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Variable Frequency Drive Market Size, Share & Trends Analysis Report By Product Type, By Power Range, By Application, By End Use, By Region And Segment Forecasts, 2022 - 2030
Variable Frequency Drive Market Size, Share & Trends Analysis Report By Product Type (AC Drives, DC Drives, Servo Drives), By Power Range, By Application, By End Use, By Region, And Segment Forecasts, 2022 - 2030
New York, June 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Variable Frequency Drive Market Size, Share & Trends Analysis Report By Product Type, By Power Range, By Application, By End Use, By Region And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06288305/?utm_source=GNW
Variable Frequency Drive Market Growth & Trends
The global variable frequency drive market size is anticipated to reach USD 39.7 billion by 2030, registering a CAGR of 5.5% from 2022 to 2030. Rapid technological advancement in semiconductor technology, coupled with increasing awareness related to the use of energy-efficient products are factors expected to drive the market growth. Likewise, increasing energy demand globally, coupled with increasing use of variable frequency drive to control speed and fan flow to avoid energy loss is expected to support the global market growth in coming years.
In the U.S. more than 90% of energy is consumed by HVAC systems and refrigeration applications used in the residential sector. Rising awareness about energy conservation and approach towards reducing the unnecessary energy consumption is expected to increase demand for variable frequency drives as they help in controlling the motor speed of HVAC systems within a wide range and reduce power consumption is expected to boost the market growth. Also, increasing demand for variable frequency drive from oil & gas, food & beverage, and automotive sectors to enhance the operational efficiency is expected to support the market growth.
The high cost associated with the product and maintenance is expected to hamper the market growth.Additionally, a lack of skilled labor is expected to challenge market growth.
However, increasing investment in the power generation and distribution sector and increasing oil & gas extraction activities globally are factors expected to create new opportunities for players in the coming years.
The outbreak of COVID-19 globally, significantly impacted the global market growth.Variable frequency drives are widely used in the industrial sector.
However, the strict lockdown imposed by the government and shutdown of manufacturing facilities lowered the demand for variable frequency drives. The market is expected to witness growth in the second quarter of 2022 as the production activities that were at a halt are back on track.
Variable Frequency Drive Market Report Highlights
• The AC drives segment dominated the market with more than 68% share in 2021 and is expected to continue leading the market with increasing demand from the industrial sector for equipment with less noise and maintenance.
• Asia Pacific is anticipated to grow at 5.7% CAGR over the forecast period. This can be attributed to rapid industrialization in emerging economies and increasing demand from the water treatment sector.
• Since the outbreak of COVID-19, major players are inclining toward enhancing the customer base through the introduction of new products. In June 2021, Eaton Corporation PLC, a global power management company launched its new PowerXL DM1 micro variable frequency drive. The newly launched product is designed for commercial and industrial customers. This product launch helped the company attract new customers.
Read the full report: https://www.reportlinker.com/p06288305/?utm_source=GNW
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