Middle East Variable Frequency Drive Market Overview:
Variable frequency drive is a type of motor controller that is opted for driving the motor by varying its frequency. The necessity for adjusting speed to enhance system efficiency, match the speed of the drive to the process requirements are driving the VFD market. Further, rising demand for energy efficient systems across every end-user industry is propelling the growth of VFD across the region. Manufacturer in these ecosystems is continuously evolving their products, including a multitude of features and innovations to provide energy efficient products to sustain in the market. Building automation is also one among the key industry utilizing variable frequency drive market. Moreover, the rise in population, an expanding economy along with changing climatic conditions will lead in demand for electricity consumption which in turn will increase the demand for variable frequency drives as they are extensively used in electric motors. Also, the government emphasis on power generation from clean energy will further fuel the growth of VFD market in the region. Middle East Variable Frequency Drive market
is projected to grow with CAGR of 5.05% from $103.38M in 2017 to $138.94M in 2023 during the forecast period of 2018-2023.
Middle East Variable Frequency Drive Market Outlook:
The population of the world is anticipated to increase by 1.9 billion by 2040 according to the International Energy Forum, hereafter, the expansion in energy consumption will be increased by roughly 5000 million tons of oil equivalent. The energy consumption by increasing demand for an electric device that can conserve energy, enhance the process control and optimize the operation of various applications will increase the demand for energy. Furthermore, Government initiatives for energy efficiency and smart cities are boosting the growth of the smart homes market and concurrently the adoption of variable frequency drive market. According to the International Trade Administration, the urban construction sector in Dubai region has more than 3,200 active projects resulting in the estimated value of $425 billion in the year 2018. Building automation in the Middle East for VFD market will grow at a CAGR of 6.99% during the forecast period of 2018-2023.
Wastewater treatment industry in the Middle East has a tremendous importance due to the water scarcity, variable frequency drives enable pumps to accommodate the fluctuating demand by running these pumps at a lower speed and thereby consuming less amount of energy. The wastewater treatment of VFD market is estimated to reach the value of $13.79M by 2023 with the CAGR of 7.27% during the forecast period of 2018-2023. Moreover, In Industrial and automation process a significant number of electrical devices are deployed in the system for motion control applications and assembled with several types of motors and control systems for controlling the rotation of the motor shaft, which has huge scope for driving the growth of VFD market.
Middle East Variable Frequency Drive Market Growth Drivers: Consumption of electricity in the Middle East region for building automation in commercial, as well as the residential purpose, depicts very high. Adoption of VFD in this region will improve the efficiency of motor-driven equipment and simultaneously require low maintenance costs. On the other hand, investment in machinery and equipment for manufacturing sectors in food & beverages products, basic materials and, manufacture fabricated materials is increasing. It amounts to 76% of the total investments made in the industrial sector, which will increase the demand of VFD because of extensive use in various applications such as conveyor belts, fans, pumps, and compressors.
Middle East Variable Frequency Drive Market Challenges: Electrical interference is limiting the growth of variable frequency drive. Variable frequency drives need special cables to avoid interference that increases the cost of the complete VFD. Few special motors are also employed with this to prevent damage from high voltage spikes which is adding the cost of variable frequency drives. Moreover, installation of frequency drives requires a significant space thus add cost and complexity in the environment.
Middle East Variable Frequency Drive Market Research Scope:
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Middle East Variable Frequency Drive Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of voltage and power range in Middle East Variable Frequency Drive Market, and their specific applications and end users.
Middle East Variable Frequency Drive Market Report: Industry Coverage
Voltage Range: Single Phase, Three-Phase
Power Range: Single Phase, Three-Phase
Application for Middle East Variable Frequency Drive: Actuators, Fans, Pumps, Extruders, Compressors, Conveyors, Cranes, and others
End-User of Middle East Variable Frequency Drive: Building Automation, Food & Beverage, Chemical & Petrochemicals, Mining and Metals, Pulp and Paper, Oil & Gas, Automotive, Water/waste water treatment, and others
The Middle East Variable Frequency Drive Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The countries covered in the study include:
- Middle East: UAE, KSA, Kuwait, Oman, Qatar, Lebanon, Jordan, and Others
Middle East Variable Frequency Drive Market Trends:
- In order to upgrade the infrastructure and meet the requirements of increasing population in Saudi Arabia, the government is working on few major projects such as King Abdullah Economic City in the construction sector, Jeddah Public Transportation Program and Riyadh Metro to increase the infrastructure. The ongoing major projects in the country is a huge potential for the implementation of variable frequency drives.
- Airport expansion in Middle East region of Abha regional airport, King Abdullah bin Abdulaziz airport and King Khalid international airport will be resulting in an increase in the demand for HVAC systems which in turn increases the demand for variable frequency drives.
- Ministry of Electricity & water of Kuwait has laid out an energy conservation program in 2014 according to this all the fan motors of cooling towers irrespective of their sizes and locations have to be equipped with variable frequency drives in order to minimize water consumption and optimize power utilization. This resulted in increased adoption of VFD in various industry and significantly boosted the growth of VFD market in the country.
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