Pegged at a promising CAGR of over 6%, the growth of global variable frequency drive (VFD) market is propelled by growing emphasis on energy-efficient devices. The governments worldwide are promoting the usage of variable frequency drives on account of rising incentive from the United Nations. Asia Pacific and its developing countries account for substantial demand owing to thriving end-use industries.
Key Takeaways of Variable Frequency Drive Market Study
- Greater environmental sentience amongst consumers continues to drive the consumption of variable frequency drives.
- Sustainable development goals and objectives set by United Nations would propel the demand for energy-efficient VFDs through 2029.
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- Low voltage variant is projected to remain prominent throughout the forecast period, particularly in developing countries.
- Asia Pacific continues to be the growth epicentre of variable frequency drives market.
- North America to register stupendous growth in variable frequency drive market during the forecast period.
- Increasing population in emerging economies is surging the demand for power, thereby bolstering the regional market growth.
Asia Pacific Captures Majority Share in VFD Market; North America Presses Forward
The regional variable frequency drive industry is gaining traction thanks to developing nations in Asia and the Pacific. The expansion of the regional market is being fueled by the widespread use of VFDs in pumps, petrochemicals, and conveyors. Thus, Asia Pacific still holds the largest market share. India will have a substantial impact on the expansion of the Asia Pacific market for variable frequency devices.
North America, on the other hand, would experience a notable CAGR during the forecast period. The extraordinary expansion can be attributed to increased consumer awareness, stricter regulatory standards, and greater government incentives.
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Innovation and Collaboration to Remain Chief Operational Strategy of Market Leaders
Key players profiled in this study include, but are not limited to, STMicroelectronics, Johnson Controls Inc., Emerson Industrial Automation, Schneider Electric, Hitachi Ltd., Siemens AG, Fuji Electric Co., Ltd., GE Power Conversion, and Honeywell International Inc. Collaborations among market leaders remain vital for fostering global presence.
