A new research study on the global variable frequency drives market, published by Transparency Market Research, estimates the market to expand at a CAGR of 7.0% between 2014 and 2020 and reach a value of US$24.7 bn by the end of the forecast period. The market report, titled “Variable Frequency Drives Market – Global Industry Analysis, Size, Share, Growth Trends And Forecast 2014 – 2020”, states that the worldwide variable frequency drives market stood at US$15.48 bn in 2013.
According to the research report, the increasing need to curb the global consumption of energy is boosting the demand for variable frequency drives significantly. Apart from this, the rising usage of electromagnetic induction in a wide range of electronic products is also fueling the market for variable frequency drives across the world. On the flip side, the market is expected to be hampered by the high cost of variable frequency drives over the next few years, says the report.
The worldwide market for variable frequency drives has been studied on the basis of type, voltage range, and end user in this report.AC, DC, and servo are the main types of variable frequency drives available in the global market. At present, the market is witnessing a surge in demand for AC drives and DC drives. However, the servo drives segment is projected to surpass both the segments in terms of demand over the forecast period.
On the basis of the voltage range, low voltage drives and medium voltage drives are the key segments of the global variable frequency market. The low voltage drives segment leads the worldwide market at present.The manufacturing, infrastructure development, chemical processing, oil and gas, power generation, and automotive industries are major application areas for variable frequency drives in the global arena, notes the study.
The report also analyzes the global market for variable frequency drives on the basis of its regional spread. Europe, Asia Pacific, the Americas, and the Middle East and Africa are the prime regional markets for these drives. Among these, Asia Pacific has acquired the leading position at present owing to the rapid rise of the chemical production and processing industry in this region. Analysts expect it to maintain its dominance over the forecast period.
Other regional variable frequency drives markets are also projected to register substantial growth in the coming years. The rise in the construction industry is likely to propel the variable frequency drives market in the Middle East and Africa while the surge in the automotive industry is expected to fuel the demand for these drives in EuropeIn addition to this, the power generation market, together with the oil and gas industry, is anticipated to support the Americas variable frequency drives market during the forecast period, the report states.
Vacon PLC, Siemens AG, Schneider Electric, Mitsubishi Electric Corp., Fuji Electric Co. Ltd., Emerson Industrial Automation, Eaton Corp. Plc, Danfoss VLT, Crompton Greaves, and ABB Ltd. are some of the key manufacturers of variable frequency drives across the world, says the market study.