Global variable frequency drive market is anticipated to observe vital growth over the forecast period, owing to the increasing demand for energy efficient systems. By type, the AC drive sub-segment is estimated to be most profitable by 2027. Regionally, the Asia Pacific region is anticipated to dominate in the estimated timeframe.
New York, USA, May 17, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global variable frequency drive market is estimated to generate $25,180.7 million by 2027, and grow at a CAGR of 4.8% over the forecast period from 2020 to 2027. As per our analysts, the rising demand for energy efficient systems is the significant factor projected to accelerate the growth of the global variable frequency drive market during the forecast period. Besides, the increasing adoption and implementation of technologies such as Industrial Internet of Things (IIOT) in the variable frequency drives is predicted to create lucrative opportunities for the global market by 2027. Conversely, the high costs associated with variable frequency drive is expected to hamper the market growth in the projected timeframe.
Impact of COVID-19 on the Market
The outbreak of coronavirus around the world has impacted the global variable frequency drive market in a negative way. This undesirable impact is mainly due to shutting down of various industries coupled with drop in industrial demand for variable frequency drive. However, many companies functioning in the global market are taking strategic steps to sustain in these unprecedented times. For instance, in December 2020, Rockwell Automation, the leading provider of information technology and industrial automation, announced that its Kinetix TLP servo motor and Kinetix 5100 servo drive solution is available in 480V for use in a broader range of OEM applications for packaging, print & web, converting, machine & assembly, and life sciences.
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AC Drive Sub-segment to Dominate the Industry
By type, the AC drive sub-segment is anticipated to subjugate in the global industry and account for $12,029.6 million during the forecast period. This dominance is majorly because AC drives is one of most used electrical equipment in industries such as oil & gas, steel, agriculture, robotics and others.
Low Range Sub-segment to Witness Significant Growth
By power range, the low range sub-segment is estimated to witness fastest growth and generate $7,765.7 million by 2027. This is majorly due to factors such as increasing applicability of low power range drives in industries such as oil & gas, petrochemical, water & sewage treatment, and others, owing to its reduced energy consumption, reduced maintenance cost, and others.
HVAC Systems Sub-segment to be Most Profitable
By application, the HVAC systems sub-segment is anticipated to dominate in the global industry and grow at a CAGR of 5.1% during the forecast period. The significant growth of this sub-segment is majorly owing to increasing demand for energy efficient temperature control solutions for commercial & residential buildings across the globe.
Low Range Sub-segment to Observe Momentous Growth
By end user, the infrastructure sub-segment is projected to reach up to $7,001.1 million and grow at the fastest rate over the forecast period. This is mainly due to rising demand of equipment such as lifts, conveyors, mixers, and centrifuges in the sectors of infrastructure development projects such as bridges, railways, dams and others.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/3730
Asia Pacific to Subjugate the Industry
By region, the Asia Pacific market for variable frequency drive valued for $6,114.3 million in 2019 and is expected to dominate throughout the forecast period. The development of industrial infrastructure in multiple sectors such as construction, oil & gas industry, electrical appliances manufacturing in the emerging countries of the region such as India, China, Japan, and South Korea.
Major Market Players
Some of the top players operating in the global variable frequency drive industry include -
Johnson Controls International p
Rockwell Automation, Inc.
Honeywell International Inc.
Eaton Corporation plc
Further, the report presents and outlines various aspects of these major players such as business performance, latest developments, recent strategic moves, SWOT analysis, and product portfolio.
The players are adopting several strategies and applying numerous business tactics to acquire a leading position in the global industry. For instance, in May 2019, Mitsubishi Electric Automation, the leading provider of provides industrial automation equipment for manufacturing machinery, announced the launch of ‘FR-A800-LC Series’ of liquid-cooled VFDs (Variable Frequency Drives). These VFDs include monitoring functions that raise an output warning when the coolant in the enclosure decreases while allowing quick detection of system faults.
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