In an era where energy security and clean energy deployment are constantly promulgated, variable frequency drive market stands to gain exceptional prominence. Surging energy prices along with dire requirement of highly efficient motor controls are creating a massive demand for innovative variable frequency drives. Statistics claim that electric motor-based systems and components in equipment and appliances account for almost 25% of the total energy consumption, both from residential as well as commercial sectors. It is therefore subsequently coherent that as the consumption of electricity continues to upsurge, the application of variable frequency drive industry is expected to depict an ascent, given the incredible potential of these drives in boosting the overall system efficiency and power factor.
U.S. Variable Frequency Drive Market By Application, 2016 & 2024 (‘000 Units)
Variable Frequency Drive Market Trends: A prominent shift to smart technology
The business space, as it is observed lately, has paved a distinctive transition from traditional product design to smart models. In this regard, predictive maintenance is standing out across the supply chain of variable frequency drive market. With the rising integration of IoT in various industrial domains, the prerequisite requirement of manipulating the humongous volume of data received from machines into business intelligence becomes more important. Since VFDs help in simplifying these to and fro flow of information from machineries to engineers, it can be profoundly stated that variable frequency drive market has experienced a plethora of opportunities swayed by the IoT wave. In fact, it has encouraged manufacturers to break the conventional mold of social network and inclining toward Ethernet. In addition, complex communication strategies that are existing nowadays are also complementing the renewed variable frequency drive market outlook, as these devices are extensively deployed to maintain comprehensive reports on power output, production rate, downtimes etc.
Having minutely scrutinized the tremendous potential of technology in the business space, variable frequency drive market players are leaving no stone unturned to develop drives that consume lesser energy and feature high efficiency. Below mentioned are some of the recent instances that track the latest developments in the strategic landscape.
Considering the aforementioned trends, it can be authentically stated that variable frequency drive market is on its way to explore a slew of opportunities on a global scale. Implementing these drives not only assures an efficient AC motor operation, but also is claimed to be a viable investment in terms of environmental health. Of course, the industry’s full potential can only be achieved via joint efforts from both governmental bodies and private sectors. All in all, by virtue of the shifted focus toward optimized energy utilization, variable frequency drive market size is forecast to exceed a valuation of USD 19 billion by 2024.