Variable Frequency Drives Global Market Report 2024 - By Size, Share, Demand, Drivers, Forecast To 2033

The variable frequency drives market size has grown strongly in recent years. It will grow from $18.99 billion in 2023 to $20.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to rising demand for energy efficiency and process optimization, the growing adoption of automation and industry 4.0 initiatives ,the rapid growth of the electric vehicle (ev), expanding industrial applications and market diversification, cost savings.

The variable frequency drives market size is expected to see strong growth in the next few years. It will grow to $25.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to growing demand for condition-based maintenance, global industrialization, efforts to reduce carbon footprint, government incentives,incresing renewable energy integration. Major trends in the forecast period include retrofitting and modernization, smart and digital vfds, industry 4.0 integration, customized vfd solutions, regenerative vfds.

Market Overview -
The variable frequency drive (VFD) includes a type of motor controller that varies frequency and voltage to drive an electric motor. These drives also can control ramp-up or ramp-down of the motor. These drives help save energy and system efficiency and most commonly used in fans, pumps, conveyors, and compressors.

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Government Energy Efficiency Regulations Drive Growth In Variable Frequency Drives Market
Increasing need and government regulations for energy efficiency across various industries are driving the growth of the market. Industries across the world have been striving to make better use of energy. Governments across the world have also been enforcing strict regulations for the industries to be energy efficient. The variable frequency drives are known to be very energy efficient and convenient. Thus, they are very useful in decreasing energy usage in industries. For instance, the Energy Conservation Building Code (ECBC) sets minimum energy standards for new commercial buildings in India having a connected load of 100kW or contract demand of 120 KVA and above. Hence, the increasing government efficiency standards would boost the variable frequency drives market.

Competitive Landscape -
Major companies operating in the variable frequency drives market include Eaton Corporation, Hitachi Hi-Rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation, Werner Electric GmbH, ASEA Brown Boveri, Nidec Motor Corporation, Siemens AG, Danfoss, Honeywell International, Toshiba Mitsubishi-Electric Industrial Systems Corporation, Fuji Electric Corp, Schneider Electric, Yaskawa Electric Corporation, General Electric, Delta Electronics, Phase Technologies LLC., Inovance Technology, GE Power Conversion, Shenzhen INVT Electric Co. Ltd., Hiconics Eco-energy Technology, VEICHI Electric Co. Ltd., HopeSenlan Science and Technology, EURA Drives GmbH, POWTRAN Technology Co. Ltd., Sichuan Jialing Electric Power Co. Ltd.

Technological Advancements Drive Variable Frequency Drives Market
Technological advancements are the main trend that is gaining popularity in the variable frequency drives market. Many companies are developing new products to provide an enhanced experience to their clients. For an instance, In June 2021, Ireland based power management company, Eaton launched POWER XL DM 1 Micro Variable frequency drive. This new drive offers the best value through the incorporation of IoT and Ethernet Communication. Moreover, customers will benefit from the DM1's greater efficiency, safety, and dependability, as well as features that enhance integration and simplicity of use.

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Key Segments -
The variable frequency drives market covered in this report is segmented -
1) By Type: Ac Drives, Dc Drives, Servo Drives
2) By Power Rating: Low Power Rating, Medium Power Rating, Micro Power Rating, High Power Rating
3) By Application: Pumps, Fans, Compressors, Conveyors, Other Applications
4) By End-user: Food And Beverages, Oil And Gas, Power Generation, Infrastructure, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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