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Variable Frequency Drive Market To Witness Healthy Growth At 6.5% CAGR By 2027 On Account Of Increasing Awareness For Energy Efficiency | Million Insights


News provided by

Million Insights

12 Jan, 2021, 09:40 GMT

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FELTON, Calif., Jan. 12, 2021 /PRNewswire/ -- The global variable frequency drive (VFD) market size is projected to reach USD 37.4 billion by 2027 and registering 6.5% CAGR during the forecast period from 2020 to 2027, according to a new report by Million Insights. Growing technological advancements in developing economies and increasing awareness for energy efficiency are key factors driving the growth of the market.

Government across several countries are striving to increase awareness regarding energy efficiency, which is expected to be one of the major factors for market growth. For example, the International Energy Agency (IEA) invested around USD 240 billion in energy efficiency across buildings, industry sectors and transport.

The integration of VFDs with electric drives enables users to control speed and torque, thereby helps to increase their operating efficiency as well as reduces energy consumption. Therefore, rising application of VFD across different industries including power generation, automotive, food & beverage, and oil & gas is projected to propel the market growth. In addition, growing energy prices are also anticipated to increase the deployment of VFDs across multiple industries.

Please click here to get the sample pdf and find more details on "Variable Frequency Drive Market" Report 2027.

The Asia Pacific dominated the global market due to rapid advancement in infrastructure, industrial growth, and growing demand for greater power efficiency. In this region, China, Japan, and India are the major contributors to VFD regional market growth. This growth is characterized by huge investment in manufacturing industries in these countries by the government to boost their economic growth.

The VFD market is highly competitive due to the presence of private and public companies. The market players are focusing on investing in R&D to develop technologically advanced products to sustain in the competitive market. For example, ABB Ltd. announced the launch of an all-compatible ACS6080 MV drive for better performance applications that enable plants to manufacture high-quality products and work more efficiently.

Further key findings from the report suggest:

  • In 2019, the AC drives segment accounted for the largest market share of over 68.0% due to its several benefits such as reduced level of noise and vibration, easy integration, and low maintenance cost.
  • The medium power range segment is expected to grow at the fastest CAGR of 6.8% from 2020 to 2027. This growth is attributed to the increasing demand from chemical, marine, power sector, and oil and gas.
  • Application-wise, the HVAC segment is projected to grow with a significant growth rate during the forecast period due to the increasing adoption of HVAC systems in commercial and residential buildings.
  • In 2019, the oil and gas sector dominated the global market and projected to reach around USD 1.8 billion by 2027. Increasing application of VFDs in pumping systems and heavy power motor-driven pumps is projected to drive the segment growth.
  • The Latin America market is anticipated to grow at the highest CAGR of more than 7.0% from 2020 to 2027 due to increasing industrialization in developing countries such as Brazil and Mexico.
  • The key market players include Rockwell Automation, Inc.; Schneider Electric; Eaton; and ABB.

Browse 160 page research report with TOC on "Global Variable Frequency Drive (VFD) Market" at: https://www.millioninsights.com/industry-reports/global-variable-frequency-drive-vfd-market

Million Insights has segmented the global variable frequency drive market based on product type, power range, application, end use and region:

  • Variable Frequency Drive Product Type Outlook (Revenue, USD Billion, 2016 - 2027)
    • AC Drives
    • DC Drives
    • Servo Drives
  • Variable Frequency Drive Power Range Outlook (Revenue, USD Billion, 2016 - 2027)
    • Micro
    • Low
    • Medium
    • High
  • Variable Frequency Drive Application Outlook (Revenue, USD Billion, 2016 - 2027)
    • Pumps
    • Electric Fans
    • Conveyors
    • HVAC
    • Extruders
    • Others
  • Variable Frequency Drive End-Use Outlook (Revenue, USD Billion, 2016 - 2027)
    • Oil & Gas
    • Power Generation
    • Industrial
    • Infrastructure
    • Automotive
    • Food & Beverages
    • Others
  • Variable Frequency Drive Regional Outlook (Revenue, USD Billion, 2016 - 2027)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • Japan
      •  India
      • South Korea
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa

Explore the latest market research reports by Million Insights:

  • LPG Market - The global liquefied petroleum gas (LPG) market size was accounted for USD 116.41 billion in 2019. It is also estimated to witness 4.4% CAGR over the forecasted period, 2020 to 2027. The rising awareness about environmental pollution associated with the consumption of fossil fuels and the adoption of green and clean energy sources is expected to drive the market growth.
  • Hydroponics Market - The global hydroponics market size was worth USD 1.33 billion in 2018 and expected to grow with a CAGR of 22.52% during the forecast period, from 2019 to 2025. Growing adoption of hydroponics for indoor vegetables farming is a major factor driving the market growth.
  • Self-service Technology Market - The global self-service technology market size was accounted for USD 28.3 billion in 2019. Further, is estimated to expand at 6.7% CAGR over the forecast period, 2020 to 2027. Technological advancements in the recent past such as wireless communication and remote management are attributing to the growth of the market.
  • North America Building Thermal Insulation Market - The North America building thermal insulation market size was worth USD 7.09 billion in the year 2015. Increasing insulation requirements in commercial and residential applications on account of the rising cost of energy is anticipated to surge the need for manufacturing thermal insulation materials in this region.

About Million Insights:

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Contact:

Ryan Manuel
Research Support Specialist, USA
Million Insights
Phone: 1-408-610-2300
Toll Free: 1-866-831-4085
Email: sales@millioninsights.com
Web: https://www.millioninsights.com/ 
Follow Us: LinkedIn | Twitter

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