New Revenue Pockets: Variable Frequency Drive Market

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The variable frequency drive market, by end-user, is segmented into oil & gas, industrial, power, and infrastructure.  The industrial segment is expected to hold the largest market share in 2020 and is projected to grow at the highest CAGR during the forecast period. This is primarily because electric motor systems account for about 60% of the global industrial electricity consumption. The use of drive systems enhances energy efficiency and offers better process control and regulation by reducing downtime. The infrastructure segment is expected to hold the second largest market share in 2020 and is projected to grow at the second highest CAGR during the forecast period.

The AC drive segment of the variable frequency drive market is expected to grow at the highest CAGR during the forecast period, as they are used in a wide range of applications such as pumps, fans, compressors, and conveyors. The Asia Pacific region is expected to hold the largest market share of the AC drive segment between 2020 and 2025 because of the installation of new electrical infrastructure and installation of renewable energy generation units. Hence, with the new upcoming electrical infrastructure on the cards, major tenders would be released by the utilities and the oil & gas and mining sector industries creating the demand for variable frequency drive.

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Leading key players are –

ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US).

Recent Developments –

• In December 2020, Rockwell Automation re-launched its Kinetix 5100 servo drive for a wide range of applications, including packaging, converting, print & web, and machine and assembly with the voltage availability of 480V.
• In January 2019, ABB launched a series of ACS880 industrial drives and ACH580 Ultra-Low Harmonic (ULH) HVAC drives, which are used in many industries and applications to tackle harmonic issues.
• In February 2019, Yaskawa Europe GmbH, headquartered in Eschborn, Germany, acquired the factory automation business unit of ZF Italia in Assago (Milan). The company expanded its overall product portfolio for industrial automation and its presence in the Italian market through this acquisition.
• In January 2018, Fuji Electric launched FRENIC-Ace for solar pumping. The product offers solar pumping solutions with simple installation and easy start-up and requires minimum maintenance.
• In March 2018, Schneider Electric expanded its business by establishing an innovation hub in East Asia & Japan headquarters in Singapore that develops tailored solutions to optimize energy efficiencies for building, healthcare, data center, oil & gas, and utility segments. This would help the company to serve its customers in a better way.

The post Variable Frequency Drive Market Size to Grow $24.3 billion by 2025 appeared first on MarketsandMarkets Blog.