“Variable Frequency Drives Market Report 2019-2023” helps the consumer to take business decisions and to understand strategies of major players in the industry. The report also calls for market-determined results deriving feasibility survey for consumer needs. Global Variable Frequency Drives Market Report ensures qualified and verifiable aspects of market data operating in the real-time scenario. The analytical studies are conducted ensuring consumer needs with a complete understanding of market capacities in the real-time scenario.
Top-Listed Players in Variable Frequency Drives Market Research Report 2019-2023:
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Variable Frequency Drives market reports provide a comprehensive overview of the worldwide market size and share. Variable Frequency Drives market data reports also provide a 5-year historical, forecast for the sector, and include data on social-economic data of global. Key stakeholders can consider statistics, tables & figures mentioned in this report for strategic planning which lead to the success of the organization.
Overview of Variable Frequency Drives Market Report:
The global variable frequency drives market was valued at USD 19.74 billion in 2017, and is expected to reach a value of USD 27.12 billion by 2023, at a CAGR of 5.35%, during the forecast period (2018 – 2023). The scope of the market covers AC, DC and servo drives.
The significant factors driving the growth of variable frequency drives are rising demand for energy & electricity, industrialization, and advancements in machinery, and stringent regulations imposed by the government to cut down the carbon emissions while producing electricity.
Rising Demand for Energy Efficiency
Increasing cost of electricity and focus on energy savings are driving the HVAC market across various industry verticals. Old equipment is being replaced with improved efficiency and less energy consuming equipment. HVACs are used across industry verticals and can account for more than 50% of the total energy consumption of buildings, and variable frequency drives play an important role in reducing & controlling the energy consumption. The primary role of a VFD is to provide the ability to control the speed of the motor. When used with fans and pumps that employ VFD in HVAC systems, there can be more than 30% reduction in energy consumption. Hence, the regulation of speed directly results in energy consumption, and savings. It is estimated that electric motors use 40% of the total energy used. If VFDs are judiciously used, the global energy consumption can reduce by at least 10%. Furthermore, induction motors operate at low power factor, between 0.75% – 0.85% of their load. Due to an increase in the current overheating and insulation, the life of a motor is reduced. Since VFDs operate at high power factor and adjust the load reaching the motor, their use leads to less strain on the motor. Hence, by using VFD, the lifespan of a motor is increased. Therefore, based on various benefits, and the increasing need for energy-efficient equipment, the market is expected to grow. Due to new infrastructure, along with uncertain economic scenario, costs can play an important role in the success of any business. Hence, such factors enhance the demand for VFD in the global scenario.
Infrastructure to Register the Fastest Growth over the Forecast Period
HVAC Systems are the most targeted components for energy efficiency while aiming at reduction in energy consumption of an infrastructure. Rising construction activities, expanding industrial bases, implementation of stringent government regulations to the use of power, and improving standards of living are anticipated to drive the HVAC systems market. The US industry spends more than USD 30 billion, annually, on energy costs for motor systems. It is estimated that applying variable frequency drives could save 18% of the energy. There has been an increase in the installments of variable frequency drives on HVAC systems inside a building, owing to their advanced energy-saving features. Consequently, more opportunities for energy optimization can now be found across small-to-medium buildings, and all the buildings in the emerging regions of the world, majorly in the APAC region, where the number of households has grown exponentially over the last two decades. The United Nations expects that urbanization in Asia will reach 64.1% by 2050, which will further open up opportunities for building & construction industry in the region, thus augmenting the growth of the variable frequency drives market.
United States to Hold the Largest Market Share
Implementation of new regulations to achieve energy efficiency is driving the demand for variable frequency drives market in the United States. California updated its energy regulations through its Title 24 building energy efficiency standards to reduce the states energy footprint and carbon dioxide emissions. According to this latest standard, VFDs have to be installed on motors in HVAC applications with greater than 10 horsepower. This regulation is starting to expand into other states of the United States. Increasing emphasis on energy efficiency is driving industries to adopt energy-saving devices in order to reduce operational expenses. For instance, Len Busch Roses, a nursery for cut-stem flowers, deployed VFD to regulate airflow in snapdragon greenhouse with greater precision. There is an increase in the installation of VFDs across various industries, like pumping, HVAC, machinery equipment, and packaging, as VFDs provide additional protection and monitoring capabilities. US water & wastewater utilities are increasingly using VFDs to become more energy-efficient, and decrease the operating costs.
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Valuable Points from Variable Frequency Drives Market Research Report 2019-2023:
- A complete background analysis, which includes a valuation of the parental Variable Frequency Drives Market.
- Significant changes in Market dynamics.
- Variable Frequency Drives Market segmentation according to Top Regions.
- Current, Historical, and projected size of the Variable Frequency Drives Market from the viewpoint of both value and volume.
- Reporting and assessment of recent industry developments.
- Variable Frequency Drives Market shares and strategies of key Manufacturers.
- Emerging Specific segments and regional for Variable Frequency Drives Market.
- An objective valuation of the trajectory of the Market.
- Recommendations to Top Companies for reinforcement their foothold in the Market.
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Highlights of the following key factors:
- Business description –A detailed description of the company’s operations and business divisions.
- Corporate strategy –Analyst’s summarization of the company’s business strategy.
- SWOT Analysis –A detailed analysis of the company’s strengths, weakness, opportunities, and threats.
- Company history –Progression of key events associated with the company.
- Major products and services –A list of major products, services, and brands of the company.
- Key competitors –A list of key competitors to the company.
- Important locations and subsidiaries –A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years –The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
Top Most Regions Covered In Variable Frequency Drives Market Research Report 2019-2023:
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