Variable Frequency Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Variable Frequency Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Variable Frequency Drive Market

The variable frequency drive market size was valued at USD 21.03 billion in 2023, and the market is now projected to grow from USD 22.36 billion in 2024 to USD 40.02 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period of 2024-2032.

The strict travel restrictions & other measures such as quarantine, stay-at-home orders, or shutdowns affected the manufacturing industries & disrupted trade across the globe and this impaired the variable frequency drive market growth. Corporations that are end-use including oil and gas or power suffered owing to the COVID-19 virus pandemic and their production hence affected business growth.

Changing trends to adopt digitalization, connectivity, and automate the industrial process by various industry verticals has seen the demand for VFD that helps in monitoring processes of several aspects remotely. In such complex industrial applications as HVAC systems of large buildings, the resulting data can be optimized by a lot gaining in efficiency and power savings when using variable drives to control and monitor the motor to make it a smart motor and, even, remotely or automatically controlled optimizing the system performances and the power savings. Growing levels of urbanization and expanding markets for energy-efficient equipment are poised to fuel the market need for and promote the growth of variable frequency drives. In addition, favorable government regulations and policies will help the variable frequency market share as it operates as one of the leading factors of industrial investments in energy efficiency around the world.

The increasing awareness of climate change and sustainable technology will further improve the environment while the global economy will further increase the demand for VFDs. An increase in the demand for energy solutions helps the market to grow.

Comprehensive Analysis of Variable Frequency Drive Market

The market share of variable frequency drives is classified into type, power range, application, and end-user basis. Types of products it offers are AC Drive, DC Drive, and Servo Drive which meet different needs in the functioning of an entity. Today there are Micro, Low, Medium, and High-power VFDs that take care of different performance levels. The Geographical split covers America, the Asia-Pacific region, Europe, and the Rest of the World under the segment of applications that span Pumps, Electric Fans, HVAC, Conveyors, Extruders, and Other; End-users comprising Power Generation, Infrastructure, Oil & Gas, Food & Beverages, Mining, Agriculture, and Others; the Markets are showcased to be highly versatile because of VFD application to various businesses.

The electricity demand is expected to reach a high demand during the forecast period. This increase will largely be represented in the Asia Pacific region which grows very fast and will take the largest portion of the market for VFD with a share of USD 8. 53 billion in 2023.

Eaton Corporation (Ireland), Hitachi Hi-Rel Power Electronics (India), Rockwell Automation (U.S.), Johnson Controls (Ireland), Anaheim, Automation Inc. (U.S.), WEG (Brazil), ABB (Switzerland), Nidec Motor Corporation (Japan), Siemens (Germany), Danfoss Corporation (Denmark), Honeywell International Inc. (U.S.), TMEIC (U.S.),Fuji Electric Corp. of America (Japan), Schneider Electric (France), Yaskawa Corporation (Japan), Toshiba International Corporation (U.S.), General Electric (U.S.), and Mitsubishi Electric Automation, Inc. (U.S.) are some major players in this industry. These groups of companies who are leaders within the discipline offer a stage playing field for all their competitors as they guarantee increase and set requirements for the arena.

In October 2013, Siemens released the new generation high-performance variable frequency drive known as SINAMICS G220 which is said to be designed to address the various challenges in every industry.

Segmentation Table

Global Variable Frequency Drive Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 7.5% from 2024 to 2032

Unit Value (USD Billion)

By Type

AC Drive

DC Drive

Servo Drive

By Power Range

Micro

Low

Medium

High

By Application

Pumps

Electric Fans

HVAC

Conveyors

Extruders

Others

By End-user Power Generation

Infrastructure

Oil & Gas

Food & Beverages

Mining

Agriculture

Others

By Region North America (By Type, By Power Range, By Application, By End-user, and by Country)

- U.S. (By End-user)

- Canada (By End-user)

Europe (By Type, By Power Range, By Application, By End-user, and by Country)

- U.K. (By End-user)

- Germany (By End-user)

- France (By End-user)

- Italy (By End-user)

- Spain (By End-user)

- Russia (By End-user)

- Rest of Europe (By End-user)

Asia Pacific (By Type, By Power Range, By Application, By End-user, and by Country)

- China (By End-user)

- Japan (By End-user)

- India (By End-user)

- Australia (By End-user)

- Southeast Asia (By End-user)

- Rest of Asia Pacific (By End-user)

Latin America (By Type, By Power Range, By Application, By End-user, and by Country)

- Brazil (By End-user)

- Mexico (By End-user)

- Rest of Latin America (By End-user)

Middle East & Africa (By Type, By Power Range, By Application, By End-user, and by Country)

- GCC (By End-user)

- South Africa (By End-user)

 Rest of Middle East & Africa (By End-user)


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