The report defines and segments the global VFD market with analysis and forecasting of the global revenue. Variable frequency drives market will grow from an estimated $12,414 million in 2012 to $18,854 million by 2017, with a CAGR of 8.7% from 2012 to 2017.
VFD market is mainly driven by growing demand for energy efficiency and stringent regulations about electrical motor usage implemented by Governments globally. Asia-Pacific, due to its growing infrastructure investment and thriving manufacturing industry, is the major growth engine for this market.
Huge potential of this market is drawing various new industry participants. The development in the variable frequency drives technology will make its application more convenient in electric power, cement, elevator, mining, metallurgical, transportation, and other areas; thereby offering numerous advantages to the industry in which these are applied. On an account of changing consumer needs and increasing applications of VFDs, the, market will experience an increase in demand in the years to come.
VFD manufacturers are constantly trying to modify their products line in order to increase their market share which in turn helps them to bag bulk supply contracts. This market is mainly dominated by large electronic and electrical equipment manufacturers and few dedicated drive manufacturers. Swiss manufacturer, ABB Ltd, is a dominant player of this market followed by Siemens (U.S.) Schneider Electric (France), and Vacon Plc (Finland).
The report forecasts revenue of the global VFD market and its various submarkets with respect to five main regions such as North America, Europe & Eurasia, Asia-Pacific, Latin America, and Middle East & Africa. At the country level U.S., China, Japan, India, Germany, France, U.K, Russia, Italy, and several Latin American countries were analyzed.
The report segments the global VFD market by type, application, voltage and power range, and geography. It also focuses on market share analysis, and market metrics such as drivers, restraints, and opportunities.