Research Methodology on Variable Frequency Drive Market
Introduction
Research methodology is the approach taken, by the researchers, for completing a planned research. The methodology points to the choice of general and specific methods used by the researcher while aiding the research process. Market Research Future (MRFR) is a market intelligence company that provides in-depth information about the global Variable Frequency Drive (VFD) market. The report that is discussed in this report studies the current and future perspectives of the VFD market.
For a detailed understanding of the Global Variable Frequency Drive Market, MRFR adopted a healthy combination of secondary and primary research. The research involved collecting data from a wide variety of sources such as company annual reports, industry white papers, and interviews conducted with industry professionals and technical experts in the Variable Frequency Drive industry. These professionals and experts provided an in-depth perspective to the report and provided information on the current market conditions and future market trends.
Objectives of the Report
The report aimed to achieve the following objectives:
- To identify and analyze the global Variable Frequency Drive market, by type, power rating, application, end-use industry, and region.
- To analyze the market potential for VFTs in terms of value and volume.
- To estimate the market size for VFTs for the five key regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
- To provide company profiles of the major players in the Variable Frequency Drive market
Research Design
The research design for this report comprises both primary and secondary research.
Primary Research
The primary research was conducted to collect data from individuals and companies in the Variable Frequency Drive market that included industry experts, key opinion leaders, suppliers, resellers, and vendors. Primary research activities included face-to-face and online surveys, interviews, and personal visits.
Secondary Research
Secondary research was conducted to understand the existing market trends and to identify the potential opportunities and challenges in the market. Secondary research sources included periodicals, paid resources, brochures, and industry databases. The secondary sources, together with other primary research sources, enabled the researchers to gain a 360-degree perspective of the market.
Market Taxonomy
By Type
- AC Variable Frequency Drives
- DC Variable Frequency Drives
- Servo Variable Frequency Drives
- By Power Rating
- Less than 3 kW
- Between 3 – 15 kW
- Between 15 – 300 kW
- Above 300 kW
- By Application
- Pumping
- Compressing
- Heating
- Cooling
- Ventilation
- Others
- By End-use Industry
- Oil & Gas
- Water & Wastewater
- Food & Beverages
- Buildings & Commercial Spaces
- Automotive & Transportation
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Data Collection Approach
To generate reliable and trustworthy insights into the Global Variable Frequency Drive Market, MRFR adopted a combination of primary and secondary research.
The secondary data mainly included official company websites, industry journals, whitepapers, press releases, and investor presentations. The primary research activities included interviews with industry experts, key opinion leaders, industry players, and domain experts. The robust primary and secondary research focused on facts and figures applicable to the overall VFD market.
The data collected from the research was exhaustively analyzed using various research techniques based on market segmentation. The analysts examined the collected data to gain meaningful insights into the global Variable Frequency Drive Market. The key findings from the research have been included in the report, which focuses on landmark developments in the industry.
Analysis Methodology
The market analysis was conducted using a combination of top-down and bottom-up approaches. The top-down approach was used to understand the overall market size and the bottom-up approach was used by the team to assess the individual market size across different segments, regions, and end-use industries.
The analysts at MRFR leveraged top-tier technology tools to analyze the global Variable Frequency Drive market. The statistical analysis focused on forecasting the competitive landscape of the market from 2023 to 2030. After analyzing the primary and secondary data, market trends and developments were identified. The findings were further validated by analysts in the field to obtain better market insights.
Data Validation
The data validation process was primarily conducted using a triangulation method. The data validation process involved using various sources, including experts and key opinion leaders, to validate the collected data. The validation process involved a comparison of the triangulated data with the primary and secondary data.
The research process also included a comparative analysis of the historical data to validate and assess key drivers and restraints. The team of analysts also utilizes statistical and mathematical models to generate reliable and accurate insights that can help investors to make well-informed decisions.
Assumptions
MRFR assumed certain parameters during the research process. The projected CAGR was considered a probable average annual growth rate that can be achieved by the market during the forecast period. The report also assumed primary and secondary research to be based on unbiased and accurate data.
