PUNE, India, Nov 16, 2022 (GLOBE NEWSWIRE) — The global VFD market is expected to grow from US$19.87 billion in 2022 to US$32.31 billion in 2029 at a CAGR 7.2% over the forecast period. In its 2022-2029 Inverter Drive Market Report, Fortune Business Insights™ stated that the growing adoption of energy optimization products such as variable frequency drives in a number of industrial applications around the world is driving market growth.
According to our researchers, the fact that the technology helps manage the speed of work to reduce power consumption is expected to drive the market.
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The growing focus on digitizing, connecting and automating industrial processes across various verticals has led to a growing need for variable frequency drives to help them control processes remotely. In challenging industrial environments such as HVAC systems in large buildings, monitoring and checking motors with variable speed drives, turning them into smart motors, and even being able to control them can improve the data generated, greatly increasing power and saving energy remotely or even automatically. to further improve performance, system efficiency and energy savings.
Rapid industrialization is driving demand for energy efficient products in the commercial, residential and industrial sectors around the world. Demand for energy-optimized products is driven by several benefits of VFDs, such as energy saving opportunities as well as lower maintenance and lower operating costs. This is expected to drive the growth of the VFD market during the forecast period.
Industrial applications such as energy, automotive, manufacturing, transportation, etc. are being negatively impacted by the shutdown of operations and manufacturing activities around the world. This is expected to hinder the growth of the market to some extent. However, supportive government policies and increased investment in the energy and energy sector will drive market growth in the near future.
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The report provides a systematic overview of the segments and a systematic study of the market. The report provides a comprehensive overview of the current market trends as well as the upcoming outlook. In addition, it provides an extensive analysis of regional data and their role in shaping the growth of the VFD market. The impact of COVID-19 is discussed in the report to help investors and business owners better understand imaginable threats prevailing in the market. The report also discusses the key players and their main strategies for staying ahead.
Depending on the application, the market is divided into pumps, conveyors, HVAC, electric fans, extruders and others.
Depending on the end user, the market is divided into power generation, infrastructure, oil and gas, food and beverage, mining, agriculture, and others. The power generation segment will dominate the market in 2021.
By region, the market is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
Among all regions, the Asia-Pacific market is expected to hold the highest position in the global VFD market during the forecast period. This is due to the increasing investment of companies in the development of advanced industrial infrastructure, which stimulates the demand for innovative variable frequency drive products in the region. In 2019, Asia-Pacific totaled $5.82 billion.
On the other hand, North America is expected to take second place in the market due to the growth of exploration activities in the oil and gas industry in countries such as the US in 2022-2029.
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Fundamental market players use various strategies to strengthen their position as the dominant company in the market. One of the key strategies is to increase the value of the user’s brand by attracting companies. Another important strategy is to regularly launch innovative products that benefit users.
January 2022: Danfoss smart drives help improve HVAC safety by automatically checking the system. This process includes automated testing of the entire installation performed by the variable frequency drive.
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Post time: Apr-28-2023