The Variable Frequency Drives Market size is estimated at USD 26.64 billion in 2024, and is expected to reach USD 34.04 billion by 2029, growing at a CAGR of 5.02% during the forecast period (2024-2029).
The variable frequency drives used to monitor the speed of motors have gained considerable traction due to their power to optimize energy usage in various industries. Apart from energy efficiency, the popularity of VFDs can also be attributed to their capacity to improve motor life and reduce maintenance by allowing distributed use across the life cycle, relieving it from constant use under the same parameters.
The variable frequency drives market is highly competitive due to the presence of many small and large players in the market. The market is observing a growing need for energy-efficient equipment, owing to which international players in the market are rapidly increasing their footprints, and local vendors are finding it difficult to compete with the major players in terms of quality, safety, and price. This factor is boosting the competition in the market. Some of the key players are Eaton Corporation, ABB Ltd, and Honeywell International Inc.
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