Variable Frequency Drive Market Size By Power Range (Micro, Low, Medium, High), By Drive (AC, DC, Servo), By Voltage (Low, Medium), By Technology (Standard, Regenerative), By Application (Pump, Fan, Conveyer, Compressor, Extruder, HVAC, Others
Variable Frequency Drive Market is predicted to reach over USD 19 Billion by 2024. Increasing manufacturing facilities across the developing nations along with rising investments toward infrastructure development will stimulate the variable frequency drive market. Growing adoption of energy efficient products to ensure energy security will further complement the business growth. Several regulatory bodies across the globe has introduced standards to encourage the installation of energy efficient systems. The U.S. DOE has announced its plans to accomplish efficiency standards to improve energy efficiency that is technologically feasible and economically justified.
UK variable frequency drive market is predicted to exceed 1.3 million units on account of strict government norms toward the adoption of energy efficient systems coupled with rising demand for clean energy technology. In 2014, the European Union (EU) introduced Climate and Energy target to reduce carbon footprints to 20% along with an objective to rise renewable energy share by 20% by 2020.
Rising exploration and production activities across the oil-rich nations along with technological advancement across the industries including petrochemical, utilities, metals & mining, cement and steel industry will drive the variable frequency drive market. As per the OPEC, the crude oil production across the globe has witnessed an increase of 2.4% in 2016, when compared with the production in 2015. Moreover, high efficiency, high power factor, low cost, and limited maintenance make its adoption preferable.
The U.S. variable speed drive market is set to expand over 3% on account of positive outlook toward chemical and cement industry. Introduction of initiatives to achieve energy efficiency targets will further complement the industry landscape. For instance, the U.S. Federal Energy Management Program identifies affordable solutions to meet the goals pertaining to the energy leadership across the nation.
China variable frequency drive market will witness sturdy growth on account of increasing operations primarily across power generation and oil & gas industry along with aggressive spending towards the establishment of manufacturing facilities. Rapid expansion by the original equipment manufacturers coupled with flourishing automotive industry will further encourage the product adoption.
Saudi Arabia accounted for over 17% of the Middle East & Africa variable speed drive market share. Growing investments toward the installation of sustainable systems to facilitate energy savings coupled with limited maintenance cost, will augment the business growth. In 2015, General Electric initiated the deployment of MV7000 speed drives with capacity of 18 MW across the Yanbu desalination plant.
Some of the key industry players operating in the variable frequency drive market are Crompton Greaves, ABB, Eaton, Emerson, Amtech Electronics, Danfoss VLT Drives, Hiconics, Fuji Electric, GE, Honeywell, Johnson Controls, KB Electronics, Schneider Electric, Mitsubishi, Rockwell Automation, Vacon, Toshiba, Siemens and Yaskawa Electric.
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