Market Research Report
Global Variable Frequency Drives (VFD) Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||317325|
|Published||Content info||143 Pages
Delivery time: 1-2 business days
|Global Variable Frequency Drives (VFD) Market 2019-2023|
|Published: February 14, 2019||Content info: 143 Pages||
The rising need for power and the shortage of electricity are continuously compelling the governments to focus on the efficient use of electricity to achieve sustainable economic growth. The governments in different countries are issuing clear directives for utility companies and industrial operators to use power efficiency. Therefore, the use of energy-efficient devices has increased in the industrial sectors. Regulations on industrial energy consumption have compelled the industrial operators to adopt energy-efficient equipment. This would help the operators in fulfilling the energy efficiency standards and mandates. The increasing focus toward energy efficiency in the industry premises has provided high growth opportunities for the demand for variable frequency drives. This trend is expected to have a high positive impact on the global variable frequency dives market during the forecast period. Technavio's analysts have predicted that the variable frequency drives (VFD) market will register CAGR of almost 5% by 2023.
The regulation on energy efficiency for motors mandates the use of variable frequency drives with such industrial motors. Therefore, with the changing government regulation on motor efficiency, the demand for variable frequency drives is expected to increase even during the forecast period.
Major issues such as overvoltage and under voltage with respect to variable frequency drives are while operating them with inappropriate power supply. These drives require proper power supply to work efficiently. This is because the control panels in variable frequency drives can vary the frequency only when it receives a fixed voltage. To resolve this issue, the drives are integrated with harmonic mitigation devices. However, such devices increase the size and overall cost of the drives.
For the detailed list of factors that will drive and challenge the growth of the variable frequency drives (VFD) market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. The market has observed a growing need for energy- efficient equipment. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.