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.
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.
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