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Large Scale Variable Frequency Drives Market Trends

Report ID: GMI7471
Published Date: Aug 2024
Report Format: PDF

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Large Scale Variable Frequency Drives Market Trends

Large scale variable frequency drives industry is set to grow owing to growing investments across energy intensive industries including oil & gas and power generation, mining and inclination toward energy efficiency. Continuous adoption of advanced motor control in several sectors, together with ongoing technological innovations and significant investments by manufactures for large scale industrial products, will augment the industry landscape. For instance, in March 2023, Siemens introduced new company called Innomotics, which manufactures medium voltage drives, geared motors, high voltage motors including wide range of digitalization portfolio and services.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market size for large scale variable frequency drives crossed USD 2.2 billion in 2023 and is expected to register 5.7% CAGR from 2024-2032 owing to the flourishing investment for industrial infrastructural development and increasing demand for energy efficient technologies worldwide.

Large scale variable frequency drives industry from the low voltage drives segment is expected to register reach over USD 1 billion by 2032 due to increasing industrial automation, rising demand for energy efficient units and shifting focus toward motor control components.

Asia Pacific industry is expected to reach over USD 1.6 billion by 2032 due to growing clean power generation, surging investments for industrial development, and paradigm shift towards energy conservation in the region.

Eaton, GE Vernova, NIDEC CORPORATION, PARKER HANNIFIN CORP, Rockwell Automation, Schneider Electric, Siemens, TMEIC, TRIOL Corporation, VEM GmbH, WEG, and YASKAWA ELECTRIC CORPORATION, are some of the major large scale variable frequency drives companies worldwide.