May 25, 2022 08:16 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 25, 2022 (GLOBE NEWSWIRE) -- The global variable frequency drive market size was valued at USD 19.21 billion in 2021. The market is projected to grow from USD 19.87 billion in 2022 to USD 32.31 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Global Variable Frequency Drive Market, 2022-2029.”
According to our analyst, the factor that the technology aids to manage the operating pace in order to decrease energy consumption is predicted to fuel the market. The increased shift toward digitalization, connectivity, and automating industrial processes by different industry verticals has witnessed a growing demand in VFDs, helping them remotely monitor the process.
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A List of Key VFD Manufacturers Operating in the Global Market:
COVID-19 Impact ON VFD Market:
COVID-19: Commotions in Supply Chain Management to Decline Growth amid Pandemic
The global health emergency triggered owing to the influence of COVID-19 was staggering and unprecedented, and had a prime sway on numerous industry verticals. The implementations of travel prohibitions and limitations, shelter-in-place-orders, and shutdowns have commenced deterioration in manufacturing industries, trade disputes among others around the world are few of the important factors hindering the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/variable-frequency-drive-market-100876
Rising Digital and Automation to Navigate Market Growth
The augmented inclination towards digitalization, connectivity, as well as automating industrial procedures by different industry verticals has perceived an increasing demand in VFDs, aiding them to remotely administer the process. In complex industrial uses such as huge buildings HVAC systems, the resulting data can be improved with a noteworthy gain in competence and energy savings by monitoring and checking the motor by variable drives, transforming them to become smart motors and even permitting them to be controlled distantly or even automatically, further augmenting performance, system efficiency as well as energy savings.
The report offers a methodical review of the variable frequency drive market segments and a methodical examination of the market. A considerate review of the present market trends, as well as the impending prospects, are offered in the report. Furthermore, it unveils an extensive analysis of the regional insights and their role in forming the variable frequency drive market growth. The COVID-19 influences have been discussed in the report to aid investors and business owners with an enhanced perception of the imaginable threats prevailing in the market. The report further discusses the key players and their fundamental strategies to stay in the leading position.
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Asia Pacific to Lead Backed by Greater Electricity Demand
The electricity demand is set to observe an increase in demand amid the forecast period. The maximum of these rises will arise in the quickest-growing Asia Pacific region, leading in the region holding the largest variable frequency drive market shares.
The growth of renewable energy in North America and Europe is predicted to result in substantial market share for this region.
Countries in Latin America are set to experience major capitalization events across mining and oil & gas industries.
Creative Product Unveilings by Prime Players to Spur Market Growth
The fundamental players present in the market embrace numerous strategies to hike their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another vital strategy is periodically launching innovative products that will positively benefit the users.
January 2022: Danfoss’s Intelligent drives assists in enhancing HVAC safety with automated system check. The process involves automatic test of the complete installation, performed by the drive.
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4.1. Key Emerging Trends – For Major Countries
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Variable Frequency Drive
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
6.2. Market Analysis, Insights and Forecast – By Type
6.3. Market Analysis, Insights and Forecast – By Power Range
6.4. Market Analysis, Insights and Forecast – By Application
6.5. Market Analysis, Insights and Forecast – By End-user
6.6. Market Analysis, Insights and Forecast – By Region
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