Variable Frequency Drive (VFD) Market is anticipated to register around 5% CAGR from 2020 to 2026

Ocean View, DE -- (SBWire) -- 04/15/2020 --The rapid growth in global variable frequency drive market may be characterized by the surging need for electricity along with the rising use of these units in gas and power applications. Increasing economic development owing to the rise in disposable income among people in both developed and emerging nations a has led to the development in crucial sectors. The demand for advanced, innovative and updated products is supporting heavy investment in sectors such as infrastructure and automobile.

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Salient features of the product include reduced cost of maintenance, superior performance and reliability and longer product life cycle, among many others. The substitution of traditional AC drives along with the introduction of advanced technological mechanisms, such as Industrial Internet of Things will foster product demand.

Growth Drivers:
North America & Europe
Stringent energy efficiency norms
Flourishing automotive sector
Asia Pacific
Increasing electricity capacity addition
Growing infrastructural spending
Middle East, Africa & Latin America
Increasing demand for electricity

Growing awareness among people regarding the need to adopt sustainable sources of energy to reduce the carbon dioxide levels has led to the development of environmentally products. Rise in purchasing power among people has increased the sale of automobiles across the globe. The need for sustainable automobile solutions has led to the development of electric vehicles. Heavy investment by the automobile manufacturers in the EV sector, along with low cost of maintenance and operation of the equipment will boost variable frequency drive market outlook.

Heavy investment made towards the research and development of the product to improve performance, enhance product life cycle and increase flexibility will drive the market forecast. French multinational corporation Schneider Electric introduced Lexium 28 servo drives in the year 2018. The motor ranged from 0.4 to 7 Kw for its PacDrive automation mechanism comprising of three network phases, with a supply voltage range of 170 to 225 for single phase and 200 to 255 for three phases.

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Stimulated initiatives undertaken by the governments in Asia pacific region to reduce carbon emission levels by way of tax rebates, fiscal benefits and resiliency measures is propelling regional market growth over the years. Statistically, in the year 2019, Asia Pacific accounted for more than 50% of global variable voltage drive industry share. There has been growth in various sectors of the economy owing to increasing disposable income among people and other factors such as FDI.

The consequent increase in the requirement of electricity has resulted in the growing use of VDF units across oil and gas sector. DC variable frequency drive market is witnessing considerable gains due to its extensive use in chemical, cement and metal applications. Superior-startup torque, constant speed, simple circuits and broad range of changing loads are prominent factors stimulating the use of grinders and cutters across the robust food and processing sector.

Development in the automobile industry owing to the constantly increasing demand for vehicles across the globe as well as the rising applicability of DPG and TENV DC drives in the manufacturing industry will supplement the product adoption. Variable frequency drive manufacturers are carrying out developments in the industry to enhance the product offerings. These include Vacon, Johnson Controls, Fuji Electric, Eaton, Siemens and GE market, among several others.