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Shibuya-ku, Tokyo, Japan, Japan, Jun 22, 2022, 06:53 /Comserve / -- Variable Frequency Drive Market Strategies, Share, Segmentation, In-Depth Analysis Research Report By Foresight To (2022-2031)
According to Research Dive's analysis, the global variable frequency drive market is estimated to generate $ 26,897.3 million in revenue by 2028, growing from $ 18,190.1 million in 2020 with a healthy CAGR of 5.2%. Growing up.
Analysis of the Impact of COVID-19 on the Global Variable Frequency Drive Market:
The global variable frequency drive market has experienced moderate growth rates during the COVID-19 pandemic. The global supply and demand mechanism for the required raw materials and the transportation of goods around the world have been suspended. However, essential sectors such as power generation, construction, oil and gas have been exempt from the lockdown restrictions enforced
globally, and many operate in the market to mitigate the effects of global pandemics. Companies have implemented technologies such as the Internet of Things (IOT) and adopted new operating methods such as virtual monitoring, remote access, and device control by automating manufacturing units.
Variable Frequency Drive Market Analysis:
Variable in the World The frequency-driven market is expected to grow due to growing demand for energy efficiency in electrical equipment such as motors, pumps and compressors across a variety of industries, including commercial and residential structures, industrial manufacturing units and mining activities. By using variable frequency drive for electrical equipment, the voltage adjustment characteristics are excellent, so energy consumption can be reduced and operational efficiency can be improved. These factors are expected to drive the variable frequency drive market
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High capital investment may be one of the limiting factors that may impede the growth of the variable frequency drive market during the forecast period.
The implementation of new strategies, such as product development and the introduction of innovation into products, is expected to bring new opportunities to this market. In March 2021, Honeywell International, a US-based electrical product manufacturer, developed a new turbine for power generation used in the aviation sector. This type of technological development is expected to drive the growth of the variable frequency drive market during the prediction interval.
Based on the type, the market is subsegmented into AC drive, DC drive and servo drive. The servo drive subsegment is projected to grow the fastest in the market and generate $ 11,490.6 million in revenue by 2028.
Based on the power range, the segments are subcategorized into micro, low, medium, and high power range variable frequency drives. The medium power range subsegment has an overwhelming market share in the global market and is projected to generate revenue of $ 9,518.4 million by 2028.
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Based on the application, the application segment will be further pumped and conveyored. , HVAC systems, and fans. The HVAC system subsegment holds the largest market share and is expected to reach $ 7,911.8 million by 2028.
Based on end-of-life applications, this segment will also have food & beverage, oil & gas, It is classified into power generation, infrastructure, etc. The infrastructure sub-segment is the fastest growing along with the dominant sub-segment and is estimated to reach $ 7,519.2 million by 2028.
Based on geographic extent, the market is North America, Europe, Surveyed throughout Asia Pacific, LAMEA. The Asia Pacific region is estimated to dominate the variable frequency drive market during the forecast period. This market is in 2020.
Companies involved in the global variable frequency drive market include General Electric, Johnson Controls International, Eaton Corporation, Honeywell International, Rockwell Automation, ABB, Schneider Electric, Danfoss, Siemens, Amtech.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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