Global Variable Frequency Drive Market to Witness 5.3% CAGR During 2018 – 2024

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Variable Frequency Drive (VFD) Market
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Variable Frequency Drive (VFD) Market
Industry Overview
The global variable frequency drive (VFD)
market is predicted to grow at 5.3 CAGR during
the forecast period with the market size reaching
USD 28.6 billion by 2024. The market is driven by
the factors such as increasing demand for energy
efficient systems, large application area, and
favorable government regulations promoting
environment friendly systems. Variable frequency
drive reduces reduce energy consumption and
energy costs increases production during tight
process control extends life of equipment and
also helps to decrease the maintenance cost of
the devices. This leads to high traction for
these drives in the global market.
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Variable Frequency Drive (VFD) Market
On the basis of power range, the market is
classified into micro-power drive, low-power
drive, medium-power drive, and high-power drive.
Of all, the low-power drive holds the largest
share in the market due to its benefits such as
low capital cost, better process control and low
maintenance cost of the systems. On the basis of
application, the market is categorized into
pumps, fans, compressors, conveyors, and others.
Pumps are the largest application area of VFDs as
pumps are the most used equipment in most of the
industries.
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Variable Frequency Drive (VFD) Market
Geographic Overview
North America and Europe are other two key
regions with high demand for VFDs as the
government and non-government organizations
provide guidelines for manufacturing and other
industries for energy efficiency in production
and development of products.
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Variable Frequency Drive (VFD) Market
Competitive Insight
Key players offering products in the variable
frequency drive industry are ABB Group, Fuji
Electric Co. Ltd., Eaton Corporation plc,
Crompton Greaves Ltd., Danfoss Group, Schneider
Electric SE, Rockwell Automation Inc., Siemens
AG, and Nidec Corporation. Explore Full Report
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er/variable-frequency-drive-market
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Variable Frequency Drive (VFD) Market
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