Variable Frequency Drive (VFD) Market, insights shared in detailed report Forecast 2017 - 2026

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Escalating energy prices have led to the rise in need for energy-efficient motor control systems. With the aim of reducing energy consumption, process engineers and other executives managing the operation department are getting increasingly inclined towards deployment of variable frequency drive (or variable speed drive). The global market for variable frequency drives is anticipated to witness considerable growth in the coming years. In recent years, technological advancements in variable frequency drives have led to the minimisation of the overall weight of drives. Also, emergence of new application areas and the various advantages of VFDs, such as reduction in operational cost of electric motor, are factors expected to create favorable growth opportunities for the VFD market over the projection period.

Market Value and Forecast

The global variable frequency drive market is anticipated to expand at a CAGR of over 7%, both in terms of value and volume, during the forecast period. Growth of the global variable frequency drive market is mainly driven by factors such as upsurge in energy prices, introduction of variable frequency drives that can be retrofitted on existing motors, widening application areas and stringent energy efficiency norms issued by governments across the world. Currently, the major trends witnessed in the global variable frequency drive market are: development of industry-specific drives, introduction of motor-drive combo packages and diversification of product portfolio by major players.

Segmentation, by Drive Type

The global variable frequency drive market is segmented, based on drive type, into AC, DC and ‘Servo’ drive. Of these segments, the AC variable frequency drive segment dominated the market both in terms of value and volume and accounted for over 70% share of the global variable frequency drive market in 2014, while the ‘Servo’ variable frequency drive segment is expected to expand at the highest CAGR, both in terms of value and volume, during the forecast period.

Segmentation, by Voltage Range

In this report, the variable frequency drive market is segmented on the basis of voltage range into medium and low voltage variable frequency drive segments. Among these segments, the low voltage range segment dominated the global variable frequency drive market in terms of revenue contribution in 2014.

Segmentation, by Application Type

By application type, the market is segmented into standard and regenerative application types. Of these segments, the standard application type segment dominated the market in terms of both value and volume contribution in 2014.

Segmentation, by End-use Application

By end-use application, the global variable frequency drive market is segmented into pump, HVAC, fans, compressor, conveyor and others application segments. Among these segments, the pump segment dominated the overall market in terms of value, accounting for over 30% share of the overall market in 2014 and is expected to witness a decrease of 90 BPS by the end of 2026 over 2014 in its market share.  

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Segmentation, by End-use Industry

By end-use industry, the market is segmented into oil & gas, food processing, automotive, metals & mining, pulp & paper and other end-use industries. Of these segments, the oil & gas end-use industry segment dominated the market in terms of both value and volume contribution in 2014.

Key Regions

On the basis of geography, the global variable frequency drive market is segmented into seven major regions – North America, Western Europe, Asia-Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa (MEA). Of all these regions, APEJ dominated the overall market in terms of both value and volume, accounting for over 30% share of the overall variable frequency drive market in 2014. In terms of value, the North America market ranked second, accounting for more than 20% share of the global market in 2014, followed by the Middle East & Africa market. In addition, Latin America is anticipated to become the fastest growing region in the global variable frequency drive market over the forecast period.  

Key Players

Some of the key players identified in the global variable frequency drive market are Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, Siemens AG, ABB Ltd., American Electric Technologies Inc., General Electric Company, Hitachi Limited, Honeywell International Inc., Rockwell Automation Inc., Johnson Controls Inc., Emerson Industrial Automation, Toshiba International Corporation and Schneider Electric SE. Major players in the market follow the strategy of introducing innovative and cost effective variable frequency drives to buy out competition. In addition, a majority of the variable frequency drives manufacturers are getting increasingly inclined towards entering into collaboration with electric motor manufacturers in order to enhance their presence in the market.

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