Global Variable Frequency Drive Market is valued at USD 20.86 Billion in 2022 and is projected to reach a value of USD 29.24 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.30% over the forecast period.
The market is expected to grow because of the increasing adoption of connected devices across a variety of industries, including the commercial, industrial, and residential sectors, as well as the rising demand for variable frequency drives (VFDs) due to their advantages, including adjustable speed, dynamic torque control, and energy-saving, from industries like power generation, automotive, and oil & gas. Energy-efficient items are being adopted due to the strict rules being implemented by governments global to reduce the environmental impact of CO2 and conserve energy. They also want to reach energy efficiency and CO2 emission targets to cut greenhouse gas emissions. The industrial and manufacturing sectors are expanding quickly due to rapid industrialization in developing nations, supporting the demand for variable frequency drives. Like the power generation industry, which uses variable frequency drives to start huge motors smoothly and continuously alters speed as necessary, they are frequently used in this industry. The industrial and infrastructural industries are increasingly using variable frequency drives. Cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment are major industries that use variable frequency drives. Conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, coolers, cooling tower fans, grinders, crushers, and chippers are among the devices that can use variable frequency drives. Costs are greater at each stage of the variable frequency drive. Equipment, installation, operation, and quality maintenance are more expensive. This element has been a significant market restriction.
Variable Frequency Drive Market Size, 2022 To 2030 (USD Billion)
The Variable Frequency Drive market is segmented on the Drive Type, Voltage Range, Application Type, End Use Applications, End Use Industry, and Region. The market is segmented as AC Drive and DC Drive based on the Drive Type. In addition, based on the Voltage Range, the market is further divided into Low Voltage and High Voltage. Moreover, based on the Application Type, the market is further segregated into Standard, and Regenerative. Additionally, based on the End Use Application, the market is further bifurcated into Pumps, Fan, Compressor, Conveyor, HVAC, and Other End Uses. In addition, based on the End Use Industry, the market is further divided into Oil & Gas, Food Processing, Automotive, Mining & Metals, Pulp & Paper, and Other Industries. Likewise, based on the Region, the market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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Based on Voltage Range
Low voltage category dominated the market in 2021
Based on voltage range application, the market is segmented into low voltage and high voltage. The low voltage segment holds the largest share in the market during the forecast period. Low Voltage is anticipated to be the largest and fastest-growing segment. Numerous devices, including centrifugal pumps, fans, belt conveyors, pumps, and compressors, use low voltage variable frequency drives. These are numerous applications. Therefore, it is anticipated that widespread usage of low voltage frequency drive-in industry verticals and rising expenditure on R&D activities will aid the segment's dominance of market expansion.
Based on Drive Type
Ac drive category dominated the market in 2021
Based on the Drive Type, the market is segmented as AC drive and DC drive The Ac drive segment is anticipated to grow at the highest rate during the forecast period. This growth can be attributed to the advantages of AC drives, such as their high power, the comparative ease of installation, and low maintenance requirements. In the water and wastewater treatment, metals & mining, and oil & gas industries, AC Drive is mostly utilized to regulate the motor's speed. Conveyors, mills, grinders, crushers, fans, and blowers are a few examples of machinery businesses in the metals and mining sector that need AC drives. As a result, the industrial sector's quick growth is driving up demand for AC drives, which is expected to assist the segment's growth.
Based on Regional Analysis
Asia Pacific is expected to dominate the growth of the market during the forecast period.
The Asia Pacific region is anticipated to hold a significant portion of the market. Because China and India are regarded as industrial hubs, Additionally, there is a significant industrial and commercialization occurring in these nations. As a result, the growth of the industrial sector, infrastructure investments, and the government's increasing emphasis on energy efficiency across various industries are some key drivers anticipated to fuel the region's market for variable frequency drives. There has been a rising demand for electricity and renewable power production options in the area as the number of industries has grown over the past several years.
The key players in the Variable Frequency Drive Market includeABB Ltd, Siemens AG, Danfoss A/S, Rockwell Automation, GE Energy Power Conversion, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Emerson Industrial Automation, Fuji Electric Co. Ltd, Johnson Controls Inc., Eaton PLC, Hitachi Ltd. and more.
· In July 2021, ABB’s medium voltage drives provided an energy-efficient pumping in a major desalination plant, Saline Water Conversion Corporation ‘s (SWCC) water treatment plant based in Jubail, Saudi Arabia. The plant used ABB ‘s digitally enabled-ACS2000 medium voltage variable speed drives (VSD) to reduce energy consumption.
· In June 2021, Eaton launched the Power DM1 micro Variable Frequency Drive for end-users within the industrial and commercial sectors.
Segmentation of Variable Frequency Drive Market
- Drive Type (AC Drive, DC Drive, Servo Drives)
- Voltage Range (Low Voltage, High Voltage)
- Application Type (Standard, Regenerative)
- End Use Applications (Pumps, Fan, Compressor, Conveyor, HVAC, Other End Uses)
- End Use Industry (Oil & Gas, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Other Industries)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- ABB Ltd
- Siemens AG
- Danfoss A/S
- Rockwell Automation
- GE Energy Power Conversion
- Toshiba International Corporation
- Schneider Electric
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Emerson Industrial Automation
- Fuji Electric Co. Ltd
- Johnson Controls Inc.
- Eaton PLC
- Hitachi Ltd.
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