August 1, 2024, 09:30 AM ET | Start: Future Market Insights Global and Consulting Pvt. Future Market Insights Global and Consulting Pvt.
NEWARK, Del., Aug. 01, 2024 (GLOBE NEWSWIRE) — The rise of smart grid initiatives has transformed the frequency converter market. FMI analysts predict the market value to exceed $62,203.02 million by 2034;
The variable frequency drive market size is expected to exceed USD 36,072.17 million by 2024, and its value may reach USD 62,203.02 million by 2034. The variable frequency drive market is expected to grow at a compound annual growth rate of 5.60% from 2024 to 2034.
Variable frequency drives (VFDs) are a key component in the development of smart grids and the changing energy environment. When VFDs are integrated into smart grids, they are critical to improving the stability of the distribution network and optimizing the energy mix. This targeted integration with smart grid technology underscores the commitment to building a strong and resilient energy system. The use of VFDs in smart grids is a strategic requirement for organizations as it ensures that they actively support the stability and efficiency of the power system while meeting legal and environmental requirements.
Facilities with dynamic energy needs may consider regenerative variable frequency drives (VFDs) as a strategic alternative for those seeking cost savings and energy efficiency. During braking or deceleration, these frequency converters have an exceptional ability to harvest energy and return it to the power grid. By reducing energy losses, its regenerative capabilities improve operational efficiency and help meet environmental goals. Regenerative drives are an important component of a comprehensive energy management plan, giving facilities a competitive advantage by reducing overall energy bills and demonstrating a commitment to resource optimization.
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Variable frequency drives (VFDs) are experiencing a paradigm shift towards smaller, modular designs, addressing the critical need for integrated, small footprint solutions in industrial environments. This strategic evolution allows the company to maximize space efficiency, which is important in an industry where space is a constant concern. The modularity of these VFD designs addresses the market need for scalable solutions, allowing companies to expand or modify their systems to meet changing operational needs. Prioritizing design efficiency ensures that variable frequency drives act as strategic enablers, rather than simply components, in efficient, flexible manufacturing processes.
“Adaptation to technological changes and sustainability are key factors in the ever-growing frequency converter market. Success requires customization and the company focuses on tailored solutions to meet different motor control requirements. Flexibility is therefore crucial to survive in this changing market,” said Nikhil Kaitwade, Vice President, Future Market Insights (FMI).
The frequency converter market is highly competitive, with the main competitors being ABB Ltd., Siemens AG, Schneider Electric SE and Danfoss Group. These industry giants stand out for their technological innovations and wide range of products tailored to various industries. Strategic collaborations and partnerships with technology companies and regional players expand the market reach. Global growth is the main goal, and adaptation to the local regulatory framework is achieved. The combination of VFD technology with Industry 4.0 and sustainability goals has further changed the competitive landscape, making the company a leader in energy-efficient and environmentally friendly motor control systems.
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Nikhil Kaitwade (Vice President, Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully completed over 1,500 client assignments, primarily in the automotive, chemical, industrial, oil and gas, and services industries.
His core competencies include developing research methodologies, creating unique analytical frameworks, statistical data models for price analysis, competitive mapping, and market feasibility studies. His expertise also extends beyond analytics, advising clients on identifying growth potential in mature and niche markets, making investment/disinvestment decisions, and making market entry decisions.
Nikhil holds an MBA in Marketing and IT and a Masters in Mechanical Engineering. Nikhil has authored numerous publications and has been quoted in magazines such as EMS Now, EPR Magazine and EE Times.
The North American frequency converter market sales are expected to reach US$5.0562 billion by 2032, with a compound annual growth rate of 6%.
The variable speed generator market is expected to grow to US$8.5 billion and US$14.2 billion by 2033, respectively. Global variable speed generator sales are expected to grow at a CAGR of 5.3% during the reporting period.
The military parachute market is expected to grow at a CAGR of 5.5% during the forecast period. The global market is expected to grow from US$ 1.42 billion in 2023 to US$ 2.43 billion in 2033.
The composite pipe market size is expected to grow from US$ 2.5606 billion to US$ 3.9387 billion by 2033. The market is expected to grow at a CAGR of 4.4% during the forecast period.
The market for electric and hydraulic wellhead drives for onshore applications is expected to reach a peak of $405.3 million by 2033. Future Market Insights estimates that the historical compound annual growth rate of the relevant market is 8.2%.
The stamping parts market value is expected to reach US$419.7 billion in 2023. The market size is expected to reach over US$635.8 billion by 2033.
The sales of robotic lawn mowers are expected to grow at a CAGR of 12.50% during the forecast period from 2024 to 2034.
The global modular robots market is expected to be valued at US$66.42 billion by 2034.
Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Winner, Member of the Greater New York Chamber of Commerce) provides insight into the drivers of market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. FMI has a large team of over 400 analysts worldwide, providing global, regional and local expertise across a variety of sectors and industry trends in over 110 countries.
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Post time: Dec-29-2024