Global Variable Frequency Drive Market Report and Forecast 2023-2028

Global Variable Frequency Drive Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global variable frequency drive market reached a value of USD 22.3 billion in 2022. Aided by the escalating need for energy efficiency and the broadening applications of VFDs in myriad sectors, the market is projected to further grow at a CAGR of 6.10% between 2023 and 2028 to reach a value of USD 31.7 billion by 2028.

Variable frequency drives, also termed as variable speed drives or inverters, play a pivotal role in the world of motors and automation. These devices adjust the frequency and voltage of power supplied to electric motors, thus enabling speed control. Not only does this grant a superior control over operational processes, but it also ensures significant energy savings, reduced wear on machinery, and extended equipment lifespan. VFDs find their applications diversified across sectors – from HVAC systems in buildings, conveyor belts in manufacturing units, to pumps in water treatment plants.

The burgeoning emphasis on energy efficiency is one of the key variable frequency drive market trends propelling the market. With industries becoming increasingly cognizant of their carbon footprints and operational costs, the adoption of VFDs emerges as a sustainable and cost-effective solution. Integrating VFDs in motor-driven systems can lead to energy savings of up to 70%, presenting a compelling case for industries aiming for both green credentials and reduced operational expenses.

In the realm of industrial automation, the prominence of VFDs is undeniably escalating. The push towards Industry 4.0 and the increasing integration of IoT in manufacturing processes underlines the significance of precise motor control. Herein, VFDs offer a dual advantage – they enhance the accuracy of operations while simultaneously bolstering energy conservation.

Another catalyst fuelling the variable frequency drive market growth is the evolving infrastructural landscape, especially in emerging economies. The soaring urbanisation rates and the concomitant rise in skyscrapers and megastructures necessitate advanced HVAC systems. Given that HVAC systems are among the largest energy consumers in buildings, integrating VFDs ensures efficient climate control while minimising energy consumption.

The water and wastewater treatment sector also provides a fertile ground for VFD proliferation. With the burgeoning global population and the escalating need for purified water, treatment plants are operating at expanded capacities. VFDs, in this context, optimise pump operations, ensuring both efficiency and reliability.

On the innovation front, VFD manufacturers are ceaselessly evolving, aiming for compact designs, remote control capabilities, and integration with advanced analytics. The contemporary VFDs are not just about speed control; they are about smart operations, predictive maintenance, and seamless integration with broader automation frameworks. These types of innovations are likely to advance the variable frequency drive market demand in the forecast period.

Market Segmentation

The market can be divided based on type, voltage type, power rating, application, end-use, and region.

Market Breakup by Type

• AC Drive
• DC Drive
• Servo Drive

Market Breakup by Voltage Type

• Low
• Medium

Market Breakup by Power Rating

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

Market Breakup by Application

• Pumps
• Conveyors
• Fans
• Compressors
• Others

Market Breakup by End-Use

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

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global variable frequency drive market. Some of the major players explored in the report by Expert Market Research are as follows:

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

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.