Press release
Variable Frequency Drive Market to Grow by 2028 due to Increasing Demand for Energy Efficient Systems
Variable Frequency Drive Market
The global variable frequency drive market is anticipated to grow tremendously by 2028, mainly due to growing demand for energy efficient systems. The Asia-Pacific region to witness substantial growth opportunities by 2028.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐ง๐จ๐ฐ @ https://www.researchdive.com/download-sample/3730
๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ: Since the last few years, there has been a growing demand for energy efficient systems which is anticipated to be the primary growth driver of the variable frequency drive market. Moreover, increasing application of variable frequency drives for industrial purposes is further expected to help boost the market's growth rate in the forecast period.
๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ: Rising need for the optimization of energy systems is expected to provide huge growth opportunities to the market in the forecast period. Also, development of advanced technologies such as Industrial Internet of Things (IIOT) is expected to augment the market's growth rate.
๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ: Capital-intensive installation of variable frequency drives is, however, expected to become a restraint in the full-fledged growth of the variable frequency drive market.
๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐๐๐๐-๐๐ ๐จ๐ง ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
The variable frequency drive market faced a moderate impact of the pandemic. The COVID-19 pandemic and the subsequent lockdowns led to the shutdown of many industries and companies which led to a decline in the industrial demand for variable frequency drives. However, at the same time, business development opportunities presented to the market during the pandemic years helped the market grow.
๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
The report has divided the variable frequency drive market into certain segments based on type, power range, application, end-use, and region.
By type, the AC drive sub-segment is predicted to have a dominating market share and register a revenue of $12,347.9 million during the forecast period. AC drives are one of the most used electrical equipment in various industries such as oil & gas, agriculture, steel, robotics which is predicted to help in the growth of this sub-segment.
By power range, low range sub-segment is predicted to have the fastest growth rate and surpass $8,437.4 million in the forecast period. The growth of this sub-segment is mainly on account of the growing applicability of low power range drives in industries such as petrochemical, oil & gas, water & sewage treatment, sugarcane processing.
By application, HVAC systems sub-segment is predicted to be the most dominant and $7,911.8 million by 2028. The growing demand for energy efficient temperature control solutions for residential and commercial buildings across the globe is predicted to be the leading growth factor of this sub-segment.
By end use, infrastructure sub-segment is predicted to have the highest market share and register a revenue of $7,519.2 million by 2028. Growing demand for equipment such as conveyors, lifts, centrifuges, and mixers for development of infrastructure such as railways, bridges, dams is anticipated to push the sub-segment forward.
By region, the Asia-Pacific variable frequency drive market is anticipated to be the most dominant as well as the fastest growing sub-segment and surge with a CAGR of 5.6% in the forecast timeframe. The development of industrial infrastructure in different industries of oil & gas, construction, and electrical appliances manufacturing in the developing countries of the region is predicted to be the main factor behind the growth of the market in this region.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง @ https://www.researchdive.com/request-for-customization/3730
๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
Some of the prominent players in the variable frequency drive market are ABB, Eaton Corporation plc, Danfoss, Rockwell Automation, Inc., General Electric, Siemens, Johnson Controls International plc, Schneider Electric, Amtech, and Honeywell International Inc., among others. These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
Finally, the report also summarizes many crucial aspects of the variable frequency drive market including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
๐๐จ๐ง๐ญ๐๐๐ญ:
๐๐ซ. ๐๐๐ก๐ข๐ฌ๐ก๐๐ค ๐๐๐ฅ๐ข๐ฐ๐๐ฅ
๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐ข๐ฏ๐
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