BG Energy Solutions welcomes a new report from BSRIA, which says that the size of the global market for Variable Speed Drives (VSD) in 2013 was $839.4 million.
With the market driven by legislation and increasing awareness of energy efficiency, it is forecast to grow to be $1081.2 million in 2018.
In 2013 the largest region was Europe with a total sales figure of $304.2 million. Despite already being the largest region, Europe is forecast to grow to around $390 million by 2018, driven by an EU Directive on Energy Efficient fans. Europe will remain the largest region despite a general slowing down in the HVACR market. The route to market in Europe is also likely to change as the market develops with a move towards the OEM channel.
The highest growth rate will be witnessed in Latin America due to the current small market combined with a higher growth rate in the economy driving a growth in the HVACR markets. Although the penetration rate in the market may suffer as there is no legislation to drive growth, it is anticipated that there will be a large energy retrofit demand.
The BSRIA report forecasts that growth in the Asia Pacific will slow in line with a reducing growth in the construction industry in the region, with the total sales growing from $198.3 million to a forecast figure of around $245 million by 2018.
The North American market is forecast to see a CAGR of 5.7% between 2013 – 2018. The market in 2013 recorded sales of $278.3m. The market currently sees the majority of the product sold direct, however like Europe there will be an increasing trend towards the OEM channel. With an established property market in the North American market there will be a large energy retrofit demand.
To read the original press statement from BSRIA click here https://www.bsria.co.uk/news/article/global-variable-speed-drives-vsd-market-to-grow-by-288-between-2013-2018/