FELTON, Calif., Jan. 12, 2021
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.
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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:
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:
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