during 2022-2027.
Industry Definition and Application:
A variable frequency drive (VFD) is a motor controller utilized to manage an alternating current (AC) motor speed by changing the frequency and voltage supplied. It also prevents energy consumption, controls operating speed, and minimizes costs for numerous motor-driven applications. Also known as AC drives, adjustable frequency drives, inverters, variable speed drives, and microdrives, VFD is equipped with sensors that prevent motor damage. Presently, VFD is widely utilized in pumps, fans, crushers, chippers, conveyors, compressors, blowers, and grinders with software resolutions to monitor speed and improve efficiency.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major drivers of the variable frequency drives market?
The market is primarily driven by the rising demand for connected devices in the residential, industrial, and commercial sectors owing to rapid automation. In addition, the increasing inclination toward replacing conventional mechanical drives with electric motors in the construction sector represents another growth-inducing factor. Furthermore, the surging need for stable and reliable transmission and distribution (T&D) networks owning to the rising energy demand, is contributing to the market growth.
Along with this, an improved focus on sustainable development provides lucrative market growth. Other factors, including the advent of Industry 4.0, increasing penetration of the internet of things (IoT) in industrial applications and implementation of several favorable government regulations promoting energy conservation, are further propelling the market growth.
Key Market Segmentation:
The report has segmented the market on the basis of region, product type, power range, application and end use.
Breakup by Product Type:
• AC Drives
• DC Drives
• Servo Drives
Breakup by Power Range:
• Micro (0-5 kW)
• Low (6-40 kW)
• Medium (41-200 kW)
• High (>200 kW)
Breakup by Application:
• Pumps
• Fans
• Conveyors
• HVAC
• Extruders
• Others
Breakup by End Use:
• Oil and Gas
• Power Generation
• Industrial
• Infrastructure
• Automotive
• Food and Beverages
• Others
Breakup by Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
List of Major Key Players:
• ABB Ltd.
• Danfoss A/S
• Eaton Corporation PLC
• Fuji Electric Co. Ltd.
• General Electric Company
• Hitachi Ltd.
• Honeywell International Inc.
• Johnson Controls International PLC
• Mitsubishi Electric Corporation
• Nidec Motor Corporation
• Rockwell Automation Inc.
• Schneider Electric SE
• Siemens AG
• Toshiba Corporation
• Yaskawa Electric Corporation.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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