Variable Frequency Drive Market May Reach to $26.8 billion in 2027 at CAGR of 4.8%

According to a new market research, Variable Frequency Drive Market is expected to grow at a CAGR of 4.8% during the forecast period, from an estimated USD 21.2 billion in 2022 to USD 26.8 billion in 2027.

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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.These factor would drive the demand for variable frequency drive.

Key Market Players:
• ABB (Switzerland),
• Siemens (Germany),
• Schneider Electric (France),
• Danfoss (Denmark),
• Rockwell Automation (US).

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Variable Frequency Drive Market Dynamics

• Driver: Increasing industrialisation and growing demand for energy efficiency
• Restraint: Stagnant growth of oil & gas industries and decline in exploration and production activities
• Opportunities: Modernization of power infrastructure
• Challenges: Shortage of components and parts due to supply chain distribution

The low voltage segment is anticipated to be the fastest-growing variable frequency drive market by voltage type, during the forecast period

The variable frequency drive market for the low voltage segment is expected to dominate the overall market during the review period. The growth of this segment can be attributed to the increasing demand for low voltage variable frequency drives in various process industries, such as pulp & paper, power generation, water & wastewater treatment, and oil & gas.

This research report categorizes the variable frequency drive market by type, voltage type, power rating, application, end-user, and region

On the basis of by type:
• AC Drive
• DC Drive
• Servo Drive

On the basis of voltage type:
• Low Voltage
• Medium Voltage

On the basis of power rating:
• Micro Power Drive
• Low Power Drive
• Medium Power Drive
• High Power Drive

On the basis of application:
• Pumps
• Conveyors
• Fans
• Compressors
• Others

On the basis of by end user:
• Oil & gas
• Industrial
• Power
• Infrastructure

On the basis of region:
• Asia Pacific
• Europe
• North America
• Middle East
• Africa
• South America

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Asia Pacific is expected to dominate the global variable frequency drive market during the forecast period

In this report, the variable frequency drive market has been analyzed for 6 regions, namely Asia Pacific, North America, Europe, Middle East, Africa, and South America. Asia Pacific is expected to lead the market during the forecast period.

The variable frequency drive market in Asia Pacific is witnessing significant developments in the in the power generation and manufacturing sector due to industrialization, which has supported the demand for variable frequency drives across countries of the region. The industrial sector in China contributes more than 50% of its GDP, and the growth of this sector has tremendously increased power production and consumption in the country. These factors have made China one of the most lucrative markets for the power industry. Moreover, the chemicals and petrochemical sectors are also well-established in the region and are expected to contribute to the growth of the variable frequency drive market.

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Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
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This release was published on openPR.