Variable Frequency Drive (VFD) Market Trends to Watch Through 2025

Global Variable Frequency Drive Market Overview:

The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period. This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.

COVID-19 Impact on the Global Variable frequency drive Market

The COVID-19 pandemic has slowed the growth of the power industry. This is primarily due to nationwide lockdowns that have been imposed to prevent further spike in the spread of the disease. The renewable energy industry, which until recently was growing at a rapid pace, has been witnessing slow growth over the past few months. This slowdown is mainly due to economic contractions, which have resulted in the reduction of power demand from various end-user industries. With decrease in power demand, it is estimated that there would be very negligible investments from utilities for replacing aging grid infrastructure and new renewable installations.

Key Market Players:

ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US)

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The low voltage segment is expected to hold the largest share of the variable frequency drive market, by voltage type, during the forecast period

The low voltage segment segment, by voltage, is estimated to account for the largest share during the forecast period. Low voltage variable frequency drives are used in a wide range of applications such as pumps, fan, belt conveyor, centrifugal pumps, and centrifugal compressors. Low voltage variable frequency drives are designed for industrial applications, especially in process industries such as pulp & paper, power, water & wastewater, and oil & gas. Thus, the growing use of low voltage drives in a wide range of applications is expected to boost the growth for this segment

The low power drive segment, by power rating, is expected account for the largest share during the forecast period

The low power drive segment is expected to hold the largest market share and grow at a CAGR of 4.0% during the forecast period. Low power drives offer a quick payback period due to higher energy savings at low capital costs and better process control with increased motor control. Variable frequency drives with a 6–40 kW power range are used in different industries such as building, automation, oil & gas, food & beverage, and pulp & paper. Thus, the growing need for energy efficiency in these industries is expected to drive the growth of the segment.

Asia Pacific: The leading variable frequency drive market

The Asia Pacific region is projected to be the largest variable frequency drive market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for variable frequency drives. Countries in Asia Pacific are focused towards energy efficiency and variable frequency drives are expected to play an important role in helping these countries to meet their energy efficiency targets, as the primary function of these drivers is to save energy. Thus, massive investments in the manufacturing industry are driving the growth of the variable frequency drive market in the Asia Pacific region

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The growth in industrialization is driving a continuous need for electric motors, which consume one-third of the total electricity produced globally. Limited conventional power generation, coupled with a continuous rise in electricity prices, has encouraged companies to invest in energy-efficient equipment to increase energy efficiency. Energy-intensive industries such as oil & gas, metals & mining, pulp & paper, cement, and water & wastewater are using variable frequency drives to reduce energy consumption and CO2 emissions. Therefore, the increasing need for energy efficiency is expected to drive the growth of the variable frequency drives market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Global Cryogenic Equipment Market 2020-2025: Emphasis on Industrial Gases

Latest research, the cryogenic equipment market is projected to reach USD 17.1 billion by 2025 from an estimated USD 12.6 billion in 2020, at a CAGR of 6.4% during the forecast period. Increasing demand for industrial gases and investments in LNG infrastructure is driving the cryogenic equipment market. Moreover, the increasing demand for industrial gases from cryogenic energy storage and cryoelectronics manufacturing is likely to bring opportunities for the cryogenic equipment market.

Key Market Players:

The major players in the global cryogenic equipment market are Linde plc (Ireland), Chart Industries (US), Parker Hannifin (US), Flowserve Corporation (US), Emerson (US), Air Products (US), INOXCVA (India), Taylor Wharton (Japan), Cryofab (US), Wessington (UK), ACME (US), and Herose GmbH (Germany), Cryostar (France), and Cryoquip LLC (US).

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The vaporizer segment is expected to grow at the highest CAGR from 2020 to 2025.

Cryogenic vaporizers are used for high volume vaporization and regasification of industrial gases like LNG to release them in a controlled flow. The various types of vaporizers are ambient vaporizers, water bath vaporizers, shell and tube vaporizers, electric vaporizers, and well service vaporizers. Industries like metallurgy and chemicals are observing increasing consumption for industrial gases. For this, the industries have to set up air separation units at their manufacturing sites. These air separation units involve different types of vaporizers for converting the cryogenic liquid back into gaseous form for end-use purposes. These factors have increased the demand for vaporizers.

The Nitrogen segment is expected to lead the global cryogenic equipment market during the forecast period.

Nitrogen is mostly used in industries like energy & power for enhanced oil recovery. It is mostly used in fertilizer and chemical industries. Fertilizer is the major consumer of nitrogen. In 2019, According to the National Center for Biotechnology Information, every year, 50 million tons of nitrogen are produced. This growth rate stimulated the demand for equipment to handle and manage the Nitrogen. However, the cryogen equipment market for nitrogen is mature; thus, there is a lesser year on year demand for nitrogen handling and cryogenic transportation equipment.

The electronics segment is expected to grow at the highest CAGR in the global cryogenic equipment market during the forecast period.

Cryogenics has vast applications in the electronics industry. Cryogenic processing extends the life of the circuit boards. They are also employed in switching devices, semiconductor, and superconductor devices since low temperature decreases the resistance of materials. Cryogenic milling and freezer grinding are some of the other processes that happen in the electronic industry. Cryogenic equipment such as semiconductor grade vaporizers and tanks are commonly used. Increasing the construction of air separation units for the electric industry is likely to drive the cryogenic equipment market during the forecast period.

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Key Questions Addressed by the Report:

• The report identifies and addresses the key segments of the cryogenic equipment market, which will help manufacturers and service providers review the growth in demand.
• The report helps system providers understand the pulse of the market and provides insights regarding the drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and make more pivotal strategic decisions.
• The report addresses the market share analysis of key players in the cryogenic equipment market, and with the help of this, companies can enhance their revenues in the respective markets.
• The report provides insights about emerging geographies for cryogenic equipment, and hence, the entire market ecosystem can gain a competitive advantage.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
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Micro Turbines Market is Booming – Gaining Revolution in Eyes of Global Exposure

Global Micro Turbines Market Overview:

The global micro turbines market is expected to grow from an estimated USD 159.7 Million in 2017 to USD 251.0 Million by 2022, at a CAGR of 9.46%, during the forecast period. The market is set to grow due to increasing efforts to reduce global greenhouse gas emissions, growing adoption of combined heat and power (CHP), and increasing demand for clean energy worldwide.

Key Market Players:

Capstone Turbine (US), FlexEnergy (US), Ansaldo Energia (Italy), MTT (Netherlands), and Toyota Turbine and Systems (Japan)

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The combined heat and power segment is expected to hold the largest share of the micro turbines market, by application, during the forecast period.

Micro turbines find application mainly in CHP plants. The global market, in terms of value, for micro turbines used in CHP-based applications was the highest and it accounted for a major share of the total market. Cogeneration or CHP is highly efficient and can achieve primary energy savings of nearly 40%. Moreover, they are installed close to the end-user, which helps in reducing T&D losses. They also have lower total emissions since the exhaust is utilized for other operational purposes. Thus, CHP application segment leads the micro turbines market.

The research report categorizes the Micro Turbines Market to forecast the revenues and analyze the trends in each of the following sub-segments:

By Application

• Combined Heat and Power (CHP)
• Standby Power

By End-User

• Industrial
• Commercial
• Residential

By Power Rating

• 12 kW–50 kW
• 50 kW–250 kW
• 250 kW–500 kW

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

The 50–250 kW power rating segment is expected to be the largest segment of the micro turbines market in 2017

The report segments the micro turbines market, on the basis of rated capacity, into 12–50 kW, 50–250 kW, and 250–500 kW. The 50–250 kW micro turbines have been widely accepted in the past few years. Capstone Turbine, Ansaldo, and FlexEnergy are the major providers of these micro turbines in the global market. The market for the 50–250 kW rated micro turbines will be driven by the many upcoming CHP-based power plants in Asia Pacific and North America. The replacement of old coal-fired power generation capacity in the US with new large capacity gas-fired power plants will also boost the market.

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North America: Expected to be the leading market for micro turbines during the forecast period.

In this report, the micro turbines market has been analyzed with respect to 4 regions, namely, North America, Europe, Asia Pacific, and the rest of the world. The market in North America is expected to continue leading the market. Urbanization, industrialization, and fast economic growth have led to an increase in the demand for electric power.  To meet this growing demand aging infrastructure is being replaced with new power plants, especially gas-fired ones, which use micro turbines.

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Steam Turbines Market by Type (Steam Cycle, Combined Cycle and Cogeneration), by Rated Capacity (1-120 MW, 121-350 MW, 351-750 MW and Above 750 MW), by Exhaust Type (Condensing and Noncondensing), by Application (Coal, Nuclear, Biomass and Others) and by Region (Americas, Asia-Pacific, Europe and Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com