Global Variable Frequency Drive Market to Grow Steadily at a CAGR of Nearly 8% During 2016-2020: MarketResearchReports.biz
Technavios market research analyst predicts the global variable frequency drives (VFD) market to grow steadily at a CAGR of nearly 8% by 2020. The need for manufacturers to optimize their manufacturing processes and cut operational costs by reducing energy consumption is the primary growth driver for this market. The prospects for growth in this market are impelled by the growing preference for electric motors in household appliances, automobiles, aerospace, industrial, and other transportation equipment over mechanical and hydraulic motors.
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