DALLAS, TX -- The report "Variable Frequency Drives Market by Type (AC, DC, Servo),Power Range (Micro, Low, Medium, High), Voltage (Low & Medium), Application (Pump, Fan, Compressor, Conveyor, Elevator, Extruder) and Geography - Global Market Trends & Forecast to 2019", defines and segments the global variable frequency drives market with an analysis and forecast of the market size. The variable frequency drives market will grow from an estimated $16.64 Billion in 2014 to $22.73 Billion by 2019 with a CAGR of 6.44% from 2014 to 2019.
Variable Frequency Drives are the equipment used in the electrical and electronic devices. It is widely used in industries where reduction in electricity consumption is of foremost importance. Its power savings capabilities make it primary equipment in manufacturing of electrical and electronic devices. The increasing infrastructural developments coupled with environmental regulations are the key drivers for the growth of this market.
Asia-Pacific: Largest Market for Variable Frequency Drives
Asia-Pacific includes countries such as China, India, Japan and others. Factors such as increasing infrastructural development coupled with growing industrialization in the developing countries such as China and India are boosting the demand of AC and DC drives in the region. Also, Mitsubishi Electric (Japan) is one of the major players in this market contributing to the growth of this region. Other players such as Crompton Greaves (India), Toshiba International Corporation (TIC) (Japan) and Yaskawa Electric Corp. (Japan) are the leading players in their respective geographies. Increasing industrial set up and its increasing applications with the prevalent geographical area makes it the largest market for variable frequency drives.
Latin America: Highest Growing Market by Geography
The growth of Latin American region is attributed to the increasing development in countries of Andean region and Brazil. Andean region comprises of countries such as Colombia, Venezuela, Ecuador, and Peru. The increasing investments in sectors such as oil and gas, metal and mining and increased government support for entry of foreign players' shows high prospects of growth in the near future. Also, the increasing GDPs of its countries coupled with enormous industrialization and commercialization of operations shows an inclination in the demand of this equipment.
AC Drives: Biggest Market by Type
By type, the market is dominated by AC drives, which offer significant advantages over DC and Servo drives. These drives show high compatibility with the induction motor, which are used in almost all industries. They are majorly used for commercial purposes because of its properties of lower starting power demand, adjustable torque and controlled speed. These are suited according to their voltage and power ranges in different applications such as pumps, fans, elevators and extruders are some of them. The growth of this drive is attributed to the increasing infrastructural development in developing countries and new constructions in developed regions worldwide.
Pumps: Biggest Market by Application
In terms of applications, the drives used in pumps captured the major market share in 2013 with around 35%. VFDs are used in both domestic as well as industrial pumps. Pumps are a major component used in almost all the industrial processes. VFDs used in pumps helps in reduction of overall energy consumption and offers improved performance and reliability by reducing their life cycle costs. The domestic uses of pumps mainly implies in agricultural sector for irrigation and proper transfer of water thus achieving optimum crop production. In addition, industrial uses of pumps includes: in waste water treatment plants, manufacturing machines, boilers, marine and mining.
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