Variable Frequency Drive Market Analysis with Growth Forecast 2022-2030
Market Synopsis The data analysts at Market Research Future Reports (MRFR) have revealed that the global variable frequency drive market is projected to record a CAGR of 6.3% during the assessment period. The increasing demand for energy-efficient equipment is estimated to drive the global variable frequency drive market 2020. Besides, the growing infrastructure and buildings have resulted in a rise of appliances which will propel the market. Also, the government of various countries are encouraging the usage of energy-efficient equipment which are technically advanced and are low-cost. Furthermore, the benefits of VFD such as low motor starting current, energy savings, easy installations, managing the equipment at several speeds, operations at high power factor, and others are likely to propel the market. Moreover, the increasing industrialization and the rising construction of infrastructure is predicted to play a pivotal role in market expansion. However, the spread of COVID-19