Variable Frequency Drive Market to Grow at 7.2% CAGR to 2026
The ac variable frequency drive segment accounted for over 70 percent value share of the market
VALLEY COTTAGE, N.Y. — The global variable frequency drive (VFD) market is expected to increase at a 7.2 percent compound annual growth rate (CAGR) in terms of value during 2016 to 2026, according to a report from Future Market Insights (FMI). Volume-wise, FMI estimates the VFD market to expand at an 8.5 percent CAGR.
Growth of the global VFD market is mainly being driven by an upsurge in energy prices, introduction of variable frequency drives that can be retrofitted on existing motors, widening application areas, and stricter energy efficiency standards. VFD manufacturers are focusing on diversifying their variable frequency drive portfolio in order to enhance their presence in the market.