How will the waste heat recovery system market outlook change over 2019-2025 with the enforcement of favorable regulations and legislative initiatives undertaken across diverse geographies?

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The waste heat recovery system market has shown immense potential lately, in light of the fact that authorities the world over are increasing their efforts in reversing the effects of global warming and therefore focusing on the use of renewable energy sources. For instance, the central government of India recently announced that cement plants, integrated steel plants, metallurgical industries, thermal power plants and other industries with potential to recover heat and that use waste heat recovery boilers without any auxiliary fuel do not require to get environmental clearance before setting up or expansion. The exemption is apparently to promote energy conservation and benefit industries given that they would be able to implement such energy conservations systems internally without having to go through a lengthy process of receiving environmental clearance.

China Waste Heat Recovery System Market, By Temperature, 2018 & 2025 (USD Million)
China Waste Heat Recovery System Market, By Temperature, 2018 & 2025 (USD Million)

Considering that India is a country where industrialization and urbanization have recorded some of the highest growth rate in the world, the move has been considered exceptionally optimal for the regional waste heat recovery system industry. As such initiatives continue to be undertaken by various countries looking to promote rapid industrialization, the waste heat recovery system market will undeniably receive massive stimulus.

The reason that waste heat recovery has received so much attention is because enhanced energy efficiency requirements pose a constant challenge for all industries and since price for traditional sources of energy are rising globally, there is an urgent need to reduce fuel bills to remain competitive. The general consensus on global warming says that if action is not taken now the situation may be irreversible as soon as 2020. The European Union 2020 energy package was designed to mean that EU meets its climate and energy targets for the year 2020 which included 20% cut in greenhouse gas emissions, 20% of EU energy from renewables and 20% improvement in energy efficiency. Actions that were taken to meet such goals are also partly responsible for the growth of the waste heat recovery system market.

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Legislative actions are possibly the most important actions taken that have the potential to drive the waste heat recovery system market as the government of any nation can add incentives or levy punitive taxes on industries for their use of energy and can therefore determine whether industries would be more responsible about the way they use their resources. For instance, the Chinese government recognizes the importance of industrial waste heat recovery and has amended the Energy Conservation Law of China in 2008 to boost adoption of waste heat utilization in industrial companies.

The importance of waste heat recovery has been recognized through various national legislations. For instance in 2008, Energy Conservation Law of China encouraged the adoption of waste heat utilization in industrial businesses while China’s Circular Economy Promotion Law mandated that companies need to comprehensively utilize waste gas by following national requirements. China’s 11th and 12th Five-Year Plans both emphasized waste heat utilization to be one of the Key Energy-Saving Projects, for the improvement of thermal energy efficiency in industrial boilers and furnaces as well as encouraging the adoption of waste heat to power generation technologies in energy-intensive industrial sectors.

Long term benefits of decarbonization and increasing energy efficiency of the industrial sector has also been recognized by the BEIS of UK that has launched an Industrial Heat Recovery Support Program to promote waste heat recovery. This could conveniently be one of the pivotal driving factors for the UK waste heat recovery system market which is expected to witness 7% CAGR over 2019-2025. The Industrial Heat Recovery Support Program aims at increasing industry confidence in the identification and investment in opportunities designed for recovering heat from industrial processes and increase the deployment of the technologies needed to do it in England and Wales. The program is expected to promote industrial energy bill savings of around £500 million and carbon savings of approximately 6 million tons over the course of its lifetime.

With such endeavors by governments in various nations becoming more supportive of renewable energy resources, the waste heat recovery system market is expected to gain greater traction in the years to come. As per reliable estimates, the global waste heat recovery system market is anticipated to surpass a valuation of $80 billion by 2025.

Author NameParoma Bhattacharya


Smart thermostat market to garner extensive momentum by 2025, U.S. to emerge as a prominent revenue ground

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The escalating development of sustainable codes and standards across residential and industrial buildings is bound to majorly propel the thermostat market growth. Not to mention, this industry has also been receiving momentum from the rapid advancements in heating and cooling technologies, that are being installed in most modern homes and buildings lately, to offer added comfort to residents, specifically in regions experiencing extreme cold or heat waves. Indeed, thermostats play a key role in the functioning of these systems as they offer efficient monitoring and control over temperature.

Japan Thermostat Market Size, By Product, 2018 & 2025 (USD Million)
Japan Thermostat Market Size, By Product, 2018 & 2025 (USD Million)

Advancements in energy-efficient temperature systems and smart home automation devices will thus positively influence the demand for this product, propelling thermostat industry growth. Another pivotal factor that would augment the market trends is the growing customer concern regarding climate change along with the rapid proliferation of IoT.

Speaking of the various products disrupting the market, it is prudent to mention smart thermostats – these are likely to gain mainstream attention in the years to come on account of the rising adoption of IoT and cloud technology along with their compatibility with various smart home assistants like Google Home & Amazon Echo. Coupled with a Wi-Fi module, a smart thermostat system can connect to the user’s home or office network to offer interface via the cloud, thereby allowing remote temperature control and monitoring over the unit.

The product also allows users to vary temperature parameters using a smart thermostat dedicated mobile app, and to collect useful insights regarding the device that would certainly improve the user’s quality of living. The product has seemingly found long-term application in heating and cooling appliances like HVAC, water heater systems and more, that has helped augment the smart thermostat industry growth.

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The residential sector is likely to emerge as a pivotal growth avenue for the global thermostat market in the ensuing years, driven by the rising implementation of energy-efficient small-scale heating and cooling systems. According to the U.S. Energy Information Administration (EIA) reports, in 2018, the use of electricity for space cooling in the residential sector was about 214 billion kWh, which is equal to about 15% of total residential sector electricity consumption and 5% of total U.S. electricity consumption. These figures can be appreciable lowered by adopting smart thermostats which help reduce energy consumption while increasing the efficiency of household products. The smart thermostat also regulates the temperature in buildings in a smarter way than conventional thermostats and further offers added savings in customers’ electric bills.

The increasing adoption of smart home automation systems has also led industry participants & core manufacturers to shift their focus toward the expansion and innovation of advanced devices. The development of advanced techniques, such as speech recognition, machine learning and motion detection, indicate lucrative opportunities for thermostat applications across the residential sector. The advent of cost-effective products coupled with growing investments toward smart homes will positively influence the overall thermostat industry trends.

One of the most remunerative markets for thermostat industry is the United States. Irrefutably, the regional market has been gaining momentum on account of the ever-rising expenditure toward infrastructure in tandem with the investments in renovation and refurbishment projects. As a matter of fact, the Building Technologies Office (BTO) estimated that over 70% of U.S. buildings, by the year 2035, will either be new ones or renovated by 2035. Powered by the growing number of renovation projects and the rising penetration of home automation systems, not to mention, the frequent occurrence of weather-related disasters, the U.S. thermostat market size will hit 24 million units in terms of volume by 2025.

Lately, smart thermostats have been found to come with Wi-Fi and cloud connectivity which delivers remote controlling features and data insights to users on mobile via an app. The product is mostly used for space heating and cooling controls, and is extremely ideal for central air conditioners & HVAC systems. Powered by the extensive deployment of smart home automation systems and the rising acceptance of advanced IoT solutions, the thermostat market size is expected to surpass $6 billion by 2025, according to Global Market Insights, Inc.

Author Name Mateen Dalal

U.S. commercial water heater market to accrue extensive proceeds from the North East central zone, escalating number of facility expansions to expedite the regional landscape over 2019-2025

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In an era encumbered with unpredictable weather conditions, the U.S. commercial water heater market has managed to chart out a lucrative growth map for itself, driven by the escalating product demand across freezing zones. These water heaters indeed, account for one of the topmost energy expenses in the commercial sector. These technologies also find use in cooling and dehumidification applications and possess the potential to minimize energy consumption, that has essentially been the mantra for energy companies and government bodies across the United States.

U.S. Commercial Water Heater Market Size, By Energy Source, 2018 & 2025 (USD Million)
 U.S. Commercial Water Heater Market Size, By Energy Source, 2018 & 2025 (USD Million)

One of the primary factors that’s driving the U.S commercial water heaters market is the collective adoption of renewable energies by several industries across the nation. The country’s latest push toward a 100% renewable future ‘Green New Deal’ also urges the government led efforts to focus more on the causes of climate change and to fund projects that will help communities fight its damaging effects. If the deal happens to pass, its successful implementation would call for the deployment of cleaner energy technologies, investments in energy innovations and access to low carbon energy technologies.

Robust sustainable energy deployment aside, the U.S. commercial water heater market has received rapid momentum from the massive expansion of manufacturing facilities in the region, given the extensive product installation across such units. With the U.S. service industry depicting substantial growth by the day, the number of manufacturing and production facilities in the country is only bound to escalate, which would prove rather beneficial for augmenting the U.S. commercial water heater market trends.

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Citing an instance validating the aforementioned fact, Chemesis International Inc., recently declared that it plans to add an extra 25,000 square feet of manufacturing in Cathedral City, California, which the company aims to complete by Q2 2019. The expansion is likely to demand the installation of several water heaters for industrial purposes, that would majorly contribute toward the growth of the U.S. commercial water heater industry.

Speaking of the regional landscape, it is pivotal to mention that the U.S. commercial water heater market will receive commendable traction from the East North Central zone comprising states such as Indiana, Ohio, Illinois, Wisconsin, and Michigan. This may be majorly attributed to the efforts of the regional government aiming to upscale the businesses across these zones, alongside the expansion of the existing businesses, specifically in the state of Michigan.

Citing an instance of how even companies have been striving to upsurge the potential of the regional commercial water heater market, Fiat Chrysler recently made it to the headlines for having announced that it plans to undertake a major manufacturing expansion in Detroit, converting the Mack Avenue Engine factory to an assembly plant for a new Jeep SUV and the next-gen Jeep Grand Cherokee. The plan, a part of a manufacturing expansion in southeast Michigan worth USD 4.5 billion, aims to add production at five factories in Detroit and nearly 6,500 new jobs. The expansion would generate substantial jobs and pave the way ahead for the installation of water heaters, thereby driving U.S. commercial water heater market from the North East Central zone.

According to the ENERGY STAR summary (water heater programs), 2018, the state of Illinois was known to have registered the maximum budget for water heater programs across the region – estimated to more than USD 10 million to USD 25 million. That said, the support from municipal utilities as well as small-scale cooperatives will also serve to impel U.S. commercial water heater industry share from the North east Central region.

Armed with a fierce competitive spectrum, spanning companies such as Haier Electronics, Rheem Manufacturing, Bradford White, Rinnai Corporation, Havells India Limited, General Electric Appliances, Bosch Thermotechnology, and A.O Smith, the U.S. commercial water heater market is all set for a major upheaval in the years ahead. As per estimates, the U.S. commercial water heater industry size is likely to surpass USD 750M by the year 2025.

Author NameKrithika Krishnan

U.S. gasoline gensets market to record commendable gains over 2019-2025, rising adoption of three-phase products to augment the global industry landscape

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The rising cases of weather-related blackouts along with the surging demand for efficient power backup solutions have fueled gasoline gensets market growth lately. High frequency winds, especially during seasonal storms, usually cause damage to electric utility systems, resulting in service interruptions to large numbers of electricity customers. Such power outages are primarily caused by trees falling on local electricity lines and poles which carry bulk power to long distances. In such scenarios, people tend to rely on backup generators such as portable gasoline gensets to power their commercial or residential electric needs. The product offers simpler installation & operation, affordable power, easier fuel availability, and high portability, factors that will certainly stimulate gasoline gensets industry in the coming years.

U.S. Gasoline Gensets Market Size, By End Use, 2018 & 2025 (USD Million)

U.S. Gasoline Gensets Market Size, By End Use, 2018 & 2025 (USD Million)

It is vital to mention that the residential sector accounted for over 50 percent of the gasoline genset market share in 2018. The product’s compact size and easy installation & maintenance makes it perfect for operating several household appliances or other power requirements during outages. Indeed, a gasoline genset over 1KW can effectively power household appliances like microwave ovens, toasters and other electrical cooking appliances, helping in meal preparation at times of prolonged outage scenarios. The product’s portability also makes it ideal for people camping in remote locations like forests lacking any means of electricity. Escalating severity of weather-related outages and intensifying utility power supply load along with growing consumer demand for backup power solutions will thus drive the gasoline gensets industry growth from residential applications in the years ahead.

Escalating consumer inclination toward buying high power compact gasoline gensets, especially with a power rating of 2kVA-3.5kVA and 3.5kVA-5kVA power rating, will be a major factor driving the industry growth. These units are attached with durable wheels for easier portability, offering users a lightweight, operational suitability, and compact backup solution for required power needs. The product will high power output can easily run several electrical appliances simultaneously for prolonged hours, encouraging their massive adoption.

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Three-phase products to augment the gasoline gensets industry trends

Three-phase gensets are generally installed across commercial environments and for industrial power applications for seamless power backup requirements. The product’s invariable power supply, high flexibility, and appreciable material efficiency feature helps maintain the mains voltage with high accuracy, thus allowing connection to equipments sensitive to voltage changes and spikes. Such generators also supply power to loads with the reactive component up to 65% of the nominal value.

The adoption of three-phase generators will thus help support commercial operations regardless of power outages, further helping avoid financial losses and meeting project deadlines particularly at construction sites. This would in consequence, massively expedite the product adoption, stimulating gasoline gensets industry growth.

Speaking of the regional spectrum, the United States is anticipated to evolve as one of the most significant geographical terrains for the gasoline gensets market. As a matter of fact, the U.S. gasoline gensets industry registered yearly sales of over 1.5 million units in 2018. The rapidly increasing intensity and frequency of weather-related disasters leading to long-lasting outages are expected to boost the product adoption in the region.

According to reports, around 87% of power outages are caused by severe weather in the U.S. affecting over 50,000 customers. The region has witnessed a dramatic increase in power outages in the past few years as Hurricane Sandy, Irene and other major storms had led to extensive damage to power utilities. To be prepared for such scenarios, the region has been increasingly adopting portable and compact gasoline gensets for homes and other establishments to power basic electricity requirements, thereby driving U.S. gasoline gensets industry growth.

Key industry players including Honda, Yamaha Motor, Cummins, Kirloskar, Kohler, Caterpillar, Atlas Copco, John Deere, amongst others, are operating across the global gasoline gensets market and are constantly seeking new technological advancements to offer better customer satisfaction. Companies are also seemingly trying to remain compliant with emission standards, thereby offering energy efficient units and extending their service & distribution networks to attain a competitive position in the gasoline gensets market.

Author NameMateen Dalal

Unveiling the competitive spectrum of diesel generators market: technological advancements to drive the industry landscape over 2019-2025

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The global diesel generators market is poised to witness a remarkable growth curve in the coming years due to inadequate power supply, which is driven by the surge in the demand for continuous and reliable power. Gensets are massively utilized across data centers, transportation and communication systems, pharmaceutical industries, healthcare and manufacturing facilities, and more. In addition, notable investments across construction, mining, and oil & gas sector would further enhance the demand for diesel generators market in the upcoming years.

U.S. Diesel Gensets Market Size, By End Use, 2018 & 2025 (USD Million)
U.S. Diesel Gensets Market Size, By End Use, 2018 & 2025 (USD Million)

The introduction of several government aided ventures for reinforcing the significant expansion of industrialization and infrastructure, will bolster the diesel generators market growth. For example, the rising real estate construction ventures coupled with the ongoing implementation of smart city projects in India have opened huge market opportunities for the manufacturers of generator sets. Similar to this, the enforcement of the 13th Five-year plan of China has appreciably widened the gensets’ deployment potential across a number of industries. With such initiatives from countries across the globe, it is overt that the diesel generators market share will witness an upsurge in the years to come.

Speaking of initiatives, it is vital to mention that governments across the Middle Eastern countries such as the UAE and Saudi Arabia have been undertaking robust moves in a bid to diversify their oil-based economy along with numerous ventures in other industries. The region is also ablaze with a number of massive projects such as the Qatar FIFA World Cup 2022 and the Dubai World Expo 2020 that will quite overtly command the requirement for numerous gensets in order to support the massive construction activities. Powered by extensive regional infrastructure expansion and the rising focus on economic diversification, Middle East diesel gensets market is all set to witness quite some growth over 2019-2025.

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The expansion of the diesel gensets industry can also be credited to the market conglomerates that have been relentlessly striving to augment their product portfolios and bring forth novel products to the market. Prominent companies partaking in the diesel generators market share have also retained focus on technological innovation as well as emissions compliances. However, cost competitiveness and extended service & distribution network have also remained pivotal strategies adopted by companies to enhance their stance across this industry. A gist of contribution by few notable companies in the diesel generators market is mentioned below:

Cummins Inc.

A few days ago, U.S. based Cummins, Inc. was stated to be the first power generator producer to obtain the 2018 International Building Code (IBC) seismic certification, which offers minimum requirements for protecting the public safety, health as well as general welfare of the occupants of existing and new buildings and structures.

The IBC certification guarantees that Cummins generators would remain functional and intact during and after seismic activity. This certification is applicable on a range of Cummins’ products, from 2750 kilovolt-amperes (kVA) to 706 kVA within a standby application product offering of 50 hertz (Hz), and products between 2250 kilowatts (kW) and 603 kW within its 60 Hz offering.

The IBC also governs standby and emergency power systems utilized in structures and buildings covered by the code. It said that the power systems are required to be designed and constructed to be aligned with the National Fire Protection Association (NFPA) 70 standards. Certifications like these will increase the safety and security factor of the product among customers, which in turn will propel the diesel generators market over 2019-2025.

Kirloskar Group

Recently, the Kirloskar Oil Engine Ltd., (KOEL) has introduced a portfolio of its latest products. A range of technologically advanced intelligent diesel generators (DG), known as the i-Green series, was launched by the firm. The product is equipped with a remote control monitoring feature, which would allow monitoring of the set, crossing the barrier of location, along with multiple access of parameters on the control panel via mobile phones.

Furthermore, this set would switch off once the grid power is on, and switch on once the grid power is off, as it comes within a built AMF panel. KOEL’s i-Green range guarantees a new look to the gensets, coupled with a commitment from the company towards a greener environment. Such efforts would drive the demand for new and advanced gensets, which will result in the growth of diesel generators market.

Considering the aforementioned efforts undertaken by notable industry players, it is clear that the diesel generators market would depict significant growth in the upcoming years. The competitive spectrum of this industry is quite diverse, and consists of renowned companies like Mitsubishi Heavy Industries, Atlas Copco, Ashok Leyland, Generac, Caterpillar, Greaves Cotton, Himoinsa, SDMO, Briggs & Stratton and Wärtsilä among others..

Author NameSaurav Kumar

Unveiling medium voltage (MV) switchgear market trends from the application terrain: global industry valuation to surpass US$50 billion by 2025

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The MV switchgear market has, of late, been experiencing appreciable growth on account of the rising electricity demand along with the increasing need for effective power transmission & distribution (T&D) control systems. An influx in the concerns associated with fire, electricity supply faults, health and various related hazards aligned with the lack of efficient electrical network across a number of emerging regions will the steer the growth of this industry in the upcoming years. Indeed, the safe and reliable operations, cost effectiveness and ease of installation of the products are also some of the notable parameters which will favor the business outlook of MV switchgear market in the years to come.

Medium Voltage Switchgear Market, By Voltage, 2018 & 2025 (USD Million)
Medium Voltage Switchgear Market, By Voltage, 2018 & 2025 (USD Million)

The increasing demand for energy, which is complemented by the consumer’s positive inclination toward renewable electricity infrastructure will further propel the landscape of MV switchgear market in the predicted timeline. The growth of this industry can also be attributed to the ongoing suburban migration along with the favorable regulations enforced by the regional governments. These regulations have been suitably mandated to ensure a safe and healthy livelihood for residents, which has resulted in the urbanization and commercial expansion across the globe. In addition, an incessant growth in the demand for peak loads across developing nations has pushed utilities and installers to upgrade and upscale flexible electricity supply components for reinforcing reliability and grid security.

In essence, the increasing demand for energy supported by the growing need for an efficient power distribution infrastructure will drive the MV switchgear market in the ensuing years. The product finds ample deployment across a slew of applications, a brief of which has been enumerated below:

MV switchgear industry trends from the residential sector:

The residential sector is estimated to be a viable revenue stream for MV switchgear market, due to the  rising population coupled with increasing residential infrastructure across the globe. The product, on account of its ability to reduce the incidences of fire accidents and electricity supply faults, is extensively deployed across a number of households and residential properties. Given the massive demand for switchgears across numerous residential establishments, the global MV switchgear sector is slated to witness a notable rise in terms of revenue from residential applications in the years ahead.

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Citing an instance of the contribution of administrative bodies toward impelling MV switchgear market share from residential applications, it is pivotal to mention that the Indian Government, in conjunction with the governments of the respective states, has been highly proactive in undertaking initiatives to encourage the residential development in the nation. One of the major initiatives is the ‘Pradhan Mantri Awas Yojana (PMAY)’, under which over 6.85 million houses have been sanctioned up till December 2018.

Additionally, under PMAY, around 1,427,486 houses have been sanctioned in 2017-18. The construction of additional 3,21,567 affordable houses was sanctioned in March 2018, under this scheme. The rising number of household setups will drive the demand for MV switchgears owing to the parameter of safety from electricity supply faults and fires, which in turn will propel the growth of MV switchgear market from residential applications over 2019-2025.

MV switchgear industry trends from the commercial sector:

The commercial sector will come up as a prime application avenue for MV switchgear market in the forthcoming years. The robust expansion of the healthcare sector across the globe and the developments prevalent in the educational sector will prove to be the chief growth impetus for the MV switchgear industry from the commercial sector. Another factor which will extensively boost the industry share from commercial applications is the robust increase in the number of office establishments and manufacturing hubs across the globe.

Expenditure in commercial building construction, globally, is forecast to jump 8.9% to $482 billion in 2020, claims the Construction Economic Forecast analysis 2018. The expansion of the healthcare, education, recreation, office and manufacturing sectors is anticipated to support this growth. Furthermore, the healthcare industry is currently witnessing a turbulent global transformation. As the healthcare industry expansion escalates, there will be a spike in the demand for better healthcare infrastructure. Global healthcare costs, which are currently estimated between US$6 – US$7 trillion, are projected to jump to over $12 trillion in just seven years. The growing investments in the healthcare sector would thus escalate the growth of MV switchgear market in the forthcoming years.

Powered by an extensive application spectrum, it is quite overt that the MV switchgear market would amass renewed traction in the upcoming years. For the record, the MV switchgear market size is predicted to cross a valuation of US$50 billion by 2025.

Author NameSaurav Kumar

Two major trends propelling the U.S. VFD market: expanding EV sales to drive the regional industry growth over 2019-2025

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The U.S. variable frequency drive (VFD) market is projected to consolidate itself into an extremely lucrative investment avenue over the forthcoming years owing to the growing environmental concerns. Additionally, apart from receiving a sizable boost from the environmental preservation activities, the introduction of numerous standards & directives by local governments pertaining to the issue of utilizing energy in a more efficient manner is also expected to turn the U.S. marketplace into an avenue that would be immensely conducive for the overall growth of the nation’s VFD market. Moreover, rising industrialization and the ongoing urbanization trends would also be augmenting the industry landscape.

U.S. Variable Frequency Drive Market Size, By Power Range, 2018 & 2025 (USD Million)
U.S. Variable Frequency Drive Market Size, By Power Range, 2018 & 2025 (USD Million)

Furthermore, several technological enhancements coupled with increasing energy optimization demands across the nation’s electrical components, while promoting the adoption of micro power drives, have been responsible for fueling U.S. VFD market. These units facilitate precise control over the speed & torque with compact size, limited maintenance & high efficiency, which effectively eliminates the hesitancy factor that previously prevented OEMs from adopting VFDs for their electric systems.

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U.S. VFD market | Impact of the modernization of the nation’s natural gas industry

The U.S. shale industry has been experiencing a significant surge in production rates in recent years. In fact, a 2018 report by Forbes highlights an ongoing trend where the U.S. Energy Information Administration (EIA) has been continually increasing its 2019 natural gas production projection. In September of 2018, the EIA’s National Energy Modeling System upped its 2019 shale gas production forecast by more than 6.3% or 5.3 Bcf/d. The rig count in 2018 across the U.S. was pegged at approximately 198 with natural gas production at approximately 87 Bcf/d.

This increasing production rate is slated to be extremely beneficial for the U.S. VFD market owing to the ongoing modernization of the natural gas industry wherein the gas-assisted glycol pumps, that are extensively used across the industry, are being replaced by electric pumps. According to the U.S. Environmental Protection Agency, gas-assisted circulation pumps are the most commonly used pumps across the industry. However, in an effort to improve their operating efficiencies & reduce their emissions in a significant manner, enterprises are replacing their gas-assisted circulation pumps with electric pumps, which owing to their efficient VFD-powered operations, could save the operator more than $21,000 worth of gas on a yearly basis, thereby driving the U.S. VFD industry expansion.

U.S. VFD market | Impact of increasing electric vehicle sales across the U.S.

Owing to innovative technological advancements, electric vehicle (EV) sales have been witnessing a sharp upward trend in recent years. This increased demand, while driving electric vehicle production, has also been responsible for fueling the regional VFD market growth. The technological advancements have successfully turned EVs from a concept & novelty product to a serious contender that would be giving serious competition to the conventional internal combustion engine (ICE) powered vehicles.

According to a 2018 report by Edison Electric Institute (EEI), in the years between 2011 & 2018, the number of EVs running on roads across the U.S. has gone from zero to approximately 890,000. In the first two quarters of 2018, approximately 124,000 EVs were sold across the U.S. alone, up by about 40% when compared to the 2017 numbers.

While environmental factors & cheaper operating costs were initially responsible for driving industry demands, according to a report by the Union of Concerned Scientists, much of the recent increase in sales is being chalked up to the launch of new models with Tesla leading the charge with the launch of the Model 3, which notched more than 22,000 vehicle registrations in the first two quarters of 2018. Owing to the presence of industry leaders such as Tesla and Ford, the region’s EV market has been rapidly expanding, a fact that is slated to drive the U.S. VFD market to new heights over 2019-2025.

Attributing to these aforementioned trends, it is overtly clear that the U.S. VFD market has primed itself to attract exponential amount of growth over the coming years. The projection is further supported by a recent research report by Global Market Insights, Inc., which expects the U.S. VFD market to surpass the $3 billion renumeration mark by 2025.

Author NameSaif Ali Bepari