The ‘Global Variable Frequency Drive Market Share, Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global variable frequency drive market, assessing the market on the basis of its segments like types, voltage types, power ratings, applications, end-uses, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Variable Frequency Drive Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Size (2022): Around USD 22.3 Billion
• Forecast CAGR (2023-2028): 6.10%
• Forecast Market Size (2028): Nearly USD 31.7 Billion

A major factor driving the global variable frequency drive market is its implementation of electric motors to reduce the consumption of energy. VFDs can increase or decrease the load on an electric motor depending on the requirement to ensure there is no energy wastage.

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The increased consumption of electricity in industrial and residential infrastructure is another important factor that fuels the market growth. VFD can be utilised in appliances such as compressors, fans, or pumps to regulate power consumption. Moreover, the demand for sustainable energy solutions also promotes the usage of VFD in general-use appliances for households and office spaces.

The growing usage of AC drives for managing the speed of motors in several sectors also influences the global variable frequency drive market. Additionally, the compact size and cost-effective nature of AC drives also make them a preferable option for various sectors.

The surge in the demand for low-voltage frequency drives further promotes the market growth as they provide enhanced control over starting, stopping, and managing the speed of electric motors. Moreover, they can be used in general as well as industry-specific appliances, which also boosts their demand. Meanwhile, VRD with micro power rating is also expected to witness a significant demand due to their simpler design and ease of installation.

Variable Frequency Drive Industry Definition and Major Segments

Variable frequency drive, also referred to as variable speed drive or adjustable frequency drive, is a motor controller which can optimise the drive of an electric motor by varying its frequency and voltage. It improves the efficiency and proper functioning of a motor by monitoring the overall load on it.

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On the basis of type, the market is classified into:

• AC Drive
• DC Drive
• Servo Drive

Based on voltage type, the market is categorised into:

• Low
• Medium

On the basis of power rating, the market is segmented into:

• Micro (0-5 kW)
• Low (6-40 kW)
• Medium (41-200 kW)
• High (>200 kW)

Based on application, the variable frequency drive market is divided into:

• Pumps
• Conveyors
• Fans
• Compressors
• Others

On the basis of end-use, the market is segmented into:

• Oil and Gas
• Industrial
• Power
• Infrastructure
• Others

Based on region, the market is categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Variable Frequency Drive Market Trends

A key trend propelling the growth of the global variable frequency drive market is the growing implementation of VFD in the oil and gas sector. Variable frequency drives enhance the safety, reliability, and energy efficiency of various components and equipment deployed in the oil and gas sector.

Market players are also developing advanced technological methods to improve the efficiency of VFDs. Manufacturers are now designing VFDs that can monitor the heat sink temperature to provide the required cooling. Moreover, market players are increasingly integrating enhanced sleep features, which facilitate shutting off the drive when it is not in use.

Increasing investment in alternative fuel vehicles (AFV) due to the rising demand for sustainable energy sources also provides various opportunities for the market for variable frequency drive. Moreover, VFD is also implemented in HVAC systems of large buildings to control the power consumption. Several government initiatives and policies aimed at energy conservation further favour the market.

The Asia Pacific accounts for a sizeable share of the global variable frequency drive market owing to the robust growth of the oil and gas sector, coupled with the usage of the product in improving energy efficiency. Additionally, the growing electricity rates in developing economies also bolster the demand for VFD to reduce energy consumption.

Key Market Players

The major players in the global variable frequency drive market report are:

• ABB Ltd.
• Siemens AG
• Danfoss
• Schneider Electric SE
• General Electric
• Hitachi, Ltd.
• Honeywell International Inc.
• Techsuppen Enterprises.
• CG Power & Industrial Solutions Ltd.
• Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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About Us:

Expert Market Research (EMR) is a leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective, and intelligent business strategies and ensure their leadership in the market.

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