In terms of revenue, the Global Variable Frequency Drive Market is expected to reach USD 26.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 4.30% from 2022 to 2028.
Escalator applications have made extensive use of VFDs coupled with regenerative line units. VFD research is currently shifting toward providing industry-specific solutions to lower costs and reduce operating downtime, sparking a wave of innovations from manufacturers. 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.
Key Highlights from Report
· 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, 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.
· 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.
· The Asia Pacific is estimated to dominate the market in 2021. The need for energy-efficient appliances has increased along with rising appliance demand brought on by expanding infrastructure and structures. Additionally, governments are promoting energy efficiency by cutting energy costs and using technologically advanced technology.
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.
North America is expected to register the highest growth in the market during the forecast period. This region is a major hub for advanced technologies and is known for early adopters of technologically sound products. Factors such as the large presence of leading players, increasing awareness regarding Variable Frequency Drive solutions, and increasing demand for Variable Frequency Drive technology are accelerating the growth of the Variable Frequency Drive Market in this region.
The Global Variable Frequency Drive Market is Segmented as follows
- Drive Type
- AC Drive
- DC Drive
- Servo Drives
- Voltage Range
- Low Voltage
- High Voltage
- Application Type
- End Use Applications
- Other End Uses
- End Use Industry
- Oil & Gas
- Food Processing
- Mining & Metals
- Pulp & Paper
- Other Industries
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Variable Frequency Drive Market is
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.
The Global Variable Frequency Drive Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis