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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, 2023 - 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, 2023 - 2030.
New York, Feb. 28, 2023 (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, 2023 - 2030" - https://www.reportlinker.com/p06288305/?utm_source=GNW
Variable Frequency Drive Market Growth & Trends
The global variable frequency drive market size is expected to reach USD 39.66 billion by 2030 registering a CAGR of 5.6%. The rapid development of semiconductor technology and rising consumer awareness of the benefits of energy-efficient products are two factors anticipated to fuel the expansion of the market. Similarly, the rising energy demand worldwide and the use of variable frequency drives (VFDs) to regulate the flow and speed of the fan to prevent energy loss are anticipated to promote the growth of the global market in the years to come.
More than 90% of the energy expended in the U.S. is used by residential refrigeration and HVAC systems equipment. VFDs aid in managing the speed of the motor in HVAC systems and reduces power consumption, which is expected to boost the growth of the market. Rising awareness about conserving energy and approaches to reducing excessive energy consumption is expected to increase demand for these devices. Additionally, rising demand for variable frequency drives from the food and beverage, automotive, and oil and gas industries are anticipated to promote market expansion.
The expansion of the market is anticipated to be hampered by the high cost of the product and maintenance.Furthermore, a workforce shortage is anticipated to pose a threat to market expansion.
However, rising expenditure in the distribution and power generation industry as well as rising global oil & gas extraction operations are likely to open up new prospects for market participants in variable frequency drive in the years to come.
The global COVID-19 pandemic has had a big impact on the growth of the VFD market.In the industrial sector, variable frequency drives are frequently employed.
The government’s stringent lockdown and the closure of factories, however, reduced demand for variable frequency drives. In the 2nd quarter of 2022, the market for VFDs is anticipated to expand as previously halted production activities resume, thus reviving the market growth.
Variable Frequency Drive Market Report Highlights
• The AC drives segment dominated the market with more than 68% share in 2022 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 5.8% CAGR during 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.
Read the full report: https://www.reportlinker.com/p06288305/?utm_source=GNW
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