DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Variable Frequency Drive Market by Type, End-Users, Application, Power Range, Voltage, and Region - Global Forecast to 2021" report to their offering.
The variable frequency drive (VFD) market is projected to reach USD 24.8 billion by 2021, at a CAGR of 5.94% from 2016 to 2021.
VFD are used in infrastructural activities which include commercial buildings such as hospitals, and educational institutions. Increasing urbanization and industrialization in developing countries such as India, growing need for energy efficiency, reduction in operating costs of any energy intensive industry, regulations on energy efficiency, growing trend of industrial automation, and regulations to ensure efficiency are expected to drive the variable frequency drive market.
Based on segment, AC drives are expected to constitute the fastest growing market from 2016 to 2021. AC drives are witnessing an increase in demand, as they are more efficient, requires less maintenance as compared to dc drives. Therefore, the AC drive segment has higher market share than the DC drive segment.
With regard to voltage, the low voltage segment is estimated to grow at the fastest CAGR. The demand from industries such as utilities, petrochemicals, water & wastewater, metals & mining, and cement, would drive the low voltage drives market. The low voltage drives are generally employed in applications such as pumps, compressors, conveyors, crushers & mills, fans, and kiln applications.
Asia-Pacific is currently the largest market for VFD, closely followed by Europe. The Asian market is primarily driven by countries such as China, India, Japan, Australia, Indonesia, and South Korea. China is expected to dominate the variable frequency drives market, followed by Japan and India. Urbanization and industrialization will drive the Asia-Pacific market during the forecast period.
Leading players in the variable frequency drive market include ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric (France), Danfoss (Denmark), WEG (Brazil), and Rockwell Automation, Inc. (U.S.).
- Increasing Urbanization and Industrialization
- Rising Need for Energy Efficiency
- Government Regulations
- Decrease in Greenfield Investment
- Huge Opportunity in the Replacement Sector
- Industrial Internet of Things (IIoT)
- Regional-Level Competition From Local Players
- ABB Ltd
- Crompton Greaves
- Emerson Electric Co.
- Fuji Electric Co.
- General Electric
- Mitsubishi Heavy Industries, Ltd.
- Rockwell Automation
- Schneider Electric Se
- Siemens AG
- WEG SA
- Yaskawa Electric Corp
For more information about this report visit http://www.researchandmarkets.com/research/f5btnj/variable