As compared to the customary fixed speed drive, the variable speed drive automatically adjusts the motor speed, which matches the demand of the end-users. As a result, a variable speed drive runs at the speed required to carry out the process, which has a positive impact on the energy. This has significantly influenced the consumers’ choice and has shifted their preference from fixed speed drive to adjustable speed drive, which is envisaged to drive the growth of the Variable Speed Drive Market in the upcoming years.
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A variable speed drive offers smoother operation as compared to its counterpart - fixed speed drive, on account of its competency to change the frequency of the input power as per the requisites.
With the rising number of electric equipment, there has been a notable increase in the demand for variable speed drive from a large number of industries, which make use of sewage and irrigation pumps, power plant fans, milking machines, and paper machines.
Rising trends of urbanization have amplified the demand for variable speed drive, owing to the increase in the construction activities. Such rising trends of urbanization and industrialization in the developing economies such as Brazil, China, and India is anticipated to uphold the demand for variable speed drive to fuel the functions of the machines and electric equipment.
Industry 4.0 has fueled the demand for the automation of industrial processes, which makes use of electric devices such as a conveyor, compressor, fan, pump, and others. These electric components find extensive applications of these devices, which is predicted to influence the growth of the variable speed drive market.
Companies seeking lucrative growth opportunities in the variable speed drive market have been focusing on the research and development activities to enrich the features of their product and boost their sales prospects. In addition to this, strategies such as mergers and acquisitions, collaborations, expansions, and new product launches have been employed by the partakers operating in the variable speed drive market.
Significant players upgrading the current status of the variable speed drive market include Danfoss, Emerson Electric, Schneider, WEG, Crompton Greaves, General Electric, Yaskawa Electric Corporation, Rockwell Automation, Inc., Siemens AG, ABB Ltd., Shenzhen Veikong Electric, and WEG Electric Corp.
In January 2019, Danfoss entered into a strategic agreement with UQM Technologies
which will offer the company with a total package for serving its market with the best solutions. This will further help the company fulfill its customers’ demand, irrespective of the technologies chosen by them. The underlying aim of Danfoss under this transaction is to dive into the market for trucks and buses.
In August 2018, Yaskawa announced the acquisition of Yaskawa Siemens Automation & Drives Corp. for enhancing the market share value of both companies. Under the transaction, the companies will complement each other in terms of technology and products in the vicinity of industrial drive systems like paper, pulp, and film.
In August 2017, Siemens AG entered into a productive collaboration with Bentley Systems to foster their alliance and further take joint venture initiatives. The company will help Bentley in strengthening its engineering and project management capabilities for transforming the engineering and construction arena.
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Convergence of the food and beverage industry with robotics has unlocked novel avenues for the sales of variable speed drive, owing to their high rate of adoption in a number of processes. With the increasing level of stringency in the government regulations pertaining to the prevention of food contamination, there has been a rise in the adoption of smart robots with enhanced sanitary designs for the proper handling of food products. These robots are cost-efficient with high throughput rates, complete the task at a high accuracy rate and boast high preciseness in bin picking, bottle handling, and tray loading, thereby bringing in advancements in the overall food and beverage industry.
There has been an imperative demand for variable speed drive, on the back of their energy efficiency, which significantly reduces the operational costs and influences the production efficiency. In addition, the variable speed drive also extend the life of the motor, thereby influencing the longevity of the electronic device. This, in turn, is predicted to fuel the adoption of variable speed drive in the upcoming years.
With the shift from manual to digital processes, a notable demand for variable speed drive is witnessed for optimizing the voltage of the electronic devices and improve their overall efficiency, which will act as a growth propeller for the variable speed drive market in the upcoming years.
The research report presents a comprehensive assessment of the variable speed drive market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to variable speed drive market segments such as geographies, application and industry.
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Variable Speed Drive Market Synopsis, Demand, and Opportunity Forecast through 2028
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