Market overview:
The increasing demand for efficient power systems coupled with the increasing application of drives for industrial purposes is expected to accelerate the growth of the drive market. However, capital intensive installation when installing frequency converters is a factor limiting market growth.

Recent developments:
ABB is launching a series of frequency converters (VFDs) that will improve the performance of smart buildings and allow users to comply with the most stringent energy efficiency regulations.

Market Drivers and Restrains:
The frequency converter is used to regulate the voltage and frequency of electric motors. These drives reduce energy consumption and make the operation of electrical equipment more efficient. Frequency converters are used in a diverse set of industries, such as energy, commercial buildings, chemicals, petrochemicals, mining, oil and gas, and more. Frequency converters do not require high maintenance and therefore save a lot of operating time, which is crucial in industries such as oil and gas, where delays can lead to depreciation of profits. Frequency converters allow constant oil production throughout the year due to their low maintenance.

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https://www.marketdataforecast.com/market-reports/variable-frequency-drive-market

Report is segmented as:
By Product Type:
• AC
• DC
• Servo
By Power range:
• Micro
• Low
• Medium
• High
By Application:
• Pumps
• Conveyors
• HVAC
• Electric fans
• Others
By End User:
• Food and beverage
• Oil and gas
• Infrastructure
• Agriculture
• Others

Geographical Segmentation:
In this report, the drive market has been dissected in six areas, to be specific Asia-Pacific, North America, Europe, the Middle East, Africa, and South America. Asia-Pacific is assessed to be the biggest market from 2020 to 2025. Nations, for example, China, India, Japan and South Korea are among the top nations viewed as the principle manufacturing community for recurrence inverters. Lately, this district has encountered fast financial turn of events. The developing interest for power and the developing need to increment environmentally friendly power creation limit are empowering organizations in these nations to put resources into transmission and appropriation foundation. There has likewise been a developing drive towards energy proficiency that expands the interest for variable frequency drives.

Impact of COVID-19 on Variable Frequency Drive Market:
The COVID-19 pandemic has slowed the growth of the electricity sector. This is mainly due to nationwide lockdowns that have been imposed to prevent a further increase in the spread of the disease. The renewable energy industry, which until recently grew at a dizzying rate, has grown slowly in recent months. This slowdown is mainly due to economic contractions, which have resulted in reduced demand for electricity from various end-user industries. With a decrease in electricity demand, it is estimated that there would be very negligible investments by utilities to replace old grid infrastructure and new renewable facilities.

Key market players:
The key players profiled in this report are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US).