Market Overview: Variable Frequency Drives
At an estimated 5.0 percent CAGR, the worldwide global variable frequency drive market will expand by a staggering 21.8 million by 2022 to USD 26.9 billion by 2027. Energy efficiency regulations from the government will offer lucrative growth opportunities for variable frequency drive market players.
Variable frequency drives have improved the efficiency and reliability of systems over the past 40 years. They'll have an enormous impact on industrial growth during the assessment period. Variable frequency devices can provide huge returns on investments, but the payback period depends on the type of motor and application. VFDs used for heavy-duty applications need regular maintenance. This can result in high maintenance costs and separate troubleshooting software. The end-users are more likely to choose inexpensive options, which can limit opportunities for growth.
Variable Frequency Drives Market Drive Factors:
Demand for variable frequency drive market is expected to drive the global market for Variable Frequency Drives. The Global Variable Frequency Drive Market's primary point is expected to include increasing demand for energy-efficient goods from the private, modern, and business industries as well as expanding the strict guidelines that focus on efficiency in energy use, as well as expanding the foundation's interests.
Variable Frequency Causes Market Restraining Factors:
Insufficient Adoption Rates Result from High Installation Costs
HVAC systems incorporate air return, filters, and exhaust outlets. They also have ducts, induction motors, electrical elements such as outdoor units as well as compressors, coils, and blowers. These systems can be expensive and use up lots of space. This will probably limit the development of HVAC VFD drives. HVAC variable frequency drive systems can be affected by low power factors, harmonics, and operational noise. This may result in cost-of-living increases. Variable frequency drives which are recently developed operate at a higher frequency. The noise levels that exceed the range of audibles can result.
Variable Frequency Drives Market Key Trends:
In the South Asia & Pacific region manufacturing companies will likely experience higher profit margins as a result of China's rising construction and auto industries. There are tremendous opportunities for Germany as well as the United States. These trends suggest that VFD markets will grow at a faster rate than 5% in 2031-2031.
Market Developments Driven by Variable Frequency
In April 2021 Siemens introduced the SINAMICS G115D. This compact and powerful drive system was exclusively developed specifically for horizontal conveyor applications. There are two options for the drive system: motor mounted and wall-mounted. This unit connects the drive, motor, and gearbox into one unit.
The Altivar 360 variable speed drive from Schneider Electric was released in February 2021. It's suitable for use in applications from 0.37 to 22kW/0.5 to 30HP. Its small dimensions and robust design, as well as its simple installation (based on the Plug & Play principle) with integrated functionality, as well as macro setup, make this ideal for industrial equipment applications.
Variable Frequency Drives Market Key Companies:
Variable Frequency Drives Market comprises major companies like Schneider Electric, Siemens AG, Anaheim Automation Inc., Hitachi Ltd., Nidec Motor Corporation, Mitsubishi Electric Corporation, Johnson Controls Inc., Honeywell International Inc., Toshiba International Corporation, The Danfoss Group, WEG S.A., Yaskawa Electric Corporation, and other major companies.
Market Segmentation:
Based on the type of product, the market is split into AC drives, DC drives, and servo drives. Based on the power range, the market could be classified into low, high, medium, and micropower ranges. The market can be classified according to their application as extruders, pumps, HVAC fans, conveyors, HVAC electric pumps, as well as conveyors and extruders. The market can be segmented by end-users into the power production industry, infrastructure, and oil & gas. Food and beverages, mining agriculture, as well as other industries. Power generation was the dominant sector in 2021.
FAQ:
- What is the current market size for variable frequency drives?
- What are the major drivers of the variable frequency drive market?
- What's the demand for variable frequency drives?
- What factors determine the variable frequency that is responsible for the increase in the size of the market?
- Which market is the most profitable for drives with variable frequency?
- What is the most important application of variable frequency drives?
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