Variable Frequency Drive Market Trends, Global Industry Trends & Forecast 2024
Date: 2018-09-11   Author: Rahul Sankrityayan  Category: #market

Variable Frequency Drive Market Trends, Global Industry Trends & Forecast 2024

Rising investments toward infrastructure development coupled with increasing manufacturing facilities across developing economies will drive the variable frequency drive market size. Growing adoption of energy efficient products with an aim to ensure energy security will complement the business outlook. Regulatory bodies across the globe has introduced various standards to encourage the deployment of energy efficient systems. For instance, the U.S. Department of Energy (DOE) plans to accomplish efficiency standards with an aim to improve energy efficiency that is economically justified and technologically feasible.

UK variable frequency drive market is set to surpass 1.3 million units by 2024. Rising demand for clean energy technology along with stringent government norms toward the adoption of sustainable systems will positively impact the industry outlook. In 2014, the European Union introduced Climate and Energy target to reduce carbon footprints to 20% along with an aim to increase renewable energy share by 20% by the end of 2020.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1185

Technological advancement across industries including metals & mining, utilities, petrochemicals, steel and cement industry will stimulate the variable frequency drive market. Increasing exploration and production activities across oil-rich countries will positively impact the product demand. As per the Organization for Petroleum Exporting Countries (OPEC) the world crude oil production has witnessed an increase of 2.4% in 2016 when compared to the production of 2015. High efficiency, limited maintenance, high power factor and low cost make its adoption preferable over other counterparts.

The U.S. variable frequency drive market will grow over 3% by 2024. Rising adoption of speed drives primarily across O&G and power generation sector will propel the industry growth.  Introduction of initiatives toward the achievement of energy efficiency will further augment the industry landscape. For instance, in the U.S., Federal Energy Management Programme identifies affordable solutions to meet goals related to energy leadership across the country.

Browse Full Report @ https://bit.ly/2nOeXJd

For Asia Pacific, China variable frequency drive market is predicted to witness strong growth owing to rapid industrialization and urbanization. Rising need for energy efficiency along with high end technological advancement will complement the industry outlook. Rapid expansion by Original Equipment Manufacturers (OEMs) along with flourishing automotive industry will further stimulate the product penetration.

In 2016, Saudi Arabia accounted for over 17% of Middle East and Africa variable frequency drive market share. Aggressive spending towards the deployment of sustainable systems with an aim to facilitate energy savings along with limited maintenance cost, will augment the industry landscape. In 2015, GE initiated the deployment MV7000 speed drives of 18 MW across Yanbu desalination plant.

Key industry giants in the variable frequency drive market are ABB, Crompton Greaves, Amtech Electronics, Eaton, Emerson, Danfoss VLT Drives, Fuji Electric, Hiconics, GE, Johnson Controls, Honeywell, KB Electronics, Mitsubishi, Schneider Electric, Rockwell Automation, Siemens, Vacon, Toshiba and Yaskawa Electric.



About Author


Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

Read More

More from Rahul


Post Recommendents

Transportation Dispatch Software Market Size, Analytical Overview, Growth Factors, Demand and Trends Forecast to 2025
Author: Partha Ray

Global Transportation Dispatch Software Market Report available at MarketStudyReport.com gives an overview of the Transportation Dispatch Software industry which covers product scope, market revenue, opportunities, growth rate, sales volumes and f...


iOS SDK Tool Market Size : Industry Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2025
Author: Partha Ray

Global iOS SDK Tool Market Report to 2025 offers industry overview, segmentation by types, application, countries, key manufactures, cost analysis, industrial chain, sourcing strategy, downstream buyers, marketing strategy analysis, distributors/t...


Patient Management Software Market Size 2019: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2025
Author: Partha Ray

This report provides a strategic analysis of the Global Patient Management Software market and the growth estimates for the forecast period. This report also provides market sizing and forecasts for the Global Patient Management Software market.