Variable Frequency Drive Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Variable Frequency Drive Market Research Report, Type , application, end-user and Region - Forecast till 2027” the market size is projected to be worth USD 32.85 Billion by 2027, registering a CAGR of 6.3% during the forecast period (2021 - 2027), The market was valued at USD USD 20.12 billion in 2020.
Increased Industrialization and Infrastructure
Rising industrialization and increased infrastructure, and building construction are driving factors in the VFD industry. Infrastructure is in great demand in developing countries such as India, Indonesia, China, Nigeria, and South Africa to meet the demand for industrialization and urbanization. As a result, FDI investments in infrastructure projects have increased. According to IBEF, overall foreign direct investment in India's construction sector, including infrastructure, reached USD 12.3 billion at the end of 2017. Additionally, there has been a rising demand for VFD due to energy efficiency, which has become required for manufacturers, offices, industries, and commercial buildings.
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Key Players
The key players of the worldwide variable frequency drive market are –
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- Rockwell Automation Inc. (U.S.)
- WEG (Brazil)
- General Electric (U.S.)
- Yaskawa Electric Corporation (Japan)
- and Eaton Corporation Plc. (Ireland)
- Emerson Electric Co. (U.S.)
- Hitachi Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- Schneider Electric (U.S.)
- Honeywell International (U.S).
The Global Market to Rebound Post COVID-19 Pandemic
Due to the full or partial lockdowns implemented in the majority of countries around the world since Q1 of 2020, the spread of the COVID-19 pandemic has had a negative influence on the worldwide variable frequency drive market. Variable frequency drives are essential components of electromechanical drive systems used in a wide range of industrial applications. They are also known as variable speed drives or variable frequency drives. They are used in electromechanical drive systems to control the speed and torque of AC motors by altering the input voltage and frequency to meet the needs of the user. These drives are utilized in a variety of industrial infrastructures with both AC and DC electric motors. Variable frequency drives are used in fans, compressors, and conveyors, among other applications, to improve performance and save energy.
The increasing preference for variable frequency drives is expected to fuel market expansion over the forecast timeframe. Future investments in emerging countries' construction and industrial sectors are likely to generate growing prospects for variable frequency drive suppliers. The demand for such products has been momentarily restricted in recent months as a result of business closures around the world. It is, however, predicted to recover in the next months and increase significantly in the long run.
Several nations' governments have adopted supporting policies to combat the COVID-19 pandemic, which will assist the growth of the variable frequency drives market over the forecast timeframe. The rising demand for energy-efficient heating and cooling solutions in the industrial sector has propelled the variable frequency drives market to new heights. The increasing development of infrastructure is also predicted to increase the use of variable frequency drives, particularly in industrial areas.
Due to their widespread use in industries such as oil and gas and power generation, consumer preferences play a significant role in driving demand for the products. According to the MRFR report, the global market is predicted to increase slowly in the following year, which would have an impact on demand for variable frequency drives around the world. With the stabilizing market condition, industry participants are expected to increase their production capacity over the forecasted period. The market was predicted to recover in the first quarter of 2021.
Browse In-depth Market Research Report (135 pages) on Variable Frequency Drive
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Market Segmentation
The global variable frequency drive industry has been segmented into type, application, and end-user.
By type, the global variable frequency drive market has been segmented into AC, DC, and servo.
By application, the worldwide variable frequency drive market has been segmented into pumps, fans, compressors, extruder, others.
By end-user, the global variable frequency drive market has been segmented into oil & gas, industrial, infrastructure, power generation, others.
Regional Analysis
APAC to Dominate the Global Market
The Asia Pacific region is likely to dominate the variable frequency drive industry. China, India, South Korea, Japan, and Indonesia are the fastest expanding economies, with the largest infrastructure and industrial markets. Industries such as oil and gas, metals, and mining are implementing initiatives to minimize energy usage and CO2 emissions. Due to the growing construction industry, the Middle East area will follow the Asia Pacific region in the variable frequency drive market.
With rising demand for appliances as a result of expanding infrastructure and buildings, the demand for energy-efficient devices has risen. Furthermore, governments in several countries are pushing energy efficiency through technologically improved devices and lowering energy costs. For example, in 2015, the Chinese government adopted the Energy Efficiency Leader Scheme, which intends to provide incentives to manufacturers and builders who achieve China's Energy Label efficiency requirements. This will enhance the market size of energy-efficient systems, benefiting the variable frequency drive market.
Segmentation of Market covered in the research:
Information by type (AC, DC, and servo), by application (pumps, fans, compressor, extruder, others), by end-user (oil & gas, industrial, infrastructure, power generation, others) and Region (North America, Europe & Asia-Pacific))
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