Pune, India, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global variable frequency drive market size is expected to grow from USD 19.87 billion in 2022 to USD 32.31 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period. The increasing adoption of energy-optimized products such as variable frequency drive across several industrial applications globally to boost market growth, states Fortune Business Insights™, in its report titled “Variable frequency drive Market, 2022-2029.”
According to our researchers, the fact that the technology aids to manage the operating pace to decrease energy consumption is predicted to fuel the market.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.2% |
| 2029 Value Projection | USD 32.31 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 19.21 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 326 |
| Segments covered | Variable Frequency Drive Market Size, Share & COVID-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Electric Fan, HVAC, Conveyors, Extruders, Others), By End-user (Power Generation, Infrastructure, Oil & Gas, Food & Beverages, Mining, Agriculture, and Others) And Regional |
| Growth Drivers | Rising Digital and Automation to Navigate Market Growth |
| Creative Product Unveilings by Prime Players to Spur Market Growth |
Driving Factors:
The augmented inclination toward digitalization, connectivity, as well as automating industrial procedures by different industry verticals has perceived an increasing demand for variable frequency drive, aiding them to remotely administer the process. In complex industrial uses, such as huge buildings HVAC systems, the resulting data can be improved with a noteworthy gain in competence and energy savings by monitoring and checking the motor by variable drives, transforming them to become smart motors and even permitting them to be controlled distantly or even automatically, further augmenting performance, system efficiency as well as energy savings.
The rapid-paced industrialization is propelling the demand for energy-optimized products across commercial, residential, and industrial sectors across the globe. Owing to several benefits of variable frequency drive such as energy-saving capability, along with less maintenance and reduced operational costs, is driving the demand for energy optimization products. This is expected to contribute to the growth of the VFD market during the forecast period.
COVID-19 Impact:
Manufacturing & Processing Industry Experience Halting of Operations amid COVID-19
The industrial applications such as power, automotive, manufacturing, transportation, and others are experiencing a negative impact owing to halting of operational and production activities across the globe. This is expected to hinder the growth of the market to some extent. However, supportive government policies and the rising investments in the energy and power sector will drive the market growth in the near future.
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Report Coverage:
The report offers a methodical review of the segments and a methodical examination of the market. A considerate review of the present market trends, as well as the impending prospects, is offered in the report. Furthermore, it unveils an extensive analysis of the regional insights and their role in forming the variable frequency drive market growth. COVID-19 influences have been discussed in the report to aid investors and business owners with an enhanced perception of the imaginable threats prevailing in the market. The report further discusses the key players and their fundamental strategies to stay in the leading position.
Segmentation:
Type, Power Range, Application, End-user, and Region are Studied
The market is segregated into AC drive, DC drive, and servo drive based on type.
The market is divided into micro, low, medium, and high based on power range.
The market is classified into pumps, conveyors, HVAC, electric fan, extruders, and others based on application.
Based on end-user, the market is branched into power generation, infrastructure, oil & gas, food & beverages, mining, agriculture, and others. The power generation segment dominated the market in 2021.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Lead Backed by Greater Electricity Demand
Among all the regions, the market in Asia-Pacific is expected to hold the highest position in the global VFD market during the forecast period. This is attributable to the increasing investment by companies to develop advanced industrial infrastructures that propels the demand for innovative variable frequency drive products in the region. Asia-Pacific stood at USD 5.82 billion in 2019.
North America, on the other hand, is expected to hold the second position in the market owing to the increasing exploration activities across the oil & gas industry in countries such as the U.S. between 2022 and 2029.
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Competitive Landscape:
The fundamental players present in the market embrace numerous strategies to hike their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another vital strategy is periodically launching innovative products that will positively benefit the users.
Industry Development:
January 2022: Danfoss’s Intelligent drives assists in enhancing HVAC safety with automated system check. The process involves automatic test of the complete installation, performed by the variable frequency drive.
A List of Key Manufacturers Operating in the Global Market:
- Eaton Corporation
- Hitachi Hi-Rel Power Electronics
- Rockwell Automation
- Johnson Controls
- Anaheim Automation Inc.
- WEG
- ABB
- Nidec Motor Corporation
- Siemens
- Danfoss Corporation
- Honeywell International Inc.
- TMEIC
- Fuji Electric Corp. of America
- Schneider Electric
- Yaskawa Corporation
- Toshiba International Corporation
- General Electric
- Mitsubishi Electric Automation, Inc.
Variable Frequency Drive Market Segmentation:
By Type:
- AC Drive
- DC Drive
- Servo Drive
By Power Range:
- Micro
- Low
- Medium
- High
By Application:
- Pumps
- Electric Fans
- HVAC
- Conveyors
- Extruders
- Others
By End-user:
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Variable Frequency Drive
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- AC Drive
- DC Drive
- Servo Drive
- Market Analysis, Insights and Forecast – By Power Range
- Micro
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Electric Fan
- HVAC
- Conveyors
- Extruders
- Others
- Market Analysis, Insights and Forecast – By End-user
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- AC Drive
- DC Drive
- Servo Drive
- Market Analysis, Insights and Forecast – By Power Range
- Micro
- Low
- Medium
- High
- Market Analysis, Insights and Forecast – By Application
- Pumps
- Electric Fan
- HVAC
- Conveyors
- Extruders
- Others
- Market Analysis, Insights and Forecast – By End-user
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
- Market Analysis, Insights and Forecast – By Country
- US Market Analysis, Insights and Forecast – By End-user
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
- Canada Market Analysis, Insights and Forecast – By End-user
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
- US Market Analysis, Insights and Forecast – By End-user
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