Variable Frequency Drive Market is expected to expand at 6.3% CAGR, is segmented on the basis of type, application, end-use, and region
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Competitive Dashboard:
ABB Ltd. (Switzerland), Rockwell Automation, Inc. (U.S.), WEG (Brazil), Siemens AG (Germany), Yaskawa Electric Corporation (Japan), General Electric (U.S.), Schneider Electric (U.S.), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), Eaton Corporation Plc. (Ireland), Mitsubishi Electric Corporation (Japan), and Honeywell International (U.S) are some of the key players profiled in this MRFR report.
Market Synopsis:
According to Market Research Future (MRFR)’s assessment, the Global Variable Frequency Drive Market is projected to expand at a CAGR of 6.3% during the forecast period. The major advantages of VFD that are presumed to dictate the growth trajectory of the market include low motor starting current, easy installations, operations at high power factor, managing devices at various speeds, etc.
The rising number of projects for infrastructural development is the key driver of the variable frequency drive market. It is projected to increase the demand for energy efficient devices. Rapid urbanization and industrialization are poised to augment the Variable Frequency Drive Market in the upcoming years.
Initiatives undertaken by the governments are boosting the expansion of the Variable Frequency Drive Market. It is anticipated to exhibit a similar trend over the next couple of years. For instance, the Chinese government has introduced the Energy Efficiency Leader Scheme under which motivates the builder and manufacturers to exceed energy efficiency benchmarks set by the China Energy Label.
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Industry News:
In September 2018, ABB, a Swiss-Swedish multinational corporation has released ACQ580 variable frequency drive (VFD) designed for water and wastewater industries.
In December 2018, Larson Electronics, a Texas-based company, announced the introduction of 3-phase, 3-wire configuration variable frequency drive for the improvement of AC motor performance.
In December 2018, a leading manufacturer of industrial lighting and equipment, Larson Electronics, has announced the release of a 7.5 horsepower explosion proof variable frequency device phase converter.
In January 2019, Artificial Lift Werx Ltd. has initiated work on bringing incomplete pumpjacks to life and includes proprietarily programmed variable frequency drive (VFD).
In January 2019, BossTek, Peoria, Illinois, has released a new DustBoss DB-60 Fusion which can be optimized with a Variable Frequency Drive (VFD) for the precise adjustment of fan speed.
Market Segmentation:
By Type : AC, DC, and Servo.
By Application : pumps, fans, compressors, extruders, and others.
By End-Use : oil & gas, industrial, infrastructure, power generation, and others
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Source: MarketersMedia
Release ID: 478658
