Global Variable Frequency Drives (VFD) Industry
New Study On "Global Variable Frequency Drives (VFD) Market 2019 Industry Analysis, Segment & Forecast Up to 2022" Added to Wise Guy Reports Database
As stated by a report, the global variable frequency drives (VFD) market is expected to grow in a significant way. The market size will increase from USD 18.12 billion in 2015 to reach to USD 34.36 billion by 2022, growing at a CAGR of 9.5% during the forecast period. Various factors will influence the market growth greatly in the future and some of the factors that will fuel the market size include increase in prices of electricity, more usage of variable frequency drives across many industries and adopting best energy efficiency standards in manufacturing VFD are some of the factors responsible for the market growth.
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Growing demand for energy efficiency is driving the global variable frequency drives (VFD) market size; VFD uses an AC motor to control pumps and fans in a system without using valves and dampers. Earlier fixed speed motors were controlled with the help of valves and dampers which results in huge energy loss. On contrary to them, VFD is used in creating the same energy flow without the high pressure which in turn results in more saving energy.
Also more investments pouring in the manufacturing industry is also one of the major factor that is expected to fuel the market size in the future. However, technical irregularities linked with VFD can hamper the market size in next few years.
The global variable frequency drives (VFD) market has been segregated into type and end users. Based on the type, the market has been divided into Cycloconverter or matrix converter, Voltage-source inverter Drive, Variable Torque Drive, Load commutated inverter Drive, Current-source inverter Drive and many others. The AC segment is expected to grow at a fastest rate due to its growing demand as they don't have much maintenance charges attached to them and are more efficient as well. Based on the end users, the variable frequency drives (VFD) market has been segmented into Chemical processing, Manufacturing, Automotive, Oil & Gas, Infrastructure Development, Pulp & Papers, Mining & Metals etc.
Detailed Regional Analysis
The global market of the variable frequency drives (VFD) has been analysed across the United States, Europe, India, Japan, China, and Southeast Asia. In terms of revenue, Asia Pacific is the largest market for variable frequency drives which is due to rapid industrialization and boosting technology in the region. North American region also holds a significant position in the variable frequency drives (VFD) which is mainly due to implementation of new regulations to achieve energy efficiency. The engineers are using energy-saving devices in order to reduce the overall operational cost which in turn will propel the market size in the region.
Due to growing competition and need to save energy, the eminent players operating in the market are expected to enter into new joint ventures, mergers & acquisitions etc which might leave a positive impact on the variable frequency drives (VFD) market.
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