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Future-Proofing with Variable Frequency Drives: Global Market Forecast 2024
variable frequency drives market trends
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According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Variable Frequency Drives Market 2024 Key Insights:
• 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%.
• Government Energy Efficiency Regulations Drive Growth In Variable Frequency Drives Market
• Technological Advancements Drive Variable Frequency Drives Market
• Asia-Pacific was the largest region in the variable frequency drives market share in 2023 and is expected to be the fastest-growing region in the forecast period
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