The ‘Global Variable Frequency Drive Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global variable frequency drive market, assessing the market on the basis of its segments like types, voltage types, power ratings, applications, end-uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Variable Frequency Drive Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): USD 22.3 Billion
• Forecast CAGR (2024-2032): 6.1%
• Forecast Market Size (2032): USD 31.7 Billion
A major factor driving the global variable frequency drive market is its implementation of electric motors to reduce the consumption of energy. VFDs can increase or decrease the load on an electric motor depending on the requirement to ensure there is no energy wastage.
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The increased consumption of electricity in industrial and residential infrastructure is another important factor that fuels the market growth. VFD can be utilised in appliances such as compressors, fans, or pumps to regulate power consumption. Moreover, the demand for sustainable energy solutions also promotes the usage of VFD in general-use appliances for households and office spaces.
The growing usage of AC drives for managing the speed of motors in several sectors also influences the global variable frequency drive market. Additionally, the compact size and cost-effective nature of AC drives also make them a preferable option for various sectors.
The surge in the demand for low-voltage frequency drives further promotes the market growth as they provide enhanced control over starting, stopping, and managing the speed of electric motors. Moreover, they can be used in general as well as industry-specific appliances, which also boosts their demand. Meanwhile, VRD with micro power rating is also expected to witness a significant demand due to their simpler design and ease of installation.
Variable Frequency Drive Industry Definition and Major Segments
Variable frequency drive, also referred to as variable speed drive or adjustable frequency drive, is a motor controller which can optimise the drive of an electric motor by varying its frequency and voltage. It improves the efficiency and proper functioning of a motor by monitoring the overall load on it.
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On the basis of type, the market is classified into:
• AC Drive
• DC Drive
• Servo Drive
Based on voltage type, the market is categorised into:
• Low
• Medium
On the basis of power rating, the market is segmented into:
• Micro (0-5 kW)
• Low (6-40 kW)
• Medium (41-200 kW)
• High (>200 kW)
Based on application, the variable frequency drive market is divided into:
• Pumps
• Conveyors
• Fans
• Compressors
• Others
On the basis of end-use, the market is segmented into:
• Oil and Gas
• Industrial
• Power
• Infrastructure
• Others
Based on region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Variable Frequency Drive Market Trends
A key trend propelling the growth of the global variable frequency drive market is the growing implementation of VFD in the oil and gas sector. Variable frequency drives enhance the safety, reliability, and energy efficiency of various components and equipment deployed in the oil and gas sector.
Market players are also developing advanced technological methods to improve the efficiency of VFDs. Manufacturers are now designing VFDs that can monitor the heat sink temperature to provide the required cooling. Moreover, market players are increasingly integrating enhanced sleep features, which facilitate shutting off the drive when it is not in use.
Increasing investment in alternative fuel vehicles (AFV) due to the rising demand for sustainable energy sources also provides various opportunities for the market for variable frequency drive. Moreover, VFD is also implemented in HVAC systems of large buildings to control the power consumption. Several government initiatives and policies aimed at energy conservation further favour the market.
The Asia Pacific accounts for a sizeable share of the global variable frequency drive market owing to the robust growth of the oil and gas sector, coupled with the usage of the product in improving energy efficiency. Additionally, the growing electricity rates in developing economies also bolster the demand for VFD to reduce energy consumption.
Key Market Players
The major players in the global variable frequency drive market report are:
- ABB Ltd.
- Siemens AG
- Danfoss
- Schneider Electric SE
- General Electric
- Hitachi, Ltd.
- Honeywell International Inc.
- Techsuppen Enterprises.
- CG Power & Industrial Solutions Ltd.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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