According to a report available on Radiant Insights, Inc., the worldwide variable frequency drives (VFD) market is estimated to grow at steady rateby 2021.Increasing need to reduce consumption of electricity in industrial processes can propel the market during the forecast period (2017 to 2021). Additionally, strict government guidelines for reducing greenhouse emission and rapidindustrialization and urbanization in emerging countries are driving global growth.
VFD improves the quality of the product and reduces total production cost. Growing use of electric motors in several applications such as household appliances,industrial, automobiles, transportation equipment, and aerospace can drive the market. Additionally, VFDs are utilized in infrastructure development activities, such asconstruction of commercial buildings. This can also have a positive impact on the market.
VFD motors need lower maintenance compared to other equipment, are less prone to damage, and can be installed in a trouble-free manner. Therefore, end-users are focusing on modernizing their plants by installing these drives.
In recent years, technological developments in VFD have reduced the overall weight of drives.For instance, Danfoss Industries, recently developed a modern high-power automation drive. The high-power density of the product is accomplished by thermal management and maximizing the use of silicon capacity. Thanks to its design, greater power sizes can be to be integrated in a single drive and can save up to 20 % of the energy input. Additionally, strict government guidelines for reducing greenhouse emission and rapidindustrialization and urbanization in emerging countries are driving global growth.
Browse full report with TOC @ https://www.radiantinsights.com/research/global-variable-frequency-drives-market-2017-2021
Rising energy prices and increasing awareness regarding the need to reduce operational cost of electric motorsare also major drivMiddle East is expected to show significant growth over the forecast period due to rising funds for manufacturing and industrial developments.
Key venders operating in the market include ABB, Rockwell Automation, Schneider Electric, and Siemens. The market looks extremely competitive; therefore Companies are focusing on innovating and developing cost-effective products, such as designing industry-specific drives ,and introducing motor-drive combo .packages. Additionally, most VFD manufacturers are collaborating with electric motor manufacturers to strengthen their presence in the market.
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