The
variable frequency drive is basically a motor controller, which
drives an electric motor by adjusting the frequency and voltage
supplied to it. Also known as micro-drive, adjustable speed drive,
variable speed drive, AC drive, adjustable frequency drive, and
inverter. Variable frequency drives are devices that control the
speed of the motor to reduce the overall power consumption,
eventually improving the efficiency of the motor. This optimizes the
utilization of energy in motor driven operation.
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Compared
to other motor controllers, variable frequency drives are easy to
install and permits the deployment of pumps and motors with optimum
rating, saving the needless expenditure on added KVA ratings of
motors. For uninterrupted operation, it is crucial for the motor to
function well. Installing variable frequency drives in motors helps
it gain reliability.
Increased
Usage of Induction Motor to Propel Market Growth
The
global variable frequency drives market amounted US$15,489.0 million
in 2013. The industry experts believe that the market will grow at a
CAGR of 7.0% during the period of 2014 to 2020, reaching US$24,703.4
million by the end of the forecast period.The rise in the demand for
energy and increase in the usage of induction motors in a variety of
applications are acting as stimuli for the growth in the global
variable frequency drives market. However, the high implementation
rates of variable frequency drives in emerging economies such as
China and India are upsetting the entire global market.
Asia
Pacific to Continue to Dominate Global Industry
The
variable frequency drives market is spread across four regional
markets, namely the Americas classified into North America and South
America, Asia Pacific segmented into China and the Rest of Asia
Pacific, Europe, and the Middle East and Africa. The global market
for variable frequency drives was dominated by Asia Pacific in 2013.
The region is expected to maintain its dominance in future. Rapid
growth of the chemical processing and the manufacturing industries in
the economies such as China and India will encourage the demand for
variable frequency drives in Asia Pacific. Momentous growth in the
other industries such as power, hydrocarbons, infrastructure, and
automobile production will also add to the demand for variable
frequency drives in this region during the forecast period.
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The
MEA and Asia Pacific regions have advanced manufacturing industries.
The development of infrastructure and manufacturing activities are
expected to propel the demand for variable frequency drives in these
regions.
Low
Voltage Drive: Biggest Market by Voltage range
The
low voltage and medium voltage are the two markets for variable
frequency drives on the basis of the voltage range. The low voltage
drives market occupies the major share in the global market for
variable frequency drives, at present. Developing infrastructure and
manufacturing activities are likely to be key growth drivers for the
low voltage variable frequency drives market.
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Servo
Drives: Highest Growing Market
AC,
DC, and servo are the main segments of the global variable frequency
drives based on the product types. The highest growth is expected in
the servo variable frequency drives market. However, the market
participation of AC and DC variable frequency drives are expected to
shrink in the coming years. Though petrochemicals and chemical
processing industries are likely to cater to a significant demand for
low power AC drives in coming years.
Manufacturing
Industry: Biggest Consumer in 2013
On
the basis of end-user applications, chemical processing,
manufacturing, infrastructural development, automotive, oil &
gas, power generation, and others are the categories in the global
variable frequency drives industry. The manufacturing industry was
the biggest customer of variable frequency drives in 2013, worldwide.
Advancing
Technology to Drive Future Market Growth
Vacon
PLC, Schneider Electric, Siemens AG, Fuji Electric Co., Ltd,
Mitsubishi Electric Corporation, Eaton Corporation Plc., Emerson
Industrial Automation, Crompton Greaves, Danfoss VLT, ABB Ltd. are
the major players operating in this market, globally.
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TMR Blog Energy Reports :
http://www.tmrblog.com/search/label/Energy
This
industry is technologically driven and most of market the
participants are trying out new and appealing development in products
to have a competitive edge over others. Governmental initiatives for
effective motors and technological advancement are exhibiting
enormous market potential for variable frequency drives in the coming
years.
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