The global variable frequency drive (VFD) market size is expected to reach USD 33.10 billion by 2025, according to a study conducted by Grand View Research, Inc., posting a CAGR of 6.7% during the forecast period. Growing awareness and demand for energy efficiency, favorable government norms and regulations, and rising technological advancements are likely to provide a fillip to the market. Integration of VFDs with electric drives enable end-users to control the speed and torque of drives. It there by, helps in increasing their operating efficiency and concurrently reducing the energy consumption.
A large number of VFD manufacturers such as ABB, Ltd., Danfoss Global, Siemens AG, and Schneider Electric SE are developing differentiated products on the basis of functionalities, along with integrated sensors, to maintain their strong foothold in this price sensitive arena. Asia Pacific is projected to dominate the market during the forecast period due to improving economic conditions and rapid industrialization. Additionally, increasing commercial activities are augmenting the market in the region.
Stringent government regulations mandating the use of energy efficient devices, along with increasing energy prices, are also encouraging deployment of VFDs across multiple market domains. Additionally, rising investments in promoting energy efficiency are escalating the growth of the variable frequency drive market.
Browse Research Report on Variable Frequency Drive Market:
Further key findings from the study suggest:
- AC VFDs offer easy integration and low maintenance cost. Therefore, the segment is expected to emerge as the leading as well as the fastest growing segment over the forecast period
- Demand for VFDs is estimated to increase in the pumps application segment owing to increasing penetration of these drives in hydraulic operations across the oil & gas and wastewater industries.
- Latin America is anticipated to be the fastest-growing region over the forecast period due to spiraling adoption of VFDs across emerging industrial sectors in the region
- Some of the prominent industry players are ABB, Ltd.; Siemens AG; Schneider Electric SE; Rockwell Automation; Inc.; Danfoss Global; and WEG.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-variable-frequency-drive-vfd-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
For more information: www.grandviewresearch.com
