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

1. Variable Frequency Drive (VFD) Market

2. 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.

3. 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.

4. 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.

5. 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 Sample at: https://www.vynzresearch.com/energy-power/variable-frequency-drive-market

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