Variable Frequency Drive Market Is Likely To Up Demand At A USD 39.66 Billion By 2030
San Francisco, 29 Dec 2023: The Report Variable Frequency Drive Market Size, Share & Trends Analysis Report By Product Type (AC Drives, DC Drives, Servo Drives), By Power Range, By Application, By End Use, By Region, And Segment Forecasts, 2023 - 2030 The global variable frequency drive market size is expected to reach USD 39.66 billion by 2030 registering a CAGR of 5.6%, according to a new study by Grand View Research, Inc. The rapid development of semiconductor technology and rising consumer awareness of the benefits of energy-efficient products are two factors anticipated to fuel the expansion of the market. Similarly, the rising energy demand worldwide and the use of variable frequency drives (VFDs) to regulate the flow and speed of the fan to prevent energy loss are anticipated to promote the growth of the global market in the years to come. More than 90% of the energy expended in the U.S. is used by residential refrigeration and HVAC systems equipment. VFDs aid in managi