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The global variable frequency drive market size is expected to reach USD 21.71 billion by 2027 owing to the increasing adoption of supportive government policies to promote the development of energy-efficient industrial infrastructures across the globe. Fortune Business Insights, published this information, in its latest report titled, “Variable Frequency Drive Market Size, Share & Covid-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 17.40 billion in 2019 and is likely to exhibit a CAGR of 5.9% between 2020 and 2027.
Mitsubishi Unveils FR-E800 Series Variable Frequency Drive to Brighten its Market Prospects
In May 2020, Mitsubishi Electric Automation, Inc, a leading provider of automation solutions, products, and services, announced the launch of its new lineup of VFDs, the FR-E800 Series. The company informs that the new series is specially designed for technology, engineering, and product managers across material handling, packaging, food & beverage, pumping, and water industries.
Deana Fu, Senior Product Manager, Mitsubishi Electric Automation, said, “The FR-E800 series is equipped with advanced features that were not available for micro-drives previously. The variable frequency drive series provides benefits such as life time diagnostics of critical components to tuning to corrosion detection and is expected to make a significant impact on HVAC and manufacturing.
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Supportive Government Policy Formulation to Augment Growth
The growing demand for adopting sustainable energy practices to conserve electricity has propelled the government agencies to formulate supportive policies across the globe. For instance, according to the U.S. Energy Independence and Security Act 2007 it is mandatory that the companies adopt a certain energy equipment standard that propels the demand for variable frequency drive products in the country. In addition to this, the increasing government support to develop energy-efficient industrial infrastructures is expected to favor the growth of the global VFD market during the forecast period.
Product Launches by Eaton and Rockwell to Consolidate Their Market Positions and Boost Sales Revenue
The global VFD market is consolidated by the presence of major players such as Rockwell Automation, Eaton, Siemens, and others. These companies are focusing on introducing advanced variable frequency drive products to expand their horizon and improve their sales revenue during the forecast period. The other key players are adopting strategies such as merger and acquisition, collaboration, and joint ventures to maintain their stronghold and gain a competitive edge over their rivals in the market.
List of the Companies Profiled in the Global Market for Variable Frequency Drive:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Power Range