Variable Frequency Drives Market by Power Range (Micro, Low, Medium, High), Voltage (Low & Medium), Application (Pump, Fan, Compressor, Conveyor, Elevator, Extruder & Others) and Region – Global Trends & Forecasts to 2021

Date: 2016-04

““The variable frequency drives market is expected to grow at a CAGR of 6.9% during the forecast period”
The global variable frequency drives market is estimated to be at USD 19.38 billion in 2016, and is projected to reach USD 27.11 billion by 2021, at a CAGR of 6.9% from 2016 to 2021. Energy consumption plays an important role in the overall operating costs of any energy intensive industry. Variable frequency drives, which are primarily used to control the speed and torque of electric motors, provide optimized energy use and reduce maintenance costs of electric motors. The growth of the market is attributed to an increased focus on energy efficiency and growth of the industrial sector in developing countries

“Medium voltage variable frequency drives are expected to witness the fastest growth during the forecast period”
Medium voltage variable frequency drives are expected to register the highest growth rate during the forecast period. The major reason behind the same is low current at a given power output, which makes it a feasible option in the industries. On the other hand, the low voltage segment held the largest share in 2015, accounting for more than three quarters of the global market. Its growth has been attributed to the usage of low voltage motors in various applications worldwide across diverse sectors, such as manufacturing, oil & gas, process industries, and chemicals among others.

“Asia-Pacific: The largest market for variable frequency drives”
Asia-Pacific led the variable frequency drives market in 2015, and is projected to continue to do so till 2021. The market in Asia-Pacific is projected to grow at the fastest pace among all regions during the forecast period. This growth is attributed to increasing government mandates to conserve electricity through energy efficiency norms and growing industrialization in the region.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players and industry consultants among other experts to obtain & verify critical qualitative & quantitate information as well as assess future market prospects. Distribution of primary interviews is as follows:
By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
By Designation: C-Level – 30%, Director Level – 20%, and Others* – 50%
By Region: North America – 10%, Europe – 10%, Asia-Pacific – 70%, and Middle East & Africa – 10%
Note: *Others include product managers, marketing managers, and sales managers.
The tier of the companies has been defined on the basis of their total revenue, as of 2013: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =

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