Variable Frequency Drive Market: An Overview of Growth Factors and Future Prospects 2024: Credence Research
In a new market report published by Credence Research, Inc. “Variable Frequency Drive Market By Drive Type (AC Drive, DC Drive, Servo Drive), By Voltage Range (Low Range, Medium Range), By Application (Pump, Fan, Compressor, Conveyor, HVAC, Others), By End User (Oil & Gas, Food Processing, Automotive, Mining & Metals, Pulp & Papers, Others) – Growth, Share, Opportunities & Competitive Analysis, 2016 – 2024”, the global Variable Frequency Drive market is expected to experience steady CAGR of over 7% from 2016 to 2024.
Market Insights
With the ongoing development and innovation in automatic control, computing and power electronics technologies, electric drive technology is witnessing a new revolution. Major vendors are focusing on introducing advanced products to enhance business productivity and energy efficiency, which is boosting growth of the market. Additionally, broadening application area of variable frequency drive in pulp and paper and food processing industries is expected to support growth of the market over the forecast period. Further, compatibility of new VFD motors with existing one is increasing the uptake of various drives such as AC drive, DC drive and servo drive across major end user industries worldwide. However, technical issues associated with variable frequency drive is hampering growth of the market. Further, high initial cost is projected to hinder adoption of variable frequency drive in developing regions.
Browse the Variable Frequency Drive– Growth, Share, Opportunities & Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/variable-frequency-drive-market
Competitive Insights:
Major vendors in the variable frequency drive market focus on investing substantial amount on research and development activities to introduce technologically advanced and cost-effective motors to differentiate meet customer demand. Also, acquisition and mergers and operational expansion are other major strategies followed by key players to expand market footprints and enter emerging market. Prominent players operating in the global variable frequency drive market are Fuji Electric Co., Ltd, Mitsubishi Electric Corporation, Siemens AG, ABB Ltd., American Electric Technologies Inc. (AETI), GE Energy Power Conversion, Hitachi Ltd., Honeywell International Inc., Johnson Controls Inc., and Schneider Electric.
Key Trends:
- Introduction of bundled solutions and services
- Key players focus on introducing industry-specific products
- Surge in acquisitions and mergers
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