#Global #Variable #Frequency #Drive #Market #Gather
New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global variable frequency drive market is expected to gather a revenue of $26,897.3 million by 2028, growing at a healthy CAGR of 5.2% in the 2021-2028 timeframe. This holistic report puts forward a brief overview of the variable frequency drive market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
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Dynamics of the Variable Frequency Drive Market:
Drivers: Since the last few years, there has been a growing demand for energy efficient systems which is anticipated to be the primary growth driver of the variable frequency drive market. Moreover, increasing application of variable frequency drives for industrial purposes is further expected to help in boosting the growth rate of the market in the forecast period.
Opportunities: Rising need for the optimization of energy systems is expected to provide huge growth opportunities to the market in the forecast period. Additionally, development of advanced technologies such as Industrial Internet of Things (IIOT) is expected to augment the growth rate of the market.
Restraints: Capital-intensive installation of variable frequency drives is, however, expected to become a restraint in the full-fledged growth of the variable frequency drive market.
Impact of Covid-19 on the Variable Frequency Drive Market
The variable frequency drive market faced a moderate impact of the pandemic. The Covid-19 pandemic and the subsequent lockdowns led to shutdown of many industries and companies which led to a decline in the industrial demand for variable frequency drives. However, at the same…
Read on GNW: Global Variable Frequency Drive Market to Gather $26,897.3