According to the Graphical Research new growth forecast report titled “Asia Pacific VFD Market Size By Power Range (Micro, Low, Medium, High), By Drive (AC, DC, Servo), By Voltage (Low, Medium), By Technology (Standard, Regenerative), By Application (Pump, Centrifuges, Conveyor, Evaporators, Mixers, Grinders, Cutters, Fans, Others), By End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper), Industry Analysis Report, Country Outlook (China, Japan, India, Australia, South Korea), Application Potential, Competitive Market Share & Forecast, 2020 – 2026”, to Record Sturdy Growth During 2020-2026.
The Market Size is anticipated to witness an upsurge on account of increasing electricity demand along with favorable regulatory norms toward energy efficiency. Rapid urbanization and industrialization coupled with rising investments toward sustainable infrastructure expansion will sway the industry landscape. Favorable government policies & state incentives are the eminent regulatory measures positively influencing the business scenario.
Growing applicability of high-duty-cycle across manufacturing and industrial sectors owing to its operational ability and effective energy recovery will drive the regenerative VFD market. Integration of cloud based technologies followed by adoption of Industrial Internet of Things to provide full-time monitoring & control system, automated alerts and real time data analysis will further boost the product demand.
High-power drive industry will witness a significant impetus owing to rising adoption of technological advanced systems in line with introduction of stringent efficiency norms. Ongoing consumer inclination toward optimum energy utilization in line with rising deployment of electrical efficient equipment to provide safe and secure power supply will augment the business outlook. In addition, paradigm shift toward smart infrastructural development followed by replacement of conventional electrical grid network will foster the product demand.
Escalating public & private investments toward the expansion of industrial, commercial & residential establishment will positively influence the adoption of medium-voltage drives. Moreover, retrofitting & replacement of aging electrical infrastructure owing to stringent energy efficiency norms will propel the business scenario. Rising applicability of these drives across various manufacturing industries including cement, pulp & paper and petrochemicals on account of their compact size will complement the Asia Pacific VFD market.
Ongoing technological advancement to integrate control flow drives across hydro power plant infrastructure will positively sway the product penetration. Rising per capita income along with improved standard of living across the developing nations will positively influence the industry growth. For instance, in 2019, Eaton delivered advanced power saving & efficient PowerXL drive technology across HVAC&R industry providing reduced energy usage and reliable motor performance.
Strategic mergers & acquisitions, partnerships collaborations among the leading players will complement the industry outlook. Leading players operational across the market consists of General Electric, Siemens AG, Crompton Greaves, ABB Limited, Mitsubishi Electric, Eaton Corporation, Schneider Electric, Hiconics, Johnson Controls, Fuji Electric, Emerson Electric, Danfoss, Eco-energy Technology, Hitachi, Yaskawa Electric Corporation and CG Power & Industrial Solutions.