Lucintel's latest market report analyzed that variable frequency drive provides attractive opportunities in the oil & gas, power generation, industrial, infrastructure, automotive, and food & beverage industries. The variable frequency drive market is expected to reach $28.5 billion by 2028 with a CAGR of 5.1%. In this market, AC drives is the largest segment by product type, whereas oil & gas is largest by end use industry.
Based on product type, the variable frequency drive market is segmented into AC drives, dc drives, and servo drives. The AC drives segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the growing use of these drives in variety of industries, such as automotive, food and beverage, and power generation, to improve operational efficiency owing to their high power, ease of installation as compared to other drives, and low maintenance requirements.
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The Variable Frequency Drive Market is marked by the presence of several big and small players. Some of the prominent players offering variable frequency drive include ABB, Eaton, General Electric, Hitachi, Rockwell Automation, and Schneider Electri.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link helpdesk@lucintel.com.
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