The business space, as it is observed lately, has paved a distinctive transition from traditional product design to smart models. In this regard, predictive maintenance is standing out across the supply chain of variable frequency drive market. With the rising integration of IoT in various industrial domains, the prerequisite requirement of manipulating the humongous volume of data received from machines into business intelligence becomes more important. Since VFDs help in simplifying these to and fro flow of information from machinery to engineers, it can be profoundly stated that variable frequency drive market has experienced a plethora of opportunities swayed by the IoT wave.
In fact, it has encouraged manufacturers to break the conventional mold of social network and inclining toward Ethernet. In addition, complex communication strategies that are existing nowadays are also complementing the renewed variable frequency drive market outlook, as these devices are extensively deployed to maintain comprehensive reports on power output, production rate, downtime etc.
Speaking of the significant events that has left a mark in the competitive terrain of variable frequency drive market, General Electric’s strategic collaboration with SEW-Euro drive is certainly worth mentioning. For the records, the partnership centered around integrating SEW-Eurodrive’s VFDs into General Electric’s Automation & Controls’ PAC Motion advanced product line. As per experts’ opinion, this tie up also brings to light a rather pivotal factor – how collaborative approaches have been a stepping stone in diversifying the product landscape of VFD marketplace. Reportedly, through this deal, both the giants aim to provide complimentary solutions for drive & controller-based motion control for discrete as well as process applications.
Considering the aforementioned trends, it can be authentically stated that variable frequency drive market is on its way to explore a slew of opportunities on a global scale. Implementing these drives not only assures an efficient AC motor operation, but also is claimed to be a viable investment in terms of environmental health. Of course, the industry’s full potential can only be achieved via joint efforts from both governmental bodies and private sectors. All in all, by virtue of the shifted focus toward optimized energy utilization, variable frequency drive market size is forecast to exceed a valuation of USD 19 billion by 2024.