February 23, 2023 04:22 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The global variable frequency drive market size is projected to grow from USD 19.87 billion in 2022 to USD 32.31 billion in 2029, growing at CAGR of 7.2% during forecast period. The market was valued at USD 19.21 billion in 2021. Fortune Business Insights™ presents this information in its report titled “Variable frequency drive Market, 2022-2029.”
According to our analyst, 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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The growing trend towards digitalization, connectivity, and automation in various industries has led to a rise in demand for variable frequency drives (VFDs) that enable remote monitoring and control of industrial processes. By utilizing VFDs, complex industrial applications such as HVAC systems in large buildings can improve data management, resulting in significant gains in energy efficiency and cost savings. VFDs can transform ordinary motors into smart motors that can be remotely controlled and automated, enhancing system performance, energy efficiency, and cost savings. As the demand for digitalization and automation continues to rise, the use of VFDs is expected to increase, revolutionizing industrial processes and driving market growth.
The COVID-19 pandemic has negatively impacted multiple industries, causing a decline in manufacturing and global trade due to travel restrictions, shelter-in-place orders, and shutdowns. Trade disputes have further hindered market growth, exacerbating the effects on industry verticals worldwide."
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The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Asia Pacific to Lead Backed by Greater Electricity Demand
The demand for electricity is set to increase, with the Asia Pacific region leading the variable frequency drive market share due to its rapid growth. North America and Europe's adoption of renewable energy sources is expected to result in significant market share gains for these regions. Meanwhile, major capitalization events are anticipated in Latin America's mining and oil & gas industries.
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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.
The Report Lists the key Players in the Variable frequency drive Market:
Variable frequency drive Market Segmentation:
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