Variable Frequency Drive Vfd Market
Variable Frequency Drive (VFD) Market Forecasts to 2028 – Global Analysis By Voltage Type (Low Voltage, Medium Voltage), Application (Pumps, Electric Fan), End User, and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $20.22 BN |
|
Projected Year Value (2028) |
US $32.06 BN |
|
CAGR (2021 - 2028) |
6.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Fastest Growing Market |
South America |
According to Stratistics MRC, the Global Variable Frequency Drive (VFD) Market is accounted for $20.22 billion in 2021 and is expected to reach $32.06 billion by 2028 growing at a CAGR of 6.8% during the forecast period. Variable frequency drives are electrical equipment utilized with electric motors, which change the applied voltage supplied to the motor. It helps to control the operating speed to reduce energy consumption. These drives combine software solutions to monitor the functioning of speed and thus improve its overall efficiency.
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Market Dynamics:
Driver:
Increasing industrialization
Industries that use variable frequency drives are chemical & petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment. The cement and manufacturing industries in many countries offer profitable opportunities for the variable frequency drive market. With the rising infrastructure projects, cement demand is likely to increase. The expanding pulp & paper in many countries are likely to boost the sales of electric motors and, in turn, drive the variable frequency. By reducing the motor speed to match the application’s needs, variable frequency drives have the potential to significantly save energy and reduce operational costs for a variety of motor-driven applications. The increasing industrialization and rising demand for energy efficiency are likely to fuel the demand for variable frequency to drive market growth.
Restraint:
High installation cost
As variable frequency drives provide energy efficiency benefits; so, the cost associated with installing these devices may restrict the market growth. The use of these drives in any industry and application leads to better efficiency of the process; however, during the advancement and expansion of any projects, the power requirement is regularly changed, which may result in deployment of the drive as per user requirement for the distribution system, which will increase the total cost of installation.
Opportunity:
Increasing demand for energy-efficient solutions
The electricity consumption as energy is dominated by buildings and industrial infrastructure, and it is likely that electric-powered motors consume around 45% of the world’s electricity in buildings and industrial applications. The increasing growth in public awareness of the requirement for action on climate change and the use of sustainable technology is likely to deliver better benefits for the environment while the global economy will propel the demand for variable frequency drives, as adding variable speed drives, particularly in pump, fan or compressor applications that are widespread across all industries and buildings can typically reduce power consumption by an additional 25%. The design of modern, high-efficiency motors, paired with variable-speed drives, tends to be flexible and reliable, resulting in the drive's use for HVAC systems in buildings with advancements in energy savings features.
Threat:
Shortage of components and parts because of supply chain distribution
Several industry players are anticipating delivery and construction slowdowns, owing to the shutdown of industrial operations to curb the spread of the virus or because the workers have tested positive. Many components and parts used in the manufacturing of electric motors are procured from China, the US, and some European countries. The rejection of manufacturing activities in China and the US has hampered the production of variable frequency drives.
The alternating current (AC) drive segment is expected to be the largest during the forecast period
The alternating current (AC) drive segment is estimated to have a lucrative growth as AC Drive is utilized to control the motor’s speed in many industries. Companies in the metals & mining industry deploy equipment such as conveyors, mills, grinders, crushers, and fans/blowers, which need AC drives. These drives also find applications in wind turbine power generation, water supply pumping, HVAC systems, boiler feed pumps, power generators, and flow hydronic systems.
The low voltage segment is expected to have the highest CAGR during the forecast period
The low voltage segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the easy configuration and less installation time leading to the adoption in general purpose applications and making it one of the premier choices in various industry verticals. Low voltage variable frequency drives are used in many applications, such as pumps, fans, belt conveyors, centrifugal pumps, and centrifugal compressors.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period due to the growing privatization of the industrial sector in emerging economies and increasing demand from the water treatment sector. Electricity is set to experience a surge in demand during the forecast period. The majority of this increase will occur in the fast-growing Asia Pacific region, resulting in the largest share of the VFD market.
Region with highest CAGR:
South America is projected to have the highest CAGR over the forecast period owing to counties witnessing privatization and urbanization and investment activities across mining and oil & gas industries. Increasing demand from various end-use industries such as cement, chemical, and pulp is expected to support the variable frequency drive market growth in this region.
Key players in the market
Some of the key players profiled in the Variable Frequency Drive (VFD) Market include Anaheim Automation, Yaskawa, WEG SA, TMEIC, Siemens, Delta Electronics, Schneider Electric, Rockwell Automation, Parker Hannifin, NIDEC, Inovance Technology, Honeywell International, Sew-Eurodrive, Hitachi, General Electric, Fuji Electric, Eaton, Danfoss, Shenzhen Gozuk and ABB.
Key Developments:
In April 2021, Siemens launched SINAMICS G115D drive system specifically designed for horizontal conveyor applications. The drive system comprises the motor, drive, and gearbox in one unit and is offered in two versions; wall-mounted and motor-mounted.
In February 2020, Schneider Electric launched an Altivar 360, a variable speed drive for applications from 0.37 to 22 kW / 0.5 to 30 HP. The compact size of this drive, its robust design, ease of installation, based on the principle of Plug & Play, integrated functions, and macro configuration make it particularly suitable for applications involving industrial machines and certain consumer machines.
Types Covered:
• Servo Drive
• Direct Current (DC) Drive
• Alternating Current (AC) Drive
Voltage Types Covered:
• Low Voltage
• Medium Voltage
Power Ratings Covered:
• Micro Power Drive
• Medium Power Drive
• Low Power Drive
• High Power Drive
Applications Covered:
• Pumps
• Conveyors
• Heating, Ventilation, and Air Conditioning (HVAC) Systems
• Extruders
• Electric Fan
• Compressors
Original Equipment Manufacturers Covered:
• Material Handling
• Rotating Equipment
• Material Working
Application Types Covered:
• Regenerative
• Standard
End Users Covered:
• Water & Waste Water
• Transportation and Infrastructure
• Solar System
• Pulp and Paper
• Oil & Gas
• Metal, Mineral and Mining
• Industrial
• Food & Beverage Processing
• Automotive
• Consumer Products
• Energy and Power
• Agriculture
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Variable Frequency Drive (VFD) Market, By Type
5.1 Introduction
5.2 Servo Drive
5.3 Direct Current (DC) Drive
5.4 Alternating Current (AC) Drive
6 Global Variable Frequency Drive (VFD) Market, By Voltage Type
6.1 Introduction
6.2 Low Voltage
6.3 Medium Voltage
7 Global Variable Frequency Drive (VFD) Market, By Power Rating
7.1 Introduction
7.2 Micro Power Drive
7.3 Medium Power Drive
7.4 Low Power Drive
7.5 High Power Drive
8 Global Variable Frequency Drive (VFD) Market, By Application
8.1 Introduction
8.2 Pumps
8.3 Conveyors
8.4 Heating, Ventilation, and Air Conditioning (HVAC) Systems
8.5 Extruders
8.6 Electric Fan
8.7 Compressors
9 Global Variable Frequency Drive (VFD) Market, By Original Equipment Manufacturer
9.1 Introduction
9.2 Material Handling
9.3 Rotating Equipment
9.4 Material Working
10 Global Variable Frequency Drive (VFD) Market, By Application Type
10.1 Introduction
10.2 Regenerative
10.3 Standard
11 Global Variable Frequency Drive (VFD) Market, By End User
11.1 Introduction
11.2 Water & Waste Water
11.3 Transportation and Infrastructure
11.4 Solar System
11.5 Pulp and Paper
11.6 Oil & Gas
11.7 Metal, Mineral and Mining
11.8 Industrial
11.9 Food & Beverage Processing
11.10 Automotive
11.11 Consumer Products
11.12 Energy and Power
11.13 Agriculture
12 Global Variable Frequency Drive (VFD) Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Anaheim Automation
14.2 Yaskawa
14.3 WEG SA
14.4 TMEIC
14.5 Siemens
14.6 Delta Electronics
14.7 Schneider Electric
14.8 Rockwell Automation
14.9 Parker Hannifin
14.10 NIDEC
14.11 Inovance Technology
14.12 Honeywell International
14.13 Sew-Eurodrive
14.14 Hitachi
14.15 General Electric
14.16 Fuji Electric
14.17 Eaton
14.18 Danfoss
14.19 Shenzhen Gozuk
14.20 ABB
List of Tables
1 Global Variable Frequency Drive (VFD) Market Outlook, By Region (2020-2028) ($MN)
2 Global Variable Frequency Drive (VFD) Market Outlook, By Type (2020-2028) ($MN)
3 Global Variable Frequency Drive (VFD) Market Outlook, By Servo Drive (2020-2028) ($MN)
4 Global Variable Frequency Drive (VFD) Market Outlook, By Direct Current (DC) Drive (2020-2028) ($MN)
5 Global Variable Frequency Drive (VFD) Market Outlook, By Alternating Current (AC) Drive (2020-2028) ($MN)
6 Global Variable Frequency Drive (VFD) Market Outlook, By Voltage Type (2020-2028) ($MN)
7 Global Variable Frequency Drive (VFD) Market Outlook, By Low Voltage (2020-2028) ($MN)
8 Global Variable Frequency Drive (VFD) Market Outlook, By Medium Voltage (2020-2028) ($MN)
9 Global Variable Frequency Drive (VFD) Market Outlook, By Power Rating (2020-2028) ($MN)
10 Global Variable Frequency Drive (VFD) Market Outlook, By Micro Power Drive (2020-2028) ($MN)
11 Global Variable Frequency Drive (VFD) Market Outlook, By Medium Power Drive (2020-2028) ($MN)
12 Global Variable Frequency Drive (VFD) Market Outlook, By Low Power Drive (2020-2028) ($MN)
13 Global Variable Frequency Drive (VFD) Market Outlook, By High Power Drive (2020-2028) ($MN)
14 Global Variable Frequency Drive (VFD) Market Outlook, By Application (2020-2028) ($MN)
15 Global Variable Frequency Drive (VFD) Market Outlook, By Pumps (2020-2028) ($MN)
16 Global Variable Frequency Drive (VFD) Market Outlook, By Conveyors (2020-2028) ($MN)
17 Global Variable Frequency Drive (VFD) Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) Systems (2020-2028) ($MN)
18 Global Variable Frequency Drive (VFD) Market Outlook, By Extruders (2020-2028) ($MN)
19 Global Variable Frequency Drive (VFD) Market Outlook, By Electric Fan (2020-2028) ($MN)
20 Global Variable Frequency Drive (VFD) Market Outlook, By Compressors (2020-2028) ($MN)
21 Global Variable Frequency Drive (VFD) Market Outlook, By Original Equipment Manufacturer (2020-2028) ($MN)
22 Global Variable Frequency Drive (VFD) Market Outlook, By Material Handling (2020-2028) ($MN)
23 Global Variable Frequency Drive (VFD) Market Outlook, By Rotating Equipment (2020-2028) ($MN)
24 Global Variable Frequency Drive (VFD) Market Outlook, By Material Working (2020-2028) ($MN)
25 Global Variable Frequency Drive (VFD) Market Outlook, By Application Type (2020-2028) ($MN)
26 Global Variable Frequency Drive (VFD) Market Outlook, By Regenerative (2020-2028) ($MN)
27 Global Variable Frequency Drive (VFD) Market Outlook, By Standard (2020-2028) ($MN)
28 Global Variable Frequency Drive (VFD) Market Outlook, By End User (2020-2028) ($MN)
29 Global Variable Frequency Drive (VFD) Market Outlook, By Water & Waste Water (2020-2028) ($MN)
30 Global Variable Frequency Drive (VFD) Market Outlook, By Transportation and Infrastructure (2020-2028) ($MN)
31 Global Variable Frequency Drive (VFD) Market Outlook, By Solar System (2020-2028) ($MN)
32 Global Variable Frequency Drive (VFD) Market Outlook, By Pulp and Paper (2020-2028) ($MN)
33 Global Variable Frequency Drive (VFD) Market Outlook, By Oil & Gas (2020-2028) ($MN)
34 Global Variable Frequency Drive (VFD) Market Outlook, By Metal, Mineral and Mining (2020-2028) ($MN)
35 Global Variable Frequency Drive (VFD) Market Outlook, By Industrial (2020-2028) ($MN)
36 Global Variable Frequency Drive (VFD) Market Outlook, By Food & Beverage Processing (2020-2028) ($MN)
37 Global Variable Frequency Drive (VFD) Market Outlook, By Automotive (2020-2028) ($MN)
38 Global Variable Frequency Drive (VFD) Market Outlook, By Consumer Products (2020-2028) ($MN)
39 Global Variable Frequency Drive (VFD) Market Outlook, By Energy and Power (2020-2028) ($MN)
40 Global Variable Frequency Drive (VFD) Market Outlook, By Agriculture (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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