Global Variable Frequency Drive Market was valued at USD 9.41 billion in 2019 which is expected to reach USD 15.44 billion by 2027 at a CAGR 4.5%.
Qualiket Market Research provides key insights for the Global Variable Frequency Drive Market in its published reports, which comprises global industry analysis, market size, market share, growth, trends, and forecast for2020-2027. Also, the historical tragedy of the Global Variable Frequency Drive Market is examined to gain an estimate valuation & size of the market throughout the forecast period. Trade shows, exhibitions, events are watched carefully for novel innovation & technological breakthroughs enveloping the market.
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Variable frequency drive is solid state regulators or controllers which drive the motor by varying frequency and voltage transmitted through electric motor. These drives are widely installed in industrial infrastructure on AC electronic Motors. Variable frequency drives market is growing due to rapid industrialization and urbanization, along with increase in usage of VFDs across major industry vertical.
The distinctive nature of the report on the Global Variable Frequency Drive Market is evident from the segmental study section. The Global Variable Frequency Drive Market has been categorized in segments such as type, Components, and distribution channel are some of the areas where the market has been examined. The regional analysis section specifically mentions the development of the Global Variable Frequency Drive Market. Clients can identify several windows which ensure the regional markets to vent out, registering impressive revenues. North America, Europe, Asia Pacific, the Middle East Asia and Africa, and Rest of the World are regional segments of the Global Variable Frequency Drive Market.
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Increase in demand for renewable energy integration along with stringent directives & standards toward energy efficiency is expected to drive the global variable frequency drive market growth. Furthermore, Rapid industrialization and Urbanization across the developing economics will have the positive impact on global variable frequency drive market growth. Moreover, rise in investments towards smart and reliable infrastructure is expected to propel the demand for variable frequency drive across the world. Also, continuous technological advancements will boost the global variable frequency drive market growth during this forecast period.
However, technical concerns and high cost of equipment is the challenging factor for market which is expected to hamper the global variable frequency drive market growth.
Impact of COVID 19 on Market
As China is one major raw material supplier and finished products due to COVID 19 pandemic many government implemented travel restrictions across the world which have led to declining the global variable frequency drive market growth.
Global Variable Frequency Drive Market is segmented into product type such as DC Drives, AC Drives, and servo Drives, by application such as Extruders, HVAC, Conveyors, Electric Fans, Pumps, and Others. Further, Global Variable Frequency Drive Market is segmented into end user such as Food & Beverages, Automotive, Infrastructure, Industrial, Power Generation, and Oil & Gas.
Also, Global Variable Frequency Drive Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market key Players
Various key players are discussed in this report such as
- WEG SA,
- Crompton Greaves,
- Schneider Electric Siemens, and
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