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Companies Profiled in Variable Frequency Drive Market research report are Eaton Corporation, Hitachi Hi-Rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation Inc., WEG, ABB, Nidec Motor Corporation, Siemens, Danfoss Corporation, Honeywell International Inc., TMEIC , Fuji Electric Corp. of America, Schneider Electric, Yaskawa Corporation, Toshiba International Corporation, General Electric, Mitsubishi Electric Automation, Inc.

Pune, India, March 24, 2022 (GLOBE NEWSWIRE) — The global variable frequency drive market size was valued at USD 19.21 billion in 2021. The market is projected to grow from USD 19.87 billion in 2022 to USD 32.31 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Variable Frequency Drive Market, 2022-2029.”

According to our researchers, the fact that the technology aids to manage the operating pace to decrease energy consumption is predicted to fuel the market.

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Leading Global Players in Variable Frequency Drives Market:

Report Scope & Segmentation

report coverage

details

Forecast period

2022 to 2029

Forecast Period 2022 to 2029 CAGR

7.2%

2029 value projection

USD 32.31 trillion

base year

2021

Variable Frequency Drive Market Size in 2021

USD 19.21 trillion

Historical Data for

2018 to 2020

No. of Pages

326

Segments covered

Type, Power Range, Application, End-user and Geography

Variable Frequency Drive Market Growth Drivers

Commotions in Supply Chain Management to Decline Growth amid Pandemic

Rising Digital and Automation to Navigate Market Growth

Asia Pacific to Lead Backed by Greater Electricity Demand

Creative Product Unveilings by Prime Players to Spur Market Growth

Story continues

COVID-19 Impact

Commotions in Supply Chain Management to Decline Growth amid Pandemic

The global health emergency was triggered, owing to the influence of COVID-19 and had a negative effect on numerous industry verticals. The implementation of travel prohibitions and limitations, shelter-in-place orders, and shutdowns that commenced deterioration in manufacturing industries, and trade disputes among others around the world are few of the important factors preventing the market growth.

To get to know more about the short-term and long-term impact of COVID-19 on this market,

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segment

type, Power Range, Application, End-user, and Region Are Studied

The market is segregated into AC drive, DC drive, and servo drive based on type.

The market is divided into micro, low, medium, and high based on power range.

The market is classified into pumps, conveyors, HVAC, electric fan, extruders, and others based on application.

Based on end-user, the market is branched into power generation, infrastructure, oil & gas, food & beverages, mining, agriculture, and others. The power generation segment dominated the market in 2021.

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

report coverage

The report offers a methodical review of the segments and a methodical examination of the market. A considerate review of the present market trends, as well as the impending prospects, is offered in the report. Furthermore, it unveils an extensive analysis of the regional insights and their role in forming the variable frequency drive market growth. COVID-19 influences have been discussed in the report to aid investors and business owners with an enhanced perception of the imaginable threats prevailing in the market. The report further discusses the key players and their fundamental strategies to stay in the leading position.

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driving factors

Rising Digital and Automation to Navigate Market Growth

The augmented inclination toward digitalization, connectivity, as well as automating industrial procedures by different industry verticals has perceived an increasing demand for variable frequency drive, aiding them to remotely administer the process. In complex industrial uses, such as huge buildings HVAC systems, the resulting data can be improved with a noteworthy gain in competence and energy savings by monitoring and checking the motor by variable drives, transforming them to become smart motors and even permitting them to be controlled distantly or even automatically, further augmenting performance, system efficiency as well as energy savings.

Regional Insights

Asia Pacific to Lead Backed by Greater Electricity Demand

Electricity is set to observe an increase in demand over the forecast period. Majority of this increase will arise in the quickest-growing Asia Pacific region, leading the region to hold the largest variable frequency drive market share.

The growth of renewable energy in North America and Europe is predicted to result in substantial market share for these regions.

Countries in Latin America are set to experience major capitalization events across mining and oil & gas industries.

Competitive Landscape

Creative Product Unveilings by Prime Players to Spur Market Growth

The fundamental players present in the market embrace numerous strategies to hike their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another vital strategy is periodically launching innovative products that will positively benefit the users.

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Industry development

Jan 2022: Danfoss’s Intelligent drives assists in enhancing HVAC safety with automated system check. The process involves automatic testing of the complete installation, performed by the variable frequency drive.

Major Table of Contents:

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