Variable Frequency Drive Industry Develop At A CAGR Of 5.6% From 2023 To 2030
Variable Frequency Drive Industry Overview The global variable frequency drive market size was valued at USD 25.92 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030. Increasing penetration of connected devices in various sectors such as commercial, industrial, and residential sectors, coupled with rising demand for variable frequency drive (VFD) owing to their advantages such as dynamic torque control energy-saving and adjustable speed from industries such as oil & gas, automotive and power generation are major factors expected to drive the market in a positive trajectory. Additionally, increasing investment in infrastructure development is resulting in high demand for Heating, ventilation, and air conditioning (HVAC) systems which call for solutions to improve infrastructure energy output is another factor that is expected to positively impact the market growth. Gather more insights about the market drivers, restrains...