Variable frequency drive market to be strongly characterized by groundbreaking innovations, annual installation to exceed 59 million units by 2024
Publisher : Fractovia | Published Date : 2018-05-25Request Sample
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.
- Texas headquartered industrial equipment manufacturer, Larson Electronics, has recently launched a single phase 2hp variable frequency drive. The fan-cooled VFD having a voltage compatibility of 220/240 volts AC input/output, output current of 9.6 Amp, and an operating frequency range of 0Hz-3000 Hz, claims to improve the AC motor performance in industrial application. Moreover, the latest VFD also comes with excellent features like fast torque rise, and protection from steady speed error and resonance vibration. Considering its unique amalgamation of characteristics, the product is likely to create a new benchmark in the overall variable frequency drive market.
- Invertek Drives’ recent showcase of an outdoor range of variable frequency drive at Hannover Messe is another relevant instance depicting the extension by which VFD market players are making attempts to diversify their product portfolio. The new product range, dubbed as Optidrive E3 IP66, is reported to encompass drives that would feature highest level of protection for outdoor application. The latest product line up can be directly machine mounted, which by extension reduces its additional cabinet protection requirement. Ever since its debut, it has already made its way to the front page for having such an outstanding design and is deemed to bring a disruption in the entire variable frequency drive market.
- Speaking of the significant events that has left a mark in the competitive terrain of variable frequency drive market, General Electric’s strategic collaboration with SEW-Eurodrive is certainly worth mentioning. For the records, the partnership centered around integrating SEW-Eurodrive’s VFDs into General Electric’s Automation & Controls’ PACMotion advanced product line. As per experts’ opinion, this tie up also brings to light a rather pivotal factor – how collaborative approaches have been a stepping stone in diversifying the product landscape of VFD marketplace. Reportedly, through this deal, both the giants aim to provide complimentary solutions for drive & controller-based motion control for discrete as well as process applications.
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.
