Variable Frequency Drive Market 2023 Report on the Post-Pandemic Scenario of the Industry and Forecast to 2032

The global variable frequency drive market is expected to grow from 19.72 billion in 2021 to USD 33.88 billion by 2030, at a CAGR of 6.2% during the forecast period 2022-2030. An increase in the demand for electricity in the developing economies attributed to the rapid urbanization & industrialization in the region & rising government capital expenditure will contribute to the growth of the variable frequency drive market. Energy-efficient appliances and machinery dominate the economies in the coming years as they reduce power consumption and increase energy savings and be more secure, safe & reliable than conventional motor devices. Government initiatives are encouraging the automation & digitization of the manufacturing and services sector will also aid the growth of the VFDs market.

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The AC drive segment dominated the market, with a market value of around 9.26 billion in 2021.

The type segment is divided into AC drive, DC drive, & servo drive. The AC drive segment dominated the market, with a market value of around 9.26 billion in 2021.

The compressors segment is expected to grow at the fastest CAGR of 7.3% over the forecast period.

The application segment is divided into pumps, HVAC, fans, conveyors, compressors, & others. Over the forecast period, the compressors segment is expected to grow at the fastest CAGR of 7.3%.

The low power drive segment dominated the market, accounting for around 6.31 billion global revenue.

The power rating segment is divided into high power drive, medium power drive & low power drive & micropower drive. The low power drive segment dominated the market, accounting for around 6.31 billion global revenue.

The low voltage segment dominated the market, with a market value of around 11.63 billion in 2021.

The voltage segment is divided into high voltage & low voltage. The low voltage segment dominated the market, with a market value of around 11.63 billion in 2021.

The power generation segment dominated the market, accounting for around 4.53 billion global revenue.

The end-user segment is divided into oil & gas, mining, agriculture, power generation, manufacturing, food & beverages, infrastructure & others. The power generation segment dominated the market, accounting for around 4.53 billion global revenue. The rising demand of the growing population has created a need to increase the production volume. To ramp up production volume, digitization & automation of industries are taking place in the economies, which will drive the demand for electricity or power. Government regulations to improve energy efficiency and energy conservation with the installation & integration of smart power grids will drive the growth of the power generation segment.

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Regional Segmentation Analysis:

The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific is expected to be the largest market during the forecast period. The variable-frequency drive market in the Asia Pacific has been expanding rapidly. China dominates the variable frequency drive market in the Asia Pacific. India & China are the emerging manufacturing hub of the world. Rapid urbanization and industrialization are anticipated to drive the market for VFDs in the region.

Competitive Analysis:

The market's major players include Rockwell Automation, ABB, Siemens, Danfoss Corporation, Honeywell International Inc., Hitachi Group, Eaton Corporation PLC, Johnson Controls International PLC, Schneider Electric, and WEG, among others.

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This release was published on openPR.