Global Variable Frequency Drives Market: Increase in Global Demand for Energy Stimulating Market Growth
Transparency Market Research has published a new report "Variable Frequency Drives Market - Global Industry Analysis, Size, Share, Growth Trends And Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWire) -- 08/18/2015 --The variable frequency drive is basically a motor controller, which drives an electric motor by adjusting the frequency and voltage supplied to it. Also known as micro-drive, adjustable speed drive, variable speed drive, AC drive, adjustable frequency drive, and inverter. Variable frequency drives are devices that control the speed of the motor to reduce the overall power consumption, eventually improving the efficiency of the motor. This optimizes the utilization of energy in motor driven operation.
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Compared to other motor controllers, variable frequency drives are easy to install and permits the deployment of pumps and motors with optimum rating, saving the needless expenditure on added KVA ratings of motors. For uninterrupted operation, it is crucial for the motor to function well. Installing variable frequency drives in motors helps it gain reliability.
Increased Usage of Induction Motor to Propel Market Growth
The global variable frequency drives market amounted US$15,489.0 million in 2013. The industry experts believe that the market will grow at a CAGR of 7.0% during the period of 2014 to 2020, reaching US$24,703.4 million by the end of the forecast period.The rise in the demand for energy and increase in the usage of induction motors in a variety of applications are acting as stimuli for the growth in the global variable frequency drives market. However, the high implementation rates of variable frequency drives in emerging economies such as China and India are upsetting the entire global market.
Asia Pacific to Continue to Dominate Global Industry
The variable frequency drives market is spread across four regional markets, namely the Americas classified into North America and South America, Asia Pacific segmented into China and the Rest of Asia Pacific, Europe, and the Middle East and Africa. The global market for variable frequency drives was dominated by Asia Pacific in 2013. The region is expected to maintain its dominance in future. Rapid growth of the chemical processing and the manufacturing industries in the economies such as China and India will encourage the demand for variable frequency drives in Asia Pacific. Momentous growth in the other industries such as power, hydrocarbons, infrastructure, and automobile production will also add to the demand for variable frequency drives in this region during the forecast period.
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The MEA and Asia Pacific regions have advanced manufacturing industries. The development of infrastructure and manufacturing activities are expected to propel the demand for variable frequency drives in these regions.
Low Voltage Drive: Biggest Market by Voltage range
The low voltage and medium voltage are the two markets for variable frequency drives on the basis of the voltage range. The low voltage drives market occupies the major share in the global market for variable frequency drives, at present. Developing infrastructure and manufacturing activities are likely to be key growth drivers for the low voltage variable frequency drives market.
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Servo Drives: Highest Growing Market
AC, DC, and servo are the main segments of the global variable frequency drives based on the product types. The highest growth is expected in the servo variable frequency drives market. However, the market participation of AC and DC variable frequency drives are expected to shrink in the coming years. Though petrochemicals and chemical processing industries are likely to cater to a significant demand for low power AC drives in coming years.
Manufacturing Industry: Biggest Consumer in 2013
On the basis of end-user applications, chemical processing, manufacturing, infrastructural development, automotive, oil & gas, power generation, and others are the categories in the global variable frequency drives industry. The manufacturing industry was the biggest customer of variable frequency drives in 2013, worldwide.
Advancing Technology to Drive Future Market Growth
Vacon PLC, Schneider Electric, Siemens AG, Fuji Electric Co., Ltd, Mitsubishi Electric Corporation, Eaton Corporation Plc., Emerson Industrial Automation, Crompton Greaves, Danfoss VLT, ABB Ltd. are the major players operating in this market, globally.
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This industry is technologically driven and most of market the participants are trying out new and appealing development in products to have a competitive edge over others. Governmental initiatives for effective motors and technological advancement are exhibiting enormous market potential for variable frequency drives in the coming years.
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