Global Variable Frequency Drives (VFD) Market 2019-2023| Advent of IoT in Variable Frequency Drives to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Apr 8, 2019--The global variable frequency drives (VFD) market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
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The global variable frequency drives (VFD) market will post a CAGR of close to 5% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the variable frequency drives market is the growing need for energy-efficient equipment. The rising need for power and the shortage of electricity is making it necessary for governments to focus on the efficient use of electricity to achieve sustainable economic growth. Regulations on industrial energy consumption have compelled the industrial operators to adopt energy-efficient equipment. For instance, a major part of the energy in industrial operations is consumed by motorized equipment. Using variable frequency drives helps in reducing energy consumption and total energy loss. Variable frequency drives adjust the voltage/frequency curve as per the system demand. The potential energy savings estimated by the variable frequency drives can range from 10% to 16%. Therefore, this factor is expected to have a high positive impact on the global variable frequency drives market during the forecast period.
As per Technavio, the advent of IoT in variable frequency drives will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global variable frequency drives (VFD) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global variable frequency drives (VFD) market: Advent of IoT in variable frequency drives
Integrating loT with variable frequency drives aids in controlling and monitoring devices remotely and can provide valuable feedback to the end-users, allowing them to take prompt action. Most vendors do not provide loT capabilities with their variable frequency drives. However, the advent of loT in electronic devices and the ease of operation are expected to increase the demand for the loT-enabled variable frequency drives during the forecast period.
“Apart from the advent of IoT in VFD, another major factor boosting sales is the increased need for compact and integrated drive systems. VFD are usually large and require space that is a bottleneck for the SMEs. Thus, many vendors are seen developing integrated drive systems that can reduce the overall size and ensure efficient use of space. Vendors are trying to improve the drive’s capability by continuous R&D activities to provide a compact and flexible motor control solution,” says a senior analyst at Technavio.
Global variable frequency drives (VFD) market: Segmentation analysis
This market research report segments the global variable frequency drives market by end user (food and beverages, water and wastewater treatment, oil and gas, power generation, mining and metals, and other end-users), by type (low voltage drives and medium voltage drives) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to several factors such as strong industrial growth, rising demand for medium voltage and low voltage motors, and increasing investments in power, water and wastewater treatment, and food and beverage industry.
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PUB: 04/08/2019 10:18 AM/DISC: 04/08/2019 10:18 AM