Variable Frequency Drive Market Size and Share | Global Industry Strategic Assessment of Evolving Technology, Trends and Next Generation Industry analysis by 2023

Variable Frequency Drive Market Overview:-

With increasing demand for the appliances owing to rising infrastructure and buildings, the demand for energy efficient devices has increased. Besides, governments in various nations are promoting energy efficiency through technologically advanced devices and cutting cost for energy. For an instance, in 2015, China government has enacted Energy Efficiency Leader Scheme, which aims to provide incentives to those manufacturers, or builders that exceed efficiency benchmarks that are already set by China Energy Label. This will increase the market size of energy efficient systems and thus, variable frequency drive market will be benefitted.

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Variable frequency drive (VFD) is a power electronic device that is capable of regulating the speed of an alternating current motor, by adjusting the frequency along with the voltage of the electrical power, supplied to that motor. With the help of VFDs the otherwise high power consuming appliances and motors can save energy. VFD is mainly used in high voltage alternating current devices, which do not require continuous flow of current, and there is high requirement for speed control. The main advantages of VFD include, energy savings, low motor starting current, managing devices at various speeds, easy installations, operations at high power factor, and others.

The global variable frequency drive market is expected to expand at 6.3% CAGR during the forecast period.

Rising industrialization and increasing construction of infrastructure and buildings are factors that drive the market for VFD. In the developing countries such as India, Indonesia, China, Nigeria, South Africa, there is high demand for infrastructure to meet the demand for industrialization and urbanization. This has resulted into higher FDI investments in infrastructure projects. According to IBEF, in India, total foreign direct investment in the construction sector including infrastructure sector reached USD 12.3 billion by the end of 2017. Along with this, there has been high demand for VFD owing to energy efficiency, which has been mandatory for manufacturers, offices, industries and commercial buildings.

Leading Key Players:-

The key players of global variable frequency drive market are ABB Ltd. (Switzerland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), WEG (Brazil), Yaskawa Electric Corporation (Japan), and Eaton Corporation Plc. (Ireland). General Electric (U.S.), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Schneider Electric (U.S.), and Honeywell International (U.S) are among others.

Market Segmentation:-

VFD market is segmented on the basis of type, application, end-use, and region. On the basis of type, the market is segmented as AC, DC, and Servo. AC segment is dominating the market due to their high efficiency, longer lifespan and lower maintenance cost. By application, the variable frequency drive market is segmented as pumps, fans, compressors, extruders, and others. Amongst, these, the compressors segment is expected to dominate the market owing to increasing use of refrigeration systems, which is driven by expanding food & beverage industry. The variable frequency drive market, based on end-use, is segmented as oil & gas, industrial, infrastructure, power generation, and others. The infrastructure segment is anticipated to capture the largest market size, due to increasing urbanization and smart cities projects from the growing nations. For an instance, in the Middle East region, the smart cities projects are enhancing, thus, increasing the variable frequency drive market, which is widely used in district cooling and centralized HVAC applications.

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Global Variable Frequency Drive Market Analysis:-

The VFD market is expected to expand at a phenomenal pace during the forecast period owing to automation in power industry and increasing infrastructure sector. Asia Pacific region is expected to dominate the market share in the variable frequency drive market. China, India, South Korea, Japan, and Indonesia are the fastest growing nations, which are the largest markets for infrastructure and industrial sectors. Industries including oil & gas, metals, and mining are adopting the drives to reduce the energy consumption and to limit the CO2 emission. The Middle East region will follow the Asia Pacific region in variable frequency drive market by virtue of rising construction industry. In Europe region, the progressing automotive sector is expected to lead the market growth.

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