Future Prospects of Global Laboratory Proficiency Testing Market

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Laboratory Proficiency Testing Market  The global Laboratory Proficiency Testing Market is estimated to be valued at US$ 1.29 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Laboratory proficiency testing involves evaluating the performance of laboratories for a given scope of testing through inter-laboratory comparisons. It helps assess the quality and competence of laboratories by determining reproducibility and accuracy of test results. Proficiency testing products are used by laboratories to determine method validity and accuracy, and improve testing processes. Market Key Trends: One of the major trends in the laboratory proficiency testing market is the growing number of accredited medical laboratories. Accreditation assures compliance with ISO 15189 and ISO/IEC 17025 standards, which require participation in proficiency testing programs. Accordi
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Variable Frequency Drive Market Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Variable Frequency Drive Market
Variable Frequency Drive Market


A variable frequency drive (VFD) is a type of motor controller that regulates the frequency and voltage of the power supply to an electric motor. The VFD can also control the ramp-up and ramp-down of the motor during start and stop. VFD is also known as variable frequency drive, adjustable speed drive, inverter AC drive, and Microdrive. VFDs are most commonly used to control fans, pumps, and compressors, accounting for 75 percent of all drives in use globally. They are commonly used in the HVAC industry.

The VFD in a VFD-equipped system adjusts the speed of one or more motors based on the system load requirements and operation schedule, resulting in significant energy savings. It is used in a wide range of industries, including oil and gas, power generation, infrastructure, and mining. These drives are now combined with software solutions that provide digital monitoring, increasing overall efficiency. ABB, the market leader, offers software solutions under the ABB Ability brand.

 

COVID-19 Impact on the Global Variable Frequency Drive Market

The COVID-19 pandemic has hampered global variable frequency drive market growth by significantly reducing demand for variable frequency drives. Governments around the world were forced to curtail business activities in order to limit the spread of the coronavirus. Furthermore, companies in various geographies were forced to close their manufacturing facilities and services as partial or full lockdowns were imposed to contain the pandemic. This resulted in higher raw material procurement costs due to supply shortages, which ultimately resulted in order closure delays. As a result, the pandemic has had a short-term negative impact on demand for variable frequency drive. 

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