The food and beverage sector will be the major end-user to the variable frequency drives market until 2021. The need for improvement in the business model and the growth in automation, will fuel the growth of the food and beverage industry.
Albany, NY -- (SBWIRE) -- 10/03/2017 -- Variable frequency drives provide motion control and reduce the power use, as they regulate the motors and supply only the required voltage, thereby reducing power consumption. With the rising energy demand and increasing price of electricity, variable frequency drives are now increasingly used for different applications across various industries. Recently, a study focusing on the global demand and current as well as future prospects of the market has been broadcasted to the wide database of Market Research Hub (MRH), which is titled as "Global Variable Frequency Drives Market 2017-2021".
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Initially, this report starts with a clear description related to the research methodology and assumptions, followed by a precise executive summary. This portion of the report also offers a deep insight related to the various market dynamics comprising drivers, restraints, and opportunity, together with key trend analysis for the global variable frequency drives market. A variable frequency drive (VFD) is a type of motor controller that drives an electric motor by changing the frequency and voltage provided to the electric motor. The motors need lesser maintenance when compared with other equipment. Also, components such as active filters, IGBT, passive filters, harmonic filters, circuit breakers, PLCs, AC reactors, safety relays, and regenerative converters are less susceptible to damage and can be installed in the industry for a trouble-free process.
According to the study key findings, the global variable frequency drives market anticipated to grow at a CAGR of 5.23% during the period 2017-2021. It has been also identified that the rising need for retrofitting and the modernization of plant premises will be one of the major factors that will have a positive impact on the growth of the market. Some of the major market trends observed by the analysts include improved cooling and increased functionality of the drives, integration of IoT in drives, increasing need for regenerative drives; and regulations on energy efficiency and growing concern for renewable energy.
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Moreover, the regional segmentation of the market highlights some of the prime regions such as Americas, EMEA and APAC. Amongst, APAC will be the major revenue contributor to the variable frequency drives market throughout the forecast period. Rapid industrialization and urbanization coupled with the need to reduce harmonic distortions in power supply in the industrial sector will drive the market in this region. In addition, the global variable frequency drives market is segmented into the following power ratings: less than 1000 kW and greater than 1000 kW. Major market end-users are Food and beverage, Power Generation, Water and wastewater, Mining and metals, Oil and gas. Analysts found that the food and beverage sector will be the major end-user to the variable frequency drives market until 2021.
In the later part, the report explores the major industry players in detail. Key vendors operating in this market are ABB, Rockwell Automation, Danfoos, Schneider Electric and Siemens. Some other prominent players are Eaton, Fuji Electric, Emerson, Toshiba, General Electric, Hitachi, Mitsubishi Motors etc.
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