The Variable Frequency Drives Global Market Report 2023 by The Business Research Company, provides variable frequency drives market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Variable Frequency Drives Global Market Report 2023, the market size grew from $17.65 billion in 2022 to $18.84 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global variable frequency drives market is expected to grow to $24.55 billion in 2027 at a CAGR of 6.9%.
Increasing need and government regulations for energy efficiency across various industries are driving the growth of the market. Industries across the world have been striving to make better use of energy. Governments across the world have also been enforcing strict regulations for the industries to be energy efficient. The variable frequency drives are known to be very energy efficient and convenient. Thus, they are very useful in decreasing energy usage in industries.
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The variable frequency drives market is segmented:
1) By Type: Ac Drives, Dc Drives, Servo Drives
2) By Power Rating: Low Power Rating, Medium Power Rating, Micro Power Rating, High Power Rating
3) By Application: Pumps, Fans, Compressors, Conveyors, Other Applications
4) By End-user: Food And Beverages, Oil And Gas, Power Generation, Infrastructure, Other End Users
Top Major Players
Eaton Corporation
Hitachi Hi-rel Power Electronics
Rockwell Automation
Johnson Controls
Anaheim Automation
Technological advancements are the main trend that is gaining popularity in the variable frequency drives market. Many companies are developing new products to provide an enhanced experience to their clients. For an instance, In June 2021, Ireland based power management company , Eaton launched POWER XL DM 1 Micro Variable frequency drive. This new drive offers the best value through the incorporation of IoT and Ethernet Communication. Moreover, customers will benefit from the DM1’s greater efficiency, safety, and dependability, as well as features that enhance integration and simplicity of use.
The variable frequency drives market report table of contents includes:
1. Executive Summary
2. Variable Frequency Drives Market Characteristics
3. Variable Frequency Drives Market Trends And Strategies
4. Variable Frequency Drives Market – Macro Economic Scenario
5. Variable Frequency Drives Market Size And Growth
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26. Africa Variable Frequency Drives Market
27. Variable Frequency Drives Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Variable Frequency Drives Market
29. Variable Frequency Drives Market Future Outlook and Potential Analysis
30. Appendix
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