Variable frequency drive market to be extensively characterized by innovative product moves, global valuation to exceed USD 19 billion by 2024
General Electric’s strategic tie up with SEW-Eurodrive undeniably marks the underlining development prevailing in variable frequency drive market. Reportedly the partnership centers around integrating SEW-Eurodrive’s variable frequency drives into GE’s Automation & Controls’ PACMotion advanced product line. While GE’s contribution in proliferating variable frequency drive industry trends is not unheard of, this strategic alliance certainly is a news to be reckoned with, considering the two strong aspects on which it is grounded.
U.S. Variable Frequency Drive Market By Application, 2016 & 2024 (‘000 Units)
- According to the official release, through this collaboration, SEW-Eurodrive and GE have a plan to offer complementary drive and motion controller solutions for process and discrete applications. Allegedly, these solutions would thereafter be utilized in sectors like manufacturing, machine control, and the like infrastructural verticals.
- The second aspect of the partnership deals with technology integration. As per the reports, the U.S. based giant would be integrating SEW’s servomotors and VFDs into its PACMotion product range. SEW, on the other hand, will incorporate GE’s IICS (Industrial Internet Control System) into its patent controller-based drive solutions to offer analytics, which ultimately would improve overall motor efficiency and reduce the operation cost.
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Growing inclination toward deploying energy efficient products with an envision to ensure energy security has undoubtedly complemented overall variable frequency drive market outlook. Rising energy prices in tandem with the dire necessity of efficient motor controls is bound to generate a massive demand for advanced variable frequency drives. As per estimates, electric motors account for almost 25% of the overall electricity consumption both from consumer and industrial applications. As the electricity consumption continues to upsurge, the application scope of variable frequency drive market is certain to widen, subject to its incredible potential of improving process control, while boosting overall system efficiency, and power factor. The presumption is amply validated by the forecast which claims annual installation of VFD industry to surpass 59 million units by 2024.
Two of the mega trends defining variable frequency drive market over 2017-2024
Having recognized the immense potential of the business space in years down the line, manufacturers all across the globe have been increasingly investing in groundbreaking VFD technology. The latest advances in variable frequency drive market in terms of product modification claims to address most of the common challenges that conventional equipment may have been struggling with for years. In this regard, as the explosive amplitude of IoT continues to touch almost all the verticals of industrial realm, wireless diagnostics has made its presence felt in VFD market. Unlike traditional plants where access to the drive is only possible through a closed enclosure, this enhanced tech prodigy enables engineers to connect drives directly to system without any physical contact via a wireless signal.
The industry having paved a transition from conventional product design to smart model, predictive maintenance is standing tall across the supply chain model. With the rising deployment of IoT in industrial domains, the necessity of manipulating vast volume of data received from machineries into business intelligence becomes much more important. The business space tending to embrace predictive maintenance can be majorly credited to this. Since VFDs help in simplifying and speeding up this flow of information from machine to engineers and vice versa, it can be authentically stated that variable frequency drive industry has observed a slew of opportunities from the IoT wave. Manufacturers are breaking the mold of conventional serial network and transiting toward Ethernet. Add to it, modern day’s complex communication strategies are also soaring up the demand for advanced VFDs, to maintain a thorough report on power output, downtimes, production rates for better decision making.
It is imperative to mention that since the business space is closely hinged to a variety of lucrative domains including utilities, metals & mining, cement, and steel sectors, technological interventions in these domains would also open up a plethora of opportunities for VFD market. Say for instance escalating production and exploration activities across oil-rich countries has substantially increased the product demand in petrochemical sector. Recent estimation put forth by OPEC (Organization for Petroleum Exporting Countries) depicts that worldwide crude oil production has observed an increment of 2.4% over 2015-2016. All in all, by virtue of its diversifying profitable application spectrum in addition to shifting focus toward optimized energy utilization, variable frequency drive industry stands to gain much over the forthcoming years. In terms of commercialization, overall business space is claimed to exceed USD 19 billion by 2024.
Author Name : Satarupa De