Global Variable Frequency Drive Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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Global Variable Frequency Drive Market: Overview
“The global Variable frequency drive Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Variable frequency drive, also known as variable speed drive or adjustable frequency drive, is used in an electromechanical drive system in order to control torque and AC motor speed by changing input voltage and frequency. It is a type of motor controller that drives an electric motor.
Variable frequency drive changes the frequency in order to change the speed of the motor, which is measured in rotation per minute (RPM) as frequency is directly related to the RPM. Variable frequency drive consists of controlling circuits, rectifiers, inverters, and intermediate DC links.
They are designed in various types with DC-AC and AC-AC topologies, with medium voltage or low voltage. According to the application, a suitable type of variable frequency drive is selected.
Global Variable Frequency Drive Market: Dynamics
A key factor driving the growth of the global variable frequency drive market is the increasing demand for variable frequency drives in industrial applications. Adjustable frequency drive helps to reduce energy consumption and energy cost, which is a factor supporting the growth of the target market.
In addition, VFD increases production in manufacturing units as it helps to operate motors at an efficient speed by eliminating jerks on conveyors and belts.
Variable frequency drive reduces the requirement of maintenance and extends the life of the equipment. These are some of the major factors expected to boost the growth of the global variable frequency drive market in the near future.
However, the availability of low-quality counterfeit products in the grey market is a factor that may hamper the growth of the global variable frequency drive market. Nevertheless, the growing adoption of the Internet of Things (IoT) platform can create high revenue opportunities for players operating in the target market.
Global Variable Frequency Drive Market: Segment Analysis
Among the voltage segments, the low voltage segment is expected to account for a significant share in terms of revenue in the near future. Increasing use of low voltage variable frequency drive in power, oil, and gas, building automation, and various other sectors is a factor supporting the growth of this segment in the global market.
Among end-user segments, the infrastructure segment is expected to register high growth in terms of revenue over the forecast period. Increasing investments in development projects is a major factor supporting the growth of this segment in the target market.
Global Variable Frequency Drive Market: Regional Analysis
Currently, the market in the Asia Pacific is expected to account for a major share in terms of revenue and is expected to register high growth over the forecast period.
Increasing investment in infrastructure development, especially in China and Japan for commercial and housing facilities, is a major factor driving the growth of the target market in the Asia Pacific region.
In addition, increasing demand for equipment that is energy efficient is another factor anticipated to propel the growth of the variable frequency drive market in this region in the near future.
Global Variable Frequency Drive Market Segmentation:
Segmentation by Voltage:
- Medium Voltage
- Low Voltage
Segmentation by Type:
- DC Drives
- Servo Drives
- AC Drives
Segmentation by Application:
Segmentation by End User:
- Power Generation
- Oil & Gas
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Siemens AG
- ABB Ltd
- Danfoss A/S
- Schneider Electric S.E.
- Rockwell Automation Inc.
- Eaton Corporation
- Crompton Greaves Consumer Electricals Limited
- Fuji Electric Co., Ltd.
- Hitachi, Ltd.
- Nidec Corporation
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