PUNE, India, November 16, 2022 (GLOBE NEWSWIRE) — The global Size of the market for frequency converters is expected to grow from US$19.87 billion in 2022 to US$32.31 billion in 2029, at a CAGR of 7.2% over the forecast period. Fortune Business Insights™ notes the increasing adoption of energy optimized products such as variable frequency drives in multiple industrial applications worldwide to fuel market growth in its report titled “Variable Frequency Drive Market, 2022-2029”.
According to our researchers, the fact that the technology helps manage the pace of operations to reduce energy consumption is expected to drive the market.
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| report coverage | details |
| forecast period | 2022-2029 |
| Forecast period 2022 to 2029 CAGR | 7.2% |
| Value prognosis 2029 | $32.31 billion |
| base year | 2021 |
| Market size in 2021 | $19.21 billion |
| Historical data for | 2018-2020 |
| number of pages | 326 |
| segments covered | Variable Frequency Drives Market Size, Share, and COVID-19 Impact Analysis, by Type (AC Drive, DC Drive, Servo Drive), by Power Range (Micro, Low, Medium, High), by Application (Pumps, Electric Fans, HVAC, Conveyors, Extruders, Others) , by end-user (power generation, infrastructure, oil & gas, food & beverage, mining, agriculture and others) and regionally |
| growth accelerator | Increasing digitization and automation to control market growth |
| Creative product presentations by prime players are intended to boost market growth |
Driving factors:
The increasing propensity towards digitalization, connectivity as well as automation of industrial processes by various industry verticals has seen an increasing demand for variable frequency drives that help them manage the process remotely. In complex industrial applications, such as B. Large building HVAC systems, the result data can be improved with a remarkable gain in competence and energy savings by monitoring and checking the motor through variable drives, …
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