Product ID: UCMIG55E2015
Variable Frequency Drive Market Size, Share, Growth Analysis, By Type(AC Drive, DC Drive), By Power Range(Micro, Low), By Application(Pumps, Electric Fans), By End-user(Power Generation, Infrastructure), By regions(North America, Europe) - Industry Forecast 2024-2031
Report ID:
UCMIG55E2015 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Variable Frequency Drive Market Insights
Market Overview:
The market for variable frequency drives had a valuation of USD 19.21 billion in 2021 and is expected to grow to USD 32.31 billion by 2029 at a CAGR of 7.2%. The COVID-19 pandemic negatively impacted the demand for variable frequency drives globally, resulting in a 3.6% decline in the global market in 2020 compared to 2019. Major factors anticipated to propel the market in a positive direction include growing adoption of connected devices across a variety of industries, including the commercial, industrial, and residential sectors, as well as rising demand for variable frequency drives (VFDs) due to their benefits, including dynamic torque control, energy-saving, and adjustable speed from sectors like oil & gas, automotive, and power generation.
Variable Frequency Drive Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Independent Power Producers & Energy Traders by segment aggregation, the contribution of the Independent Power Producers & Energy Traders in Diversified Utilities Services and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Variable Frequency Drive Market Report Snapshots
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