Sellbyville, DE -- (SBWIRE) -- 03/11/2019 -- Global Electronic Shelf Label Market is expected to witness a significant growth due to the increasing adoption by the retail industry. These components offer benefits such as better price visibility, reduction in pricing errors, and promotional capabilities. These advantages allow users to increase the accountability of the products and increase profit margins. The increasing competition in the retail sector is encouraging players to adopt differentiation strategies such as implementation of automation in the stores to attract the consumers. Electronic Shelf Label (ESL) Market is projected to surpass USD 1 billion by 2024. The continuously growing retail sector in addition to the increasing security concerns regarding theft is propelling the electronic shelf label market growth. The retailers are adopting these components for asset and merchandise tracking as these products offer benefits such as real-time tracking, re-programmability, and simultaneous identification.

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The U.S. variable frequency drive (VFD) market is projected to consolidate itself into an extremely lucrative investment avenue over the forthcoming years owing to the growing environmental concerns. Additionally, apart from receiving a sizable boost from the environmental preservation activities, the introduction of numerous standards & directives by local governments pertaining to the issue of utilizing energy in a more efficient manner is also expected to turn the U.S. marketplace into an avenue that would be immensely conducive for the overall growth of the nation's VFD market. Moreover, rising industrialization and the ongoing urbanization trends would also be augmenting the industry landscape.

The U.S. shale industry has been experiencing a significant surge in production rates in recent years. In fact, a 2018 report by Forbes highlights an ongoing trend where the U.S. Energy Information Administration (EIA) has been continually increasing its 2019 natural gas production projection. In September of 2018, the EIA's National Energy Modeling System upped its 2019 shale gas production forecast by more than 6.3% or 5.3 Bcf/d. The rig count in 2018 across the U.S. was pegged at approximately 198 with natural gas production at approximately 87 Bcf/d.

This increasing production rate is slated to be extremely beneficial for the U.S. VFD market owing to the ongoing modernization of the natural gas industry wherein the gas-assisted glycol pumps, that are extensively used across the industry, are being replaced by electric pumps. According to the U.S. Environmental Protection Agency, gas-assisted circulation pumps are the most commonly used pumps across the industry. However, in an effort to improve their operating efficiencies & reduce their emissions in a significant manner, enterprises are replacing their gas-assisted circulation pumps with electric pumps, which owing to their efficient VFD-powered operations, could save the operator more than $21,000 worth of gas on a yearly basis, thereby driving the U.S. VFD industry expansion.

Owing to innovative technological advancements, electric vehicle (EV) sales have been witnessing a sharp upward trend in recent years. This increased demand, while driving electric vehicle production, has also been responsible for fueling the regional VFD market growth. The technological advancements have successfully turned EVs from a concept & novelty product to a serious contender that would be giving serious competition to the conventional internal combustion engine (ICE) powered vehicles.

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According to a 2018 report by Edison Electric Institute (EEI), in the years between 2011 & 2018, the number of EVs running on roads across the U.S. has gone from zero to approximately 890,000. In the first two quarters of 2018, approximately 124,000 EVs were sold across the U.S. alone, up by about 40% when compared to the 2017 numbers.

Attributing to these aforementioned trends, it is overtly clear that the U.S. VFD market has primed itself to attract exponential amount of growth over the coming years. The projection is further supported by a recent research report by Global Market Insights, Inc., which expects the U.S. VFD market to surpass the $3 billion renumeration mark by 2025.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.