Variable Frequency Drive Market Size, Share, Key Players Global Analysis ,Growth Rate, and Outlook To 2023

Variable Frequency Drive Market Overview:-

Rising industrialization and increasing construction of infrastructure and buildings are factors that drive the market for VFD. In the developing countries such as India, Indonesia, China, Nigeria, South Africa, there is high demand for infrastructure to meet the demand for industrialization and urbanization. This has resulted into higher FDI investments in infrastructure projects. According to IBEF, in India, total foreign direct investment in the construction sector including infrastructure sector reached USD 12.3 billion by the end of 2017. Along with this, there has been high demand for VFD owing to energy efficiency, which has been mandatory for manufacturers, offices, industries and commercial buildings.

The escalating usage of appliances has prompted the growth in the market of late. Rising government initiatives linked to the reducing energy usage is expected to benefit the Variable Frequency Drives Market. Factors such as rising construction levels for infrastructure and buildings coupled with rising industrialization is expected to fuel the market over the forecast period.

 

Segmental Analysis:-

The segmentation of the VFD market is carried out on the basis of application, type, end-use, and region. On the basis of type DC, AC, and servo. By application, the market is segmented into extruder, pumps, compressor, fans, others. The end-user segment of the market comprises of power generation, industrial, oil & gas, infrastructure and others. The region-based segmentation of the market consists of North America, Europe, APAC and rest of the world.

 

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Major Key Players:-

• General Electric


• Emerson Electric Co.


• Hitachi, Ltd.


• Mitsubishi Electric Corporation


• Schneider Electric


• Honeywell International 


• ABB Ltd. 


• Siemens AG


• Rockwell Automation, Inc.


• WEG


• Yaskawa Electric Corporation


• Eaton Corporation Plc.

 

 

Industry Updates:

Aug 2018 Invertek Drives Ltd. and Reftronix which is a Danish CO2 refrigerant control specialist will introduce a new variable frequency drives (VFD) and a CO2 condensing unit controller (CDU). Their technical partnership aims to deliver natural and energy efficient refrigerant-based solution to fulfill the requirements that the EU’s F-Gas Regulation and Eco-Design Directive levies on the HVAC&R industry.

 

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Global Variable Frequency Drive Market Analysis:-

The VFD market is expected to expand at a phenomenal pace during the forecast period owing to automation in power industry and increasing infrastructure sector. Asia Pacific region is expected to dominate the market share in the variable frequency drive market. China, India, South Korea, Japan, and Indonesia are the fastest growing nations, which are the largest markets for infrastructure and industrial sectors. Industries including oil & gas, metals, and mining are adopting the drives to reduce the energy consumption and to limit the CO2 emission. The Middle East region will follow the Asia Pacific region in variable frequency drive market by virtue of rising construction industry. In Europe region, the progressing automotive sector is expected to lead the market growth.

 

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