LONDON--(BUSINESS WIRE)--The new variable frequency drives the market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the variable frequency drives market.
"One of the primary growth drivers for this market is the presence of regulations that mandate the use of variable frequency drives in industries,” says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover Technavio expects the variable frequency drives market size to grow by USD 3.20 billion during the period 2020-2024.
Variable Frequency Drives Market Segment Highlights for 2020
- The variable frequency drives market is expected to post a year-over-year growth rate of -4.54%.
- Based on the end-user, the food and beverages segment saw maximum growth in 2019. Factors such as the presence of regulations that mandate the use of variable frequency is driving the growth of the segment.
- The market growth in the segment will be significant during the forecast period.
- 41% of the growth will originate from the APAC region.
- The technological advances in variable frequency drives will significantly increase market growth in the APAC region.
- China and Japan are the key markets for variable frequency drives in APAC.
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- The variable frequency drives market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The variable frequency drives market is segmented by the end-user (Food and beverages, Water and wastewater treatment, Oil and Gas, Power Generation, and Others), type (Low voltage drives and Medium voltage drives), and geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Danfoss AS, Eaton Corporation Plc, Emerson Electric Co., Hitachi Ltd., Kollmorgen Corp., Mitsubishi Electric Corp., Nidec Corp., Schaffner Group, and Siemens AG
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