Variable Frequency Drive Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Variable Frequency Drive Market: Outlook
The variable frequency drive market will gain considerable growth across the assessment period of 2020-2030. The rising need for enhancing the performance of the machines and equipment will bring profitable growth opportunities for the variable frequency drive market. Furthermore, the escalating need to decrease power consumption will also boost the growth of the variable frequency drive market to a great extent.
A variable frequency drive changes the frequency of the applied voltage supplied to the motor. It is used simultaneously with an electric motor. The function of the variable frequency drive is to control the operating speed, eventually reducing the energy consumption. This functionality attracts considerable demand for the variable frequency drive market.
Variable frequency drive has drive types such as AC drive and DC drive. The voltage range of the variable frequency drive can be categorized as high voltage and low voltage. The inclining use of variable frequency drive across applications like compressors, pumps, fan, HVAC, conveyor, and others will invite promising growth prospects. Automotive, oil and gas, mining and metals, and food processing are some of the vital end-users of the variable frequency drive market.
Variable Frequency Drive Market: Competitor Analysis
The variable frequency drive market is fragmented. The players in the variable frequency drive market are always involved in research and development activities. These activities help the players in the variable frequency drive market to discover novel insights that lead to better sales.
Strategic collaborations also help in strengthening the foothold of the players in the variable frequency drive market, eventually increasing the growth prospects. Some well-entrenched players in the variable frequency drive market are;
Variable Frequency Drive Market: Key Trends
Constant regulation enforcement by the government bodies of numerous countries in terms of energy consumption will bring good growth opportunities for the variable frequency drive market during the assessment period of 2020-2030.
The escalating urbanization and industrialization prospects across the globe will sow the seeds of growth across the variable frequency drive market. The demand for electricity is increasing at a rapid rate due to the booming population numbers. This factor will influence the growth of the variable frequency drive market greatly.
The food processing industry expects to boost the demand for variable frequency drive market throughout the forecast period of 2020-2030. The integration of variable frequency drives in varied food processes has proven to decrease energy consumption levels. Therefore, this factor will help the variable frequency drive market to record exponential growth across the assessment period.
The high costs associated with variable frequency drives can serve as a strong growth restraint. The integration of variable frequency drives to electric drives is a tedious and expensive process. However, manufacturers in the variable frequency drive market are trying to reduce these prices to increase their revenues, eventually decreasing the intensity of the restraints.
Variable Frequency Drive Market: Regional Dimensions
Asia Pacific’s variable frequency drive market will derive profitable growth between 2020 and 2030. The heightening demand for lowering energy consumption across various countries in the region and the swelling population numbers will prove to be prominent growth-generating factors for the variable frequency drive market in Asia Pacific. Latin America will also contribute considerably to the growth of the variable frequency drive market due to the increasing industrialization rate across various regions.
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