ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research’s report “Variable Frequency Drives Market by Type (AC, DC, Servo) By Voltage (Low Voltage and Medium Voltage) and For End-use Applications - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2014 - 2020” has been prepared with inputs from key industry experts. The report delivers an in-depth market analysis of the global variable frequency drives (VFD) market.
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According to the report, the global variable frequency drives market was worth US$15,489.0 million in 2013 and will reach a total value of US$24,703.4 million. It is projected that the global variable frequency drives market will expand at a 7.0% CAGR during the forecast period of 2014 to 2020.
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The growing need for decreasing energy consumption will positively influence the demand for variable drives. Additionally, the accelerating use of induction motors in a broad range of applications is further driving the variable frequency drives market. However, the adverse impact of implementation costs witnessed in emerging economies will suppress the global variable frequency drives market.
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By type, the variable frequency drives market is divided into AC, DC and servo. Servo VFDs will demonstrate the highest growth. Alternatively, the market share of AC and DC variable frequency drives is likely to shrink during the forecast future.
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Variable frequency drives find application in manufacturing, infrastructure development, chemical processing, automotive, oil and gas, power generation, etc. The manufacturing sector held the lion’s share in the global VFD market in 2013 and is expected to grow further by 2020.
Geographically, Asia Pacific dominates the global variable frequency drives market, due to the presence of a large number of industries in this region. Key players in the VFD market include Eaton Corp., Siemens AG, Abb Ltd. and Mitsubishi Electric Corporation.
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Transparency Market Research is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
