With the world population projected to reach 1.9 billion by 2040, there will be an increase in energy consumption. Growth in energy consumption can be controlled by the rise in the usage of electric drives in the Middle East region. These drives conserve less energy and improve the process control along with providing optimized operations across varied applications such as power generation, oil & gas, HVAC control system and mining & metal. Owing to ample opportunities, the [FURL=https://www.industryarc.com/Report/18178/middle-east-variable-frequency-drives-market.html]]Middle East Variable Frequency Devices (VFDs) market[/FURL] size is estimated to reach $138.9m by 2023. With rampant energy consumption due to infrastructural developments in the region, the Middle East VFD market is projected to grow with a CAGR of 5.05% throughout the forecast period 2018-2023.Download Sample Report @ [FURL]https://www.industryarc.com/pdfdownload.php?id=18178[/FURL]
The Middle East Variable Frequency Drives (VFD) Market: Leading Segments
Application of VFD is growing at a faster pace especially in the building automation systems, at a CAGR of 6.99% through to 2023. Growing number of construction projects, particularly villas and apartments in Riyadh are fuelling the adoption of VFDs in a wide range of applications including escalators, lifts, heating, ventilation and cooling equipment. Additionally, government initiatives for energy-efficient smart cities is boosting the use of VFDs. Smart cities initiatives such as Saudi-Arabia plan to build a new city named “NEOM” and inauguration of smart city in Riyadh by Networking Company Cisco is boosting the growth of the smart homes market and positively impact the future of VFD sales in gulf countries. Smart cities with connected lifestyle demand for internet of things, and artificial intelligence along with the new building constructions. Moreover, the necessity for the deployment of VFDs in the existed infrastructure of the building and also in the new constructions, is creating a significant number of opportunities for the growth of the VFDs market.
Middle East VFDs Market: Driving Factors
Swift from conventional low harmonics topologies to active switching topologies has highly influenced the VFD demand in the Middle East. Mitigating current harmonics specifically in Saudi Arabia, UAE, and Qatar are creating new opportunities for the VFD market.
Residential and commercial sectors of the middle east region consume almost 50% of the total electricity. Thus, this situation demands for energy efficient systems in these sectors in order to minimize the energy consumption. Hence, these factors has been contributing for a wide range adoption of VFDs in the Middle East region. Integration of VFD increases the efficiency of motor driven equipment, coupled with low maintenance cost and minimal energy consumption of devices.
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