$26.8 billion Variable Frequency Drive Market is Projected to Grow by 2027 | ABB, Siemens, Schneider Electric, Danfoss, Rockwell Automation

According to a new market research report, the global variable frequency drive market is projected to reach USD 26.8 billion by 2027 from an estimated USD 21.2 billion in 2022, at a CAGR of 4.8% during the forecast period.

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Variable frequency drives enable motors to run based on required current demand, rather than running at full speed and reducing output using mechanical controls such as throttles, dampers, or gears. Electric motors can be equipped with frequency converters to operate pumps and fans more efficiently, these factors are expected to drive the demand for global Variable frequency drive market.

The Asia Pacific region is estimated to be the largest market for variable frequency drives, followed by the North America. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The increasing investments in LNG, chemical, and mining projects is likely to increase the demand for motors are the key drivers behind the growing demand for industrial buners in the Asia Pacific region.

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Driver: Increasing industrialisation and growing demand for energy efficiency

Variable frequency drives are increasingly being used in the industrial and infrastructure sectors. Major industries that use variable frequency drives are cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment. Variable frequency drives find applications in conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers.

Opportunities: Modernization of power infrastructure

The growing energy demand has created the need for stable and reliable transmission and distribution (T&D) networks. According to the US Department of Energy (DOE), uninterrupted power can only be ensured through a system capable of handling sudden power fluctuations. The main reasons behind the increasing number of blackouts are aging infrastructure, limited investments, and a lack of clear policies to modernize the grid. The US witnesses more blackouts than any other developed country. Power outages in the country last more than an hour and have increased steadily in the past few years, costing American businesses about USD 150 billion per year. According to the Canadian Electricity Association, the Canadian electricity sector currently requires an investment of USD 400 billion over the next 20 years.

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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. These include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

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