The global variable frequency drive market is segmented by voltage type into low voltage and medium voltage; by type into ac drives, dc drives and servo drives; by power range type into micro-power drives, low-power drives, medium-power drives and high-power drives; by application type into pumps, fans, compressors, conveyors and others; by end user type into oil & gas, industrial, power generation, infrastructure and others. It is expected that the market of variable frequency drive will grow rapidly during the forecasted period at a CAGR of 6.57%.
Variable frequency drive (VFD) is a type of power conversion device which controls the rotational speed of an alternating current electric motor. It controls the frequency and voltage supplied to the electric motor. The variable frequency drive also has the capacity to control ramp-down and ramp-up of the motor during start and stop of the motor. Variable frequency drive also known as adjustable speed drive, ac drive, adjustable frequency drive and variable speed drive.
In terms of regional platform, Asia Pacific holds the largest market of variable frequency drive in terms of revenue due to emerging economies in this region such as China and India are investing a huge amount of money in energy efficient devices. Increasing investments toward the establishment of manufacturing facilities with increasing demand for oil & gas and power generation industries in this region are expected to stimulate the market of variable frequency drive over the forecasted period.
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Europe is expected to be the fastest growing market for variable frequency drive in terms of revenue over the forecasted period due the stern government standards towards the adoption of energy efficient devices. European Union introduce climate and energy package to fight against climate change which focuses on emissions cuts, energy efficiency and renewable energy. These factors are expected to spur the growth of variable frequency drive market in this region over the forecasted period.
North America is expected to show a rapid growth in terms of revenue due to the high adoption of variable frequency drives in oil & gas and power generation industries. Rising initiatives toward the achievement of energy efficiency devices are also expected to spur the growth of variable frequency drive market in this region.
Rising Demand for Low Voltage Variable Frequency Drive
It is expected that low voltage variable frequency drive segment to grow at the fastest CAGR over the forecasted period i.e. 2017-2027. The demand for low voltage drive from industries such as water & waste water, utilities, metals & mining, petrochemicals and cement are expected to spur the growth of low voltage variable frequency drive market globally over the forecasted period. The low voltage drives are generally used in applications such as fans, pumps, compressors, crushers & mills conveyors and kiln applications. These uses of low variable frequency drive are also expected to stimulate the growth of variable frequency drive market globally.
Increasing initiatives toward energy conservation across commercial, residential and industrial sectors are projected to contribute in the growth of variable frequency drive market globally. High rate of adoption of low voltage drive along with technological advancements across emerging economies such as India and South Korea are also expected to drive the market of variable frequency drive market globally.
Rising Disposable Income Among Population
Rising disposable income among population with innovative technologies will drive the variable frequency drive market globally. Rapid developments by OEMs across developing nations such as China are also expected to contribute in the growth of variable frequency drive market globally.
Growing adoption of high-end technologies by oil field companies are expected to positively impact the variable frequency drive market growth globally.
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The report titled “Variable Frequency Drive Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global variable frequency drive market in terms of market segmentation by voltage, by type, by power range, by application type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the variable frequency drive market which includes company profiling of ABB Ltd., General Electric, Hitachi, Mitsubishi Heavy Industries, Ltd., Rockwell Automation, Schneider Electric, Crompton Greaves, Danfoss, Eaton, Emerson Electric Co., Fuji Electric Co., Siemens AG, Toshiba, Weg SA and Yaskawa Electric Corp. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global variable frequency drive market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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