The global variable frequency drives market accounted for a value of USD 17.5 billion in 2019. The global variable frequency drives market is projected to register growth at CAGR of 3.8% during the forecast period.
COVID-19 has impacted all the businesses over the globe. It has impacted variable frequency drives market negatively. The production is on halt. The supply chain was also affected due motion restriction and lockdown policies raw material supply is facing difficulties. Thus, the VFD market is expected to witness decline during forecast period.
For more details, visit: Global Variable Frequency Drive Market By Technology (Servos, AC drives, DC drives), By Application (Pumps, Compressors, Conveyors), By End User (Oil & Gas, Infrastructure, Others), By Region–Forecast & Opportunities to 2026
Variable frequency drives used in wide range of industries such as chemical & petrochemical, cement, oil & gas, pulp & paper, water & wastewater, mining. It has major applications in conveyors, utility pumps, fans, process pumps, air compressors, coolers, process compressors, cooling tower fans, grinders, blowers, chippers and crushers. Thus, demand for VFD is very in market which drives the VFD market to foresee growth during forecast period.
On the basis of type, the variable frequency drives market is segmented into Servos, AC drivers, DC drivers. The AC segment in VFD market accounted for maximum market share in 2019. It is projected to register growth at highest CAGR of XX% during the forecast period. AC drivers consist of more merits than DC drivers and servos. It provides reduced noise level of noise and vibration and increased energy savings. The application of AC drivers is increasing in medium and heavy industries. AC drivers are majorly used for variable torque in many industries such as mining, water & wastewater and oil & gas. These all factors together drive growth in VFD market during forecast period.
On the basis of application, the variable frequency drives market is segmented into fans, pumps, compressors, conveyors and others. The pumps segment is accounted for maximum market share in 2019. The VFD has substituted the hydraulic drives assimilated by pumps in order to lower the energy consumption and for smooth operations. The integration of VFD with pumps has more advantages which is escalated growth in pumps segment in 2019.
On the basis of end user the VFD market is segmented into oil & gas, infrastructure, power generation, industrial and others. The industrial segment is projected to register growth at highest CAGR during the forecast period. The demand for electric motors is increasing immensely in various industries such as pulp & paper, marine, cement and others. Thus, attributes growth in industrial segment of VFD market during the forecast period.
Asia-Pacific region is expected to register growth at highest CAGR during the forecast period. In Asia-Pacific region China is estimated to account for largest market share during the forecast period. The China government has planned to invest USD 361 billon in clean energy by the end of 2020 and it aims to provide 20% of power from non-fossil sources by 2030. This is expected to show a significant growth in VFD market during the forecast period.
The key market players in variable frequency drive market Eaton Corporation, Crompton Greaves Ltd, ABB Ltd., Rockwell Automations, Honeywell International, Hitachi Group, Mitsubishi Corporation, Siemens AG, Toshiba Corporation, Johnson Controls Inc., Schneider Electric SE, NIDEC Corporation, Danfoss A/S, Fuji and TMEIC.
- What are the expected industry trends over the next three to five years?
- Which of the variable frequency drives technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?