Variable Frequency Drive Market Report 2022 | Rising Wide Range Of Applications In Various Sectors

According to Precision Business Insights (PBI), latest report, the variable frequency drive market is expected to be valued at USD 25.3 billion in 2022 and is poised to grow at a significant CAGR of 5.8% over 2022-2028. The primary driver of the expansion of the global Variable Frequency Drive market is increasing application of variable frequency drive in numerous sectors such as commercial, industrial, and residential sectors, coupled with increasing demand for variable frequency drive (VFD) due to their advantages such as adjustable speed, dynamic torque control.

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AC Drive Segment to Dominate the Variable Frequency Drive Market:
Based on type, the AC Drive segment is expected to record the highest CAGR over the forecast period. AC Drive is mostly used to control the motor's speed in the oil & gas, water & wastewater treatment, and metals & mining industries. Establishments in the metals & mining industry install equipment such as conveyors, mills, grinders, crushers, and fans/blowers, which needed AC drives. These AC drives has also applications in wind turbine power generation, HVAC Systems, water supply pumping, boiler feed pumps, power generators, and flow hydronic systems.

Asia Pacific Variable Frequency Drive Market:
The Asia Pacific is projected to dominate the variable frequency drive market during the forecasted period as it registered the highest share of the global market in past years owing to various emerging economies such as India, China, South Korea, and Japan which move toward rising urbanization, and industrialization sectors. Additionally, the wide range of applications of variable frequency drive in numerous industries such as oil & gas, industrial, power, and infrastructure sectors. The increasing privatization of the industrial sector in the region is further propelling the growth of the variable frequency drive market.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global Variable Frequency Drive market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In April 2021, Siemens introduces a new, compact, and powerful SINAMICS G115D drive system mainly designed for horizontal conveyor applications. In November 2020, Danfoss Drives and other Danfoss business segments are projected to supply the technology company Wartsila's research, product development, and production center smart technology hub with having a significant number of AC drives and other related products.

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The variable frequency drive market is segmented based on type, voltage type, power rating, application, and geography.
Based on the type, the market is segmented into the following:
• AC Drive
• DC Drive
• Servo Drive

Based on the voltage type, the market is segmented into the following:
• Low Voltage
• Medium Voltage

Based on the power rating, the market is segmented into the following:
• Micro Power Drive
• Low Power Drive
• Medium Power Drive
• High Power Drive

Based on the application, the market is segmented into the following:
• Pumps
• Conveyors
• Fans
• Compressors
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the variable frequency drive market report are ABB (Switzerland), Siemens (Germany), Danfoss (Denmark), Schneider Electric (France), Rockwell Automation (US), Fuji Electric (Japan), TMEIC (Japan), Delta Electronics (Taiwan), Sew-Eurodrive (Germany), Parker Hannifin (US), Inovance Technology (China), Shenzhen Gozuk (China) and General Electric (US)

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