The global Variable Frequency Drive (VFC) market is expected to reach $24.8 billion by 2021 according to a recent report by ReportLinker. Here’s an overview of the report directly from the website:
VFD are used in infrastructural activities which include commercial buildings such as hospitals, and educational institutions. Increasing urbanization and industrialization in developing countries such as India, growing need for energy efficiency, reduction in operating costs of any energy intensive industry, regulations on energy efficiency, growing trend of industrial automation, and regulations to ensure efficiency are expected to drive the variable frequency drive market.
Some key stats from the report include:
- The variable frequency drive market is estimated to rise at a compound annual growth rate of ~5.9 percent from 2016 to 2021
- The AC drives segment is anticipated to rise at the highest compound annual growth rate (CAGR) from 2016 to 2021
- Variable frequency drives in the low voltage segment is anticipated to grow at the quickest
- Compound annual growth rate from 2016 to 2021
- Asia-Pac: The biggest market for variable frequency drives
For more information on the report, click here to visit the official ReportLinker website.