Variable Frequency Drives Market Worth 27.11 Billion USD by 2021
PUNE, India, March 24, 2016 /PRNewswire/ --
The report "Variable Frequency Drives Market by Power Range (Micro, Low, Medium, High), Voltage (Low & Medium), Application (Pump, Fan, Compressor, Conveyor, Elevator, Extruder & Others) and Region - Global Trends & Forecasts to 2021", published by MarketsandMarkets, The global market is projected to reach USD 27.11 Billion by 2021, from an estimated USD 19.38 Billion in 2016, at a CAGR of 6.9% from 2016 to 2021.
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Browse 89 market Tables and 59 Figures spread through 150 Pages and in-depth TOC on "Variable Frequency Drives Market"
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Top market players from the industry have been studied in order to track developments, technologies, and other key business strategies that define the market environment. The global Variable Frequency Drives Market has been analyzed based on type, voltage range, application, power range, and region. The report covers key regions including North America, Asia-Pacific, Europe, the Middle East, South America, and Africa.
Rising electricity prices, along with increased demand for electricity and energy, is currently driving the Variable Frequency Drives Market. In addition, high potential of variable frequency drives to reduce energy consumption and enhance efficiency of the system provide a huge opportunity for retrofit applications. Government regulations to limit consumption through the use of more efficient equipment are also adding to the growing demand for the device.
Low Voltage Variable Frequency Drives are expected to lead the market
The low voltage variable frequency drives segment is expected to hold the largest share compared to medium voltage. The former has become popular mainly because of its ease of operation and size; its size is 25%-40% less than medium voltage drives. Moreover, medium voltage drives are complex and difficult to handle or replace in case of a failure during an operation.
Pumps held the largest application segment of Variable Frequency Drives Market
Pumps are expected to have the maximum deployment of variable frequency drives during the forecast period. This growth is attributed to rapidly increasing industrial activities, growth of the construction sector, especially in Asia-Pacific & other developing countries, and growing oil & gas production in the U.S. & the Middle East. Asia-Pacific held the maximum demand for these drives for pumps in 2015, and is expected to lead the market during the forecast period.
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Asia-Pacific: The largest market for variable frequency drives
The Asia-Pacific region holds the largest market for variable frequency drives, driven by growing urbanization and industrialization in the region. Huge investments in infrastructure development are also driving the Variable Frequency Drives Market in Asia-Pacific. The other major drivers include increasing power demand and strict government regulations on energy efficiency.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the Variable Frequency Drives Market, namely, ABB Ltd. (Switzerland), Crompton Greaves (India), Emerson Corporation (U.S.), General Electric (U.S.), Siemens AG (Germany), Schneider Electric SA (France), Mitsubishi Electric Corporation (Japan), and Honeywell International, Inc. (U.S.), among others.
The report segments the market on the basis of Voltage Range - low voltage (690 V and below) and medium voltage (above 690 V); Application - pumps, fans, compressors, conveyor, elevators, and extruder; Power micro, low, medium, and high power drives, and Region - Asia-Pacific, Europe, North America, South America, the Middle East, and Africa.
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