Variable Frequency Drive Market

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Variable Frequency Drive Market
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The revenue generated by variable frequency drive
market was USD 23.56 billion in 2022, and it will
propel at a compound annual growth rate of 5.20
by the end of this decade, to touch USD 35.34
billion by 2030, as mentioned in one of the
reports of PS Intelligence.Rapid
industrialization also drives the demand for such
drives. With increasing number of industries
established all over the world, the requirement
for variable frequency drives is on the rise, as
they are put to use in mixers, conveyors,
welders, ventilation fans, pumps, cutting
machines, grinders, and many more. Request for
sample pages of this report https//www.psmarketr
esearch.com/market-analysis/variable-frequency-dri
ves-market/report-sampleThe AC drive had a
revenue share of over 69 in 2022. This is due to
the fact that most of the traditional DC drives
are replaced by AC drives, as a result of their
higher costs of operation and maintenance and
generation of carbon dust. They also produce poor
power factors, damaging to electrical
systems.Furthermore, in AC drives, the
requirement for power system apparatuses is low,
as there is no necessity for breakers,
transformers, and HT capacitors.Also, these
reduce consumption of energy and improving life
of the equipment. Therefore, these factors will
boost the requirement for AC drives in the years
to come.
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The low-voltage drive category dominated the
variable frequency drive market in 2022, and it
will continue like this in the years to come as
well. This is due to the fact that these drives
offer numerous industry-specific and general
solutions with numerous functions.Furthermore,
they are used in numerous industrial automation
applications in various industries, for example
rubber, and plastics, pulp paper, cement, oil
gas, steel metal, mining, sugar, water
wastewater.Similarly, as a result of their
capability to work for both low- and high-power
uses, the requirement for these drives is on the
rise.APAC dominated the industry with 35 share
in 2022. It will also have the fastest growth.
This is because of the fast industrialization,
driven by Japan, China, India, and Australia
numerous initiatives of the government for
reducing the consumption of energy through
energy-efficiency standards and the increasing
investments, leading to the progression in
technology to concentrate on high dependability
and reduced costs of energy.Browse full report
at https//www.psmarketresearch.com/market-analys
is/variable-frequency-drives-marketFurthermore,
the requirement for VFDs is also growing in North
America, as a result of strict regulations for
energy efficiency, the upgradation of infra to
secure electrical distribution systems, and quick
industrialization.As a result of the rising
demand for energy efficiency all over the world,
the impact will be positive on the demand for
variable frequency drives, and they will be
demanded more in the years to come.
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