Global Variable Frequency Drives Market

The global variable frequency drives market accounted for a value of USD 17.5 billion in 2019. The global variable frequency drives market is projected to register growth at a CAGR of 3.8% during the forecast period.
 
NOIDA, India - Nov. 24, 2020 - PRLog -- COVID-19 has impacted all the businesses over the globe. It has impacted variable frequency drives market negatively. The production is on halt. The supply chain was also affected due motion restriction and lockdown policies raw material supply is facing difficulties. Thus, the VFD market is expected to witness decline during forecast period.

Variable frequency drives used in wide range of industries such as chemical & petrochemical, cement, oil & gas, pulp & paper, water & wastewater, mining. It has major applications in conveyors, utility pumps, fans, process pumps, air compressors, coolers, process compressors, cooling tower fans, grinders, blowers, chippers and crushers. Thus, demand for VFD is very in market which drives the VFD market to foresee growth during forecast period.

The key market players in variable frequency drive market Eaton Corporation, Crompton Greaves Ltd, ABB Ltd., Rockwell Automations, Honeywell International, Hitachi Group, Mitsubishi Corporation, Siemens AG, Toshiba Corporation, Johnson Controls Inc., Schneider Electric SE,  NIDEC Corporation, Danfoss A/S, Fuji  and TMEIC.

The global variable frequency drives (http://panmarketconsulting.com/the-global-variable-freque...) market accounted for a value of USD 17.5 billion in 2019. The global variable frequency drives market is projected to register growth at CAGR of 3.8% during the forecast period.

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