Variable Frequency Drives Market revenue to cross USD 19 Bn by 2028: Global Market Insights Inc.

SELBYVILLE, Del., Feb. 15, 2022 /PRNewswire/ -- The variable frequency drives market size is anticipated to record a valuation of USD 19 billion by 2028, according to the most recent study by Global Market Insights Inc. The rising number of commercial and industrial facilities, urban localities, and utility infrastructure has led to the integration of a wide range of electrical components, accelerating the market growth. Furthermore, the shifting focus toward energy-efficient technologies coupled with a favorable regulatory framework for the adoption of renewables will complement the market expansion.

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The COVID-19 pandemic has affected the variable frequency drives market operations drastically in an unprecedented manner. This pandemic has delayed operational activities on account of ceased manufacturing, distribution companies & labor shortages, thereby affecting the business dynamics. However, vaccination drives and social distancing measures of respective governments have resulted in normalcy, thus backing up industry operations. Additionally, the positive efforts of governing authorities to deliver several other measures to effectively deal with the pandemic will encourage the industry growth.

The medium-powered variable frequency drives market is projected to gain momentum on account of its utilization across several applications to control the torque and speed of AC motors. The use of VFDs is fostering due to a reduction in their cost and size in industrial powertrains including wastewater plants, petrochemical, mining, and general manufacturing. In addition, operational characteristics such as cost-effective working, substantial energy savings, greater operational flexibility, and control accuracy to complement the product demand.

High versatility, lightweight, and flexibility along with cost-effectiveness and compact size when compared to the prevailing frequency control systems are a few key factors augmenting drive deployment. Moreover, significant expansion activities across several processing industries including mining & metals, oil & gas, and food & beverage facilities will positively influence the conveyer application dynamics.

The servo drive segment is anticipated to witness a significant momentum owing to its ability to deliver better process and speed control. In cases where mechanisms need adaptation to many conditions, these units are convenient as they can adjust quickly with less effort. The upsurging utilization of servo systems across factory automation, CNC machining, and robotics will impel product deployment.

The Asia Pacific variable frequency drives market is set to showcase growth due to the favorable regulatory standards and norms on the acceptance of renewables. Government schemes including financial incentives, tax rebates, and resiliency initiatives are prominent factors strengthening product penetration. Increasing expenditure of manufacturing facilities along with the refurbishing operations to replace or upgrade prevailing technologies in different enterprises will escalate product demand.

Eminent players operating across the market include Schneider Electric, Emerson Electric Co., ABB, Siemens, WEG Electric Corporation, Johnson Controls, Danfoss, Honeywell International, Inc., Rockwell Automation, Bosch Rexroth AG, Eaton, Fuji Electric Co., Ltd., Hitachi Hi-Rel Power Electronics, Yaskawa Electric Corporation, Nidec Industrial Solutions, Mitsubishi Electric, Hiconics Eco-energy Technology Co., Ltd., GE, and CG Global.

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Table of Contents (ToC) of the report:

Chapter 3 Variable Frequency Drives (VFD) Market Insights

3.1  Industry ecosystem analysis

3.1.1  Vendor Matrix

3.2  Innovation & technology landscape

3.3  Regulatory landscape

3.3.1  International Standards

3.3.2  North America

3.3.3  Europe

3.3.4  Asia Pacific

3.3.5  Middle East & Africa

3.4  COVID- 19 impact on the industry outlook

3.4.1  Top 10 countries impacted by COVID- 19

3.4.2  Overall view

3.5  Industry impact forces

3.5.1  Growth drivers

3.5.2  Industry pitfalls & challenges

3.6  Growth potential analysis

3.7  Porter's Analysis

3.8  Competitive landscape, 2021

3.9  PESTEL Analysis

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SOURCE Global Market Insights Inc.