Low voltage (0-690V) is a range of electric potential. Low voltage electricity does not have the ability to cause severe burns or kill instantly, like higher voltages do. The low voltage electricity can go through the body without causing any harm. However, it can still cause serious injuries if enough of it is applied to the body for a short period of time.
The growth factor in VFD market includes two major factors which are increasing demand from developing countries.
The medium voltage (690V-3000V) is used in variable frequency drives (VFDs) to increase the power factor. The VFDs are widely used in industries such as paper, chemicals, food and beverages, pharmaceuticals manufacturing and others. It helps to regulate the speed of a motor which varies with load demand by changing the frequency of its electrical signal.
The market is segmented based on application into pumps, fans, compressors, conveyors, and other applications. The pumps segment accounted for the largest share in 2016 owing to the high demand for water treatment and a growing population across the globe. Pumps are used in various industries including oil & gas; chemical; food & beverage; pulp & paper; mining; water treatment among others.
The industry has witnessed significant growth over the past few years owing to technological advancements coupled with economic rationalization of energy consumption across numerous end-use sectors globally. Technological developments such as digital control system that allows flexible adjustment of operating parameters such as frequency and voltage have further accelerated product adoption across various industries globally thereby contributing significantly towards global VFD (variable frequency drives) market growth over recent years.
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to increasing industrialization and rising product demand from various end-use industries in emerging economies, such as China, India, and Japan. Moreover, growing infrastructure development activities in this region will drive product demand further.
The Middle East & Africa is also likely to witness significant growth over the next eight years owing to rapid developments taking place in its oil & gas industry. In addition, increasing government spending on infrastructural development activities will boost VFD installations across numerous sectors including water treatment plants and elevators for construction sites/offices/shops etc., thereby driving overall market growth across this region as well.
