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Variable Frequency Drive Market to Reach $21.71 Billion by 2027; Mitsubishi Launches New FR-E800 Series to Augment Significant Demand

October 16, 2020 | Energy & Power

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/variable-frequency-drive-market-100876


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.


Industry Development:



  • May 2019 - Mitsubishi Electric Automation, Inc. announces the launch of FR-A800-LC Series of liquid-cooled Variable Frequency Drives (VFD). According to the company, the equipment consists of a monitoring system that raises a warning once the coolant present in the enclosure decreases. Additionally, it provides facility to quickly detect system faults.


List of the Companies Profiled in the Global Market for Variable Frequency Drive:



  • Eaton (Dublin, Ireland)

  • Hitachi Hi-Rel Power Electronics (Gujarat, India)

  • Rockwell Automation (Wisconsin, United States)

  • Johnson Controls (Cork, Ireland)

  • Anaheim

  • Automation Inc. (California, United States)

  • WEG (Jaraguá do Sul, Brazil)

  • ABB Electrification (Zurich, Switzerland)

  • Nidec Motor Corporation (Kyoto, Japan)

  • Siemens (Munich, Germany)

  • Danfoss Drives (Nordborg, Denmark)

  • Honeywell International Inc. (North Carolina, United States)

  • TMEIC (Virginia, United States)

  • Fuji Electric Corp. of America (Tokyo, Japan)

  • Schneider Electric (Rueil-Malmaison, France)

  • Yaskawa America, Inc. (Fukuoka, Japan)

  • Toshiba International Corporation (Texas, United States)

  • Mitsubishi Electric Automation, Inc. (Illinois, United States)


Further Report Findings:



  • Asia-Pacific stood at USD 5.82 billion in 2019 and is expected to hold the highest position in the global variable frequency drive market during the forecast period. This dominance is attributable to the increasing investments by key players to develop industrial infrastructures, and the growing exploration activities in the oil & gas industry in the region.

  • On the other hand, the market in North America is expected to hold the second position backed by the growing deployment of HVAC systems owing to rising discoveries of hydrocarbon reserves in countries such as the U.S in the region between 2020 and 2027.

  • The medium segment, based on power range, held a market share of about 34.2% in 2019 and is expected to showcase an exponential growth in the forthcoming years. This is ascribable to several benefits such as improved performance, better energy efficiency, and compact size provided by the medium-ranged variable frequency drive that promotes its adoption. 


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



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



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • The Middle East & Africa ( GCC, South Africa, and Rest of Middle East & Africa)



 

Variable Frequency Drive (VFD) Market
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