Increase in Demand for Energy Efficiency Devices Boosts the Variable Speed Drive Market
Variable Speed Drive Market Outlook – 2023
Global Variable Speed Drive Market was valued at $18,004 million in 2016, and is projected to reach at $26,544 million by 2023, growing at a CAGR of 5.6% from 2023 to 2026.
At present, North America dominates this market. In 2023, China is expected to register the highest growth in Asia-Pacific. Similarly, the UK is expected to lead the overall market in the European region during the forecast period. Presently, the U.S. is expected to dominate the North American market.
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Increase in urbanization and industrialization in the emerging countries such as India, China, Brazil, and others drive the demand for the variable speed drive market. Further, the growth in need for energy efficiency, rise in trend of industrial automation, and reduction in operating costs of any intensive industry fuel the market growth. However, high cost of deployment is expected restrain the growth of the market.
In 2016, the low voltage segment dominated the global variable speed drive market, in terms of revenue. However, based on application system, pump is projected to dominate the global market, followed by fan in 2023.
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Key Findings of the Variable Speed Drive Market:
- Mining & Minerals is expected to generate the highest revenue in 2016.
- In 2016, the AC drive segment accounted for the highest revenue in the variable speed drive market.
- Asia-Pacific is anticipated to exhibit a highest CAGR during the forecast period.
The key players profiled in the report include ABB Ltd., Siemens AG, Rockwell Automation Inc., Yaskawa Electric Corporation, General Electric, Crompton Greaves, WEG, Schneider, Emerson Electric, and Danfoss.
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