Variable Frequency Drives Market to Grow at 8% CAGR to 2020
PUNE, India, January 18, 2016 /PRNewswire/ --
The global variable frequency drives market report has analyzed that low power rating drives of less than 1 MW are slowly gaining popularity in the market and technological advances have enabled end-users to manufacture and provide compact and energy-efficient devices that use low power rating drives. The market research analyst predicts the global variable frequency drives market to grow steadily at a CAGR of nearly 8% by 2020.
Complete report variable frequency drives market spread across 59 pages, analyzing 4 major companies and providing 24 data exhibits is now available at http://www.reportsnreports.com/reports/451990-global-variable-frequency-drive-market-2016-2020.html.
The prospects for growth in this market are impelled by the growing preference for electric motors in household appliances, automobiles, aerospace, industrial, and other transportation equipment over mechanical and hydraulic motors. The Variable Frequency Drives (VFDs) are increasingly being applied in HVAC systems as energy management tools. VFDs act as energy-saving devices in fans, pumps, air handling units, and chillers. They are increasingly used in equipment having variable load applications. Typically, energy savings vary from 30% to 50% when using a VFD.
In terms of geography, the APAC region will be the largest variable frequency drives market during the predicted period. The growth of the chemical processing and manufacturing industries coupled with the significant growth of other industries like power, infrastructure, automobile production, and hydrocarbons will result in this regions impressive market share of more than 56% by 2020. Order a copy of Global Variable Frequency Drive Market 2016-2020 report @ http://www.reportsnreports.com/Purchase.aspx?name=451990.
The AC drives segment currently dominates the market and is envisaged to further enhance its hold over the market by 2020 owing to its extensive utilization in all types of industries and induction motors to achieve multiple speeds of operation. Moreover, its augmented usage in heavy industries, such as metals and mining, oil and gas, cement, paper, power generation, wind energy, water and wastewater, and marine, will result in its massive market share of more than 84% by 2020.
In market study, analysts estimate the low voltage variable-frequency drives segment to account for more than 81% of the total market share by 2020. Since these drives have high flexibility, they can be configured to meet the precise requirements of industrial applications. Rapid development in the infrastructure and manufacturing sectors will lead to the healthy growth of this market segment during the predicted period.
The global variable frequency drive market is highly fragmented because of the presence of numerous small and large suppliers. The providers in this market compete on the basis of price, quality, and value-added services to gain maximum market traction during the forecast period.
Leading vendors in the variable frequency drives market are: ABB, Siemens, Toshiba and Yaskawa. Other Prominent Vendors in the market are: American Electric Technologies, Amtech Electronics India, Emerson, Fuji Electric, Hiconics Drive Technology, Hitachi, Honeywell, Johnson Controls, Mitsubishi Electric, DELTA, and Schneider Electric.
Further, the variable frequency drives market report states that the substantial initial investment required to enter the market restricts the overall growth of the market.
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