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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

4.2 (88 reviews)
Published: June 2022 ID: SMRC21488
4.2 (88 reviews)
Published: June 2022 ID: SMRC21488

This report covers the impact of COVID-19 on this global market
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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.

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

 

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.

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