Press release
Variable Frequency Drive (VFD) Market Sales in US will be over 22% of total demand throughout the forecast period.
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The global automotive industry has made prolific advances in the recent past. Emerging as a multibillion dollar industry, the autonomous market is characterized by the emergence of a plethora of start-up investments. Adoption of high-end HVAC systems and pumps has registered an impressive uptick. According to FMI’s projections, the aforementioned segments collectively accounted for nearly US$10 Bn as of 2019.
Prolific growth opportunities exist in the Chinese market, owing to an ever mushrooming automotive industry. Future Market Insights estimates the economic giant to produce 4.5 million variable frequency drives by 2021-end, as production cycles revert to normalcy in the coronavirus’s aftermath crisis. Hence, manufacturers are introducing a slew of technological innovations to tap this ever-expanding opportunity, thus generating powerful revenue ecosystems across the forecast period.
Key Takeaways of Variable Frequency Drives Market Study
AC drives adoption surging in popularity by drive type; set to gain 260 BPS by 2031-end, U.S. and Germany to emerge as highly lucrative markets, owing to growing EV sales Growing concerns over excessive power consumption interesting automotive manufacturers to invest in low-voltage VFDs Regenerative applications to find growing applications, reaching nearly US$15 Bn by 2021-end Pumps and HVAC systems collectively expand at a value CAGR worth 13% from 2021 to 2031
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“Rapidly expanding infrastructure for capital projects is attracting frequent capital investments, attributed to the increasing scale of urbanization. Hence, automotive sales are rising, leading to widening revenue pools for VFD manufacturers,” says the FMI analyst.
Competitive Landscape
The variable frequency drives market is a highly competitive market, with a sizeable presence of both global and domestic players. However, key players account for nearly half of the market share. It is characterized by a large supplier base and strong B2B networks.
The market has robust partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.
Variable frequency drives Market: Segmentation
Drive Type
AC Drive DC Drive
Voltage Range
Low Voltage High Voltage
Application Type
Standard Regenerative
End-use Application
Pumps Fan Compressor Conveyor HVAC Others
End-use Industry
Oil & Gas Food processing Automotive Mining & Metals Pulp & Paper Others
Region
North America Latin America Europe East Asia South Asia Middle East and Africa (MEA),
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More Insights on FMI’s VFD Market
A recent market study published by FMI on the variable frequency drives market includes global industry analysis for 2016-2020 & opportunity assessment for 2021-2031 and delivers a comprehensive assessment of the most important market dynamics. The market has been segmented based on drive (AC drive & DC drive), voltage range (low and medium), application type (standard and regenerative), end-use application (pump, fan, compressor, conveyor, HVAC and others) and end-use industry (oil & gas, food processing, automotive, mining & minerals, pulp & paper and others) across five major regions.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the growing needs of their consumers.
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