This industry research report outlines the growth prospects and segmentation of the global VFD market by voltage range (low voltage drives and medium voltage drives) and by product (AC, DC, and servo). It further details the market shares of key regions such as the Americas, EMEA, and APAC. The report also presents a complete analysis of the top vendors operating in the market, including ABB, Siemens, Toshiba and Yaskawa Electric.
Technavio’s market research analysts estimate the global VFD market to grow at a CAGR of 7.5% between 2016 and 2020. The growth of the global VFD market can be attributed to the need for optimizing manufacturing processes and reducing operational costs by monitoring energy consumption. APAC dominates the global market for VFD, accounting for 56% of the overall market share. The growth of the chemical processing and manufacturing, power, infrastructure, automobile production, and hydrocarbons industries, will propel the demand for VFD in the region during the forecast period.
The new market research report from Technavio provides a breakdown and analysis of the VFD segments by technology.
“Of late, the vendors are focusing on developing next-generation drives, owing to the growing demand from the end-user industries. The manufacturers are coming up with advanced integrated drives to provide energy efficiency while increasing overall productivity. For instance, Siemens offers advanced drives equipped with advanced network connections. Fuji Electric is developing high-performance drives to boost positioning and enhance control functionality,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
The low voltage drives segment dominate the VFD market, occupying around 82% of the total market share. Much of this segment’s growth comes from the high development in the infrastructure and manufacturing sectors. The low voltage VFDs consists of AC drives with a power range of less than 1,000 kW and are specifically designed for process industries such as pulp and paper, metals, cement, mining, chemicals, power, and oil and gas.
The leading vendors in the global VFD market include ABB, Siemens, Toshiba and Yaskawa Electric. Intense competition prevails in the market especially among the global vendors. Vendors in the market require precision and high-end engineering expertise, which has increased growth opportunities in this market.
A more detailed analysis is available in the Technavio report, Global VFD Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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