Press release
Variable Frequency Drive (VFD) Market – key trends and statistics 2024
Regulators across the globe have developed numerous standards to encourage the effective deployment of energy efficient system. In April 2014, the U.S. Department of Energy (DOE) set the efficiency standards for HVAC systems under which heat pumps and air conditioners installed on or after January 2015, should adhere Seasonal Energy Efficiency Ratio (SEER) standards.
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Stringent government directives to reduce greenhouse gas emissions will positively impact the business outlook of the global variable frequency drive (VFD) market by 2024. In 2014, the European Union has developed 2003/87/EC directive with an aim to curb emissions by 20% by 2020. The Government of Australia has also prepared numerous direct action plans towards the reduction of emission. Increasing oil and gas drilling activities across deep and ultradeep sea platforms will further augment the business outlook.
The demand for the optimum utilization of energy for effectively running operations across electricity generating stations will further complement the global (variable frequency drive) VFD market. Rising investments towards the deployment of new electricity generating stations to cater to the growing demand will enhance the industry size.
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Based on the current rating, the global variable frequency drive market can be segmented into AC, DC, and servo drives. AC drives are witnessing a significant growth owing to its high efficiency and low maintenance costs. DC drives may witness a substantial growth due to its higher acceleration & torque, low cost, and lesser complexity.
On the basis of voltage rating, the global variable frequency drive market has been sectioned into low voltage and medium voltage. Low voltage range VFDs account for a higher market share due to its compact design and high acceptance across petrochemicals, metals & mining, utilities, and cement industries.
In terms of application, the global variable frequency drive market has been segmented into HVAC systems, conveyors, pumps, compressors, and fans. The pump segment holds the dominant position due to its wide acceptance across coal-fired electricity generation plants. The introduction of new HVAC standards by countries including the U.S. will complement the industry outlook over the forecast timeframe.
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Based on end-use, the global variable frequency drive market has been segmented into Industrial, power generation, and oil & gas. The oil & gas industry accounted for the highest share owing to the growing exploration and production of unconventional resources. The power sector will expand substantially owing to the increasing demand for the reliable power across the globe.
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