DUBLIN--(BUSINESS WIRE)--The "Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors & Conveyors), Power Range, Voltage & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The VFD Market is Projected to Reach USD 27.57 Billion By 2023, From an Estimated USD 20.73 Billion in 2018, at a CAGR Of 5.87%, from 2018 to 2023.
This growth can be attributed to the increasing industrialization and urbanization and rising need of energy efficiency. Stagnant growth in the oil & gas industry due to declining oil prices can hinder the growth of the market.
The AC drives segment held the largest market share in 2017 and is estimated to be the fastest-growing segment during the forecast period. The AC drives segment provides more advantages as compared with DC and servo drives. The primary advantages of AC drives include increased energy savings and reduced levels of noise and vibrations. AC drives are mainly used for variable torque application in industries such as oil & gas, water & wastewater, and mining.
Asia Pacific is expected to be the largest market for VFDs in 2023 and is projected to grow at the highest CAGR, during the forecast period. China accounted for the largest share of the VFD market in the Asia Pacific region in 2017. Moreover, in January 2017, the government of China planned to invest about USD 361 billion in clean energy by 2020 as China aims to supply 20% of power from non-fossil sources by 2030, which shows a positive growth for the VFD market. All these factors are expected to drive the growth of the VFD market in Asia Pacific.
The leading players in the VFD market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell (US).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Variable Frequency Drive Market, By Type
7 Variable Frequency Drive Market, By Voltage
8 Variable Frequency Drive Market, By Application
9 Variable Frequency Drive Market, By Power Range
10 Variable Frequency Drive Market, By End-User
11 Variable Frequency Drive Market, By Region
12 Competitive Landscape
13 Company Profiles
- Crompton Greaves
- Schneider Electric
- WEG SA
For more information about this report visit https://www.researchandmarkets.com/research/cvkh74/variable?w=4