Variable Frequency Drive Market
Variable Frequency Drive Market is estimated to reach US$ XX Bn by 2026 in terms of revenue at CAGR of XX % in the forecasting period of 2017-2026. Introduction of standards and directives toward energy efficiency coupled with the rising adoption of renewable energy systems will drive the variable frequency market. In 2014, the U.S. Department of Energy has introduced standards for energy efficiency under which all HVAC systems deployed on or after January 2015 should follow seasonal energy efficiency ratio standards.
Rapid industrialization and urbanization along with increasing investments toward infrastructure development across emerging economies will foster market growth. Shifting focus toward the optimum energy utilization along with the adoption of energy efficient products to ensure energy security will further complement the Variable Frequency Drive Market growth.
Technological advancement across construction equipment including electric motors and pumps will augment the industry growth. In 2016, the global infrastructure spending surpassed USD 79 trillion across all major industries including energy, telecommunication, transport, and water. Adoption of high-end technologies to meet the government standards will also drive the market. Introduction of codes and standards to establish green buildings will further have a positive impact on the Variable Frequency Drive Market growth.Variable Frequency Drive Market Variable Frequency Drive Market is majorly segmented by the power range, drive, voltage, technology, application, end-use, and region. Based on the voltage segment, the low voltage is expected to dominate the Variable Frequency Drive Market in 2017. Initiatives toward energy conservation along with retrofit activities across residential, commercial and industrial establishments will augment the industry growth for variable frequency drive market. Higher acceptance across major industries include metals & mining, petrochemicals, utilities and cement industry along with compact design will further propel the product demand.
Under application segment, pump held the highest market share in 2017. Growing adoption of flow control devices across water infrastructure will further stimulate the product penetration of variable frequency drive. In 2016, capital expenditure on water infrastructure in China surpassed USD 30 billion.
Variable frequency drive can be also segmented based on end-use and the automotive segment held the highest market share in 2017. Rapid expansion by OEMs across the developing nation will further stimulate the product demand. The automotive industry in India witnessed FDI inflow of USD 5.5 billion from 2014 to 2016.
North America held the highest market share with more than 30% in 2017. The Variable Frequency Drive Market growth is coupled with the rising demand in the U.S. The U.S. variable speed drive market is predicted to witness rapid growth owing to a positive outlook toward industries including chemical and cement. The paradigm shift toward the adoption of speed drives for centrifugal and reciprocating equipment will fuel the industry growth as well. In 2016, as per the American Chemistry Council, the revenue generation from chemical industry had reached USD 164 billion.
Key player across the variable frequency drive industry are Johnson Controls, Mitsubishi Electric, Schneider Electric, Siemens, Rockwell Automation, Toshiba, Vacon and Yaskawa Electric. The industry is highly fragmented, and price plays a crucial role in determining the business dominance. High initial investment coupled with stringent emission norms may act as a challenge for new entrants. Major players across the industry are focusing on new product developments and M&A’s to gain competitive advantage.
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Variable Frequency Drive Market Market Scope:
Variable Frequency Drive Market By Power Range
Variable Frequency Drive Market By Drive
Variable Frequency Drive Market By Voltage
- By Technology
Variable Frequency Drive Market By Application
Variable Frequency Drive Market By End-Use
- Oil and Gas
- Power Generation
- Food Processing
- Mining & Metals
- Pulp & Paper
Variable Frequency Drive Market By Geography
- North America
- Middle East & Africa
- Latin America
Key Players operating in the market:
- American Electric Technologies
- Crompton Greaves
- Amtech Electronics
- Fuji Electric
- Hiconics Drive Technology
- KB Electronics
- Johnson Controls
- Mitsubishi Electric
- Schneider Electric
- Rockwell Automation
- Yaskawa Electric
Maximize Market Research, a global market research firm with the dedicated team of specialists and data has carried out extensive research about the current variable frequency drive market outlook. The report encompasses the variable frequency drive market by different segments and region, providing the in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the variable frequency drive market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain variable frequency drive market positioning of competitors.
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