Variable Frequency Drive Market Outlook 2021 Size, Share, Leading Growth Drivers, Emerging Audience
Market Synopsis
The data analysts at Market Research Future Reports (MRFR) have revealed that the global variable frequency drive market is projected to record a CAGR of 6.3% during the assessment period. The increasing demand for energy-efficient equipment is estimated to drive the global variable frequency drive market 2020. Besides, the growing infrastructure and buildings have resulted in a rise of appliances which will propel the market. Also, the government of various countries are encouraging the usage of energy-efficient equipment which are technically advanced and are low-cost. Furthermore, the benefits of VFD such as low motor starting current, energy savings, easy installations, managing the equipment at several speeds, operations at high power factor, and others are likely to propel the market. Moreover, the increasing industrialization and the rising construction of infrastructure is predicted to play a pivotal role in market expansion.
However, the spread of COVID-19 has resulted in a significant change in global variable frequency drive market outlook dynamics. Precise research is being conducted on the aftermath of coronavirus on the global variable frequency drive market. Various regions have been adversely affected due to a temporary shut-down of the offices. We will provide an impact analysis report on COVID-19.
Key Players
The renowned competitors of the global variable frequency drive market are ABB Ltd. (Switzerland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and Eaton Corporation Plc. (Ireland), Emerson Electric Co. (U.S.), Yaskawa Electric Corporation (Japan), WEG (Brazil), General Electric (U.S.), Hitachi, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Honeywell International (U.S), Schneider Electric (U.S.), and a few others.
Regional Analysis
The study conducted by Market Research Future Reports (MRFR) was researched thoroughly, including all minute details. Regions such as Europe, North America, Asia-Pacific, and the Middle East & Africa have been analyzed. The study has revealed that the global market is estimated to expand exponentially during the review period. The growing infrastructure industry and the automation in the power industry are estimated to fuel market growth. As per the study, the Asia-Pacific region is projected to lead the market share in the variable frequency drive market. Among all nations, China, India, Japan, and South Korea are likely to be the most significant contributor to expanding the regional market. In addition, oil & gas, metals, and mining are encouraging and adopting devices which are energy efficient and are eco-friendly. The Middle East attains the second position. Besides, the region is witnessing the concept of smart cities from emerging nations. The region is estimated to propel due to the growth of the construction industry. On the other hand, Europe is likely to propel due to the growing automotive industry in the region.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected substantially due to the spread of pandemic coronavirus. We will provide the aftermath COVID-19 report on the impact analysis of the market.
Market Segmentation
The worldwide variable frequency drive market can be classified on the basis of application, type, end-user, and region.
On the basis of application, the worldwide variable frequency drive market can be classified into fans, pumps, extruders, compressors, and others.
On the basis of type, the worldwide variable frequency drive market can be classified into D.C., A.C., and servo.
On the basis of end-user, the worldwide variable frequency drive market can be classified into infrastructure, oil & gas, power generation, industrial, and others.
On the basis of region, the worldwide variable frequency drive market can be classified into Europe, North America, Asia-Pacific, and the Middle East & Africa.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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