Transparency Market
Research (TMR), a leading market intelligence firm, has announced the
release of a new study on the global variable
frequency drives market. The market has been examined from
all angles in the report, allowing readers to make a comprehensive
assessment of the market’s dynamics. The report, titled ‘Variable
Frequency Drives Market - Global Industry Analysis, Size, Share,
Growth Trends And Forecast 2014 - 2020,’ is available on TMR’s
website for sale.
Variable frequency
drives (VFD) are devices used in electromechanical systems to
modulate the speed and torque of the system. VFDs achieve this by
changing the voltage and frequency of the AC motor. This allows the
users to enhance the energy efficiency of the machinery in question,
resulting in higher energy savings. Since electric motor systems bear
a major part of the total energy expenditure of the industrial sector
(up to 25% of the total electrical energy around the world is, by
some estimates, consumed by the industrial sector), large-scale usage
of variable frequency can add up to significant savings. The growing
acknowledgement of this benefit has driven the global variable
frequency drives market.
According to the TMR
report, the global variable frequency drives market was valued at
close to US$15.5 bn in 2013. TMR analysts expect the market to
exhibit a robust 7% CAGR in the forecast period from 2014 to 2020 to
end up at a value of over US$24.7 bn.
TMR analysts have
zeroed in on the growing use of induction motors in various
industrial processes as the major driver propelling the global
variable frequency drives market. Induction motors are commonly used
in household items such as fans. However, the benefits imparted by
the addition of a variable frequency drive have driven the usage of
induction motors rapidly.
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The manufacturing
sector was the largest end user of variable frequency drives in 2013
and has benefitted massively from the growing incorporation of VFDs
in manufacturing processes. Rising urbanization has also increased
the demand for consumer electronics that utilize induction motors,
increasing the demand from the global variable frequency drives
market.
Apart from the
reduction in energy wastage brought about by the addition of a
variable frequency drives, the global VFD market is also propelled by
the increased reliability of machines utilizing variable frequency
drives. The combined increase in the price margins due to the
increased energy savings and reliability has been enough to convince
almost every major industry to adopt variable frequency drives on a
large scale.