Variable Frequency Drive Market to See Strong Expansion Through 2023 | key players include ABB, Siemens, Schneider Electric, Danfoss, Rockwell

According to the new market research report "Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region - Global Forecast to 2023 ", The global VFD market is projected to reach a market size of USD 27.57 billion by 2023, at a CAGR of 5.87%.

The market in Asia Pacific is estimated to be the largest for VFDs, followed by the market in Europe in 2018. Factors such as increased usage of VFD across major industry verticals, government regulations, and rising need for energy efficiency are driving the VFD market.

Browse 90 market data Tables and 43 Figures spread through 183 Pages and in-depth TOC on "Variable Frequency Drive Market"

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The low-voltage segment is expected to hold the largest share of the VFD market, by voltage, during the forecast period.

The low-voltage segment led the VFD market in 2017 and is projected to have the largest market share during the forecast period. Low-voltage VFDs are used in various industrial applications such as building automation, pulp & paper, power, water & wastewater, and oil & gas, and especially in process industries, which would drive the low-voltage segment during the forecast period.

The pump segment is expected to hold the largest share of the VFD market, by application, during the forecast period.

The pump segment led the VFD market in 2017. Pump is one of the most important equipment in most industries such as oil & gas, chemical & petrochemical, and pulp and paper as it provides huge potential for energy savings, improved performance, and reliability. Increase in oil and shale gas productions are driving the pump market.

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The infrastructure segment of the VFD market, by end-user, is expected to grow at the highest CAGR during the forecast period.

The infrastructure segment is projected to grow at the highest CAGR from 2018 to 2023. Rapid infrastructure development in the developing companies and growing concerns over energy efficiency in the developed countries are likely to drive the infrastructure segment. For instance, in December 2017, the government of Japan planned to invest USD 57.97 million on development projects, including housing and commercial facilities, as per Japan Overseas Infrastructure Investment Corporation. Such investments toward the infrastructure activity would boost the VFD market during the forecast period.

The VFD market is dominated by a few major players that have a wide regional presence. The leading players in the VFD market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell (US).

The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. New product developments was the most commonly adopted strategy from January 2014 to April 2018. Industry players also adopted contracts & agreements, which was the second most widely followed strategy during the same period.

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ABB is a provider of power and automation technology for various industries such as oil & gas, power generation, and transport & infrastructure globally. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. It provides VFD under the robotics and motion business segment. ABB drives business provides low-voltage AC drives, medium-voltage drives, and DC drives for various industries such as building automation, marine, power, transportation, food & beverage, metals, mining, and oil & gas. The company has a presence in over 100 countries with production and R&D centers worldwide. Moreover, in September 2017, ABB acquired GE industrial solution to strengthen its position in electrification segment globally and expand its presence in the North American market.

Siemens engaged in the business of electrification, automation, and digitalization. The company conducts its operations through 8 segments, namely, power and gas, healthineers, energy management, digital factory, mobility, Siemens Gamesa renewable energy, process industries and drives, and building technologies. Its process industries and drives business segment provide VFDs to various industries such as oil & gas, shipbuilding, mining, cement, fiber, chemicals, food & beverage, and pharmaceuticals. The company operates 289 production and manufacturing plants across the globe. Moreover, in November 2017, Siemens partnered with Airbus and Rolls-Royce for the development of drive systems across various power classes for hybrid electric flight.

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