Market Research Future published a research report on “Variable Frequency Drive Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The data analysts at Market Research Future Reports (MRFR) have revealed that the global variable frequency drive market is projected to record a CAGR of 6.3% during the assessment period. The increasing demand for energy-efficient equipment is estimated to drive the global variable frequency drive market 2020. Besides, the growing infrastructure and buildings have resulted in a rise of appliances which will propel the market. Also, the government of various countries are encouraging the usage of energy-efficient equipment which are technically advanced and are low-cost.
Furthermore, the benefits of VFD such as low motor starting current, energy savings, easy installations, managing the equipment at several speeds, operations at high power factor, and others are likely to propel the Variable Frequency Drive Market. Moreover, the increasing industrialization and the rising construction of infrastructure is predicted to play a pivotal role in market expansion.
However, the spread of COVID-19 has resulted in a significant change in global market dynamics. Precise research is being conducted on the aftermath of coronavirus on the global Variable Frequency Drive Market. Various regions have been adversely affected due to a temporary shut-down of the offices. We will provide an impact analysis report on COVID-19.
The dominant contenders in the variable frequency drive market are Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric (U.S.), WEG (Brazil), Eaton Corporation Plc. (Ireland), Yaskawa Electric Corporation (Japan), General Electric (U.S.), Hitachi, Ltd. (Japan), Emerson Electric Co. (U.S.), Mitsubishi Electric Corporation (Japan), and Honeywell International (U.S) are among others.
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The worldwide variable frequency drive market can be classified on the basis of application, type, end-user, and region.
On the basis of application, the worldwide variable frequency drive market can be classified into fans, pumps, extruders, compressors, and others.
On the basis of type, the worldwide variable frequency drive market can be classified into D.C., A.C., and servo.
On the basis of end-user, the worldwide variable frequency drive market can be classified into infrastructure, oil & gas, power generation, industrial, and others.
On the basis of region, the worldwide variable frequency drive market can be classified into Europe, North America, Asia-Pacific, and the Middle East & Africa.
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The VFD market is anticipated to develop at a remarkable pace through the forecast period due to automation in the power industry and growing infrastructure sector. The Asia Pacific region is likely to control the market for the variable frequency drive. South Korea, China, Japan, India, and Indonesia are the most rapidly rising nations, which are the chief markets for industrial and infrastructure sectors. Industries such as oil & gas, metals, and mining are implementing the drives to lessen the energy consumption and to control the CO2 emission. The Middle East region will trail the Asia Pacific region in the market for variable frequency drive due to the mounting construction industry. In the European region, the developing automotive sector is anticipated to lead the market’s development.
The Key Highlights of the Variable Frequency Drive Market
- The report provides key statistics on the market status of the Variable Frequency Drive market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
- The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
- The Variable Frequency Drive market report presents the company profile, product specifications, capacity, production value, and market shares for key vendors.
- The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
- The report estimates 2020-2026 market development trends of Variable Frequency Drive Market.
- The report makes some important proposals for a new project of Variable Frequency Drive Industry before evaluating its feasibility.
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