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Asia Pacific Variable Frequency Drives Market Size - By Voltage (Low, Medium), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder), By End-Use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine) & Forecast, 2024 - 2032

  • Report ID: GMI6590
  • Published Date: Aug 2023
  • Report Format: PDF

Asia Pacific Variable Frequency Drives Market Size

Asia Pacific Variable Frequency Drives Market was valued at USD 9.5 billion in 2023 and is slated to grow at over 4.8% CAGR between 2024 and 2032. Increasing demand for energy-efficient solutions, coupled with the implementation of strict regulations focused on energy consumption, will augment the industry landscape.

Asia Pacific Variable Frequency Drives Market

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An upsurge in the investments and expenditure for infrastructure advancement has led to a heightened need for HVAC systems that provide innovative solutions to optimize energy usage in infrastructure projects, further contributing to the industry expansion. These systems offer accurate motor speed control, a critical factor for achieving energy conservation, enhancing process management, and advancing automation which in turn, will further accelerate the product deployment.

COVID- 19 Impact

The COVID-19 epidemic has impacted the market size owing to a decrease in the manufacturing processes and facility closures, along with workforce shortages, limited product deployment, and interruptions in the supply chain network. The local authorities and manufacturers have implemented new methods to lift constraints and maintain industrial output, resulting in favorable industry growth expectations. Furthermore, favorable government regulations, together with increased investment in the development of new technical systems, will enhance the market landscape.

Asia Pacific Variable Frequency Drives Market Trends

Asia Pacific variable frequency drives industry is poised for significant growth owing to the implementation of stringent government mandates aimed at promoting environmental sustainability. In recent times, the concept of smart manufacturing has gained traction, particularly in the sector of large-scale industrial automation. For instance, as per the India Brand Equity Foundation, to elevate the manufacturing sector's contribution to the GDP from 16% to 25% by 2025, the Indian Government has set this ambitious target. This objective is reinforced by initiatives such as the Udyog Bharat 4.0 SAMARTH program, which seeks to foster Industry 4.0 awareness within India's manufacturing sector, addressing challenges in automated material handling.

Moreover, the industry's growth is being bolstered by an increased emphasis on technological advancements and the advent of the Industrial Internet of Things (IIoT) which is further inclined towards optimizing the sizing of systems to enhance and ensure energy efficiency. These developments are anticipated to synergize with the expansion of the Asia Pacific variable frequency drives market outlook.

Asia Pacific Variable Frequency Drives Market Analysis

 Asia Pacific Variable Frequency Drives Market Size, By Voltage (USD Billion), 2021 - 2032

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The Asia pacific medium voltage drives industry market size surpassed USD 820 million in 2022 and is forecast for rapid expansion led by the extensive adoption across heavy-duty industrial applications that demand power outputs at the megawatt scale to effectively manage significant load-bearing requirements. Continuous advancements in technology including the instant activation of equipment controls for motor operations, coupled with the strengthening of manufacturing and research capabilities, are predicted to bolster the product acceptance.

Paradigm shift toward the deployment of energy-efficient systems and product to deliver energy security while maximizing its utilization will positively influence the medium voltage drives industry outlook. Several industry participants are aiming towards research & development initiatives to fulfil the regulatory norms and standards, augmenting the product adoption. The growing need for energy-efficient solutions, in conjunction with advancements in technology-driven systems, will continue to propel the Asia Pacific variable frequency drives market landscape.

China Variable Frequency Drives Market Revenue Share, By Drive, 2022

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The AC drives market is slated to register over 5% CAGR through 2032. The rising need for consistent and dependable power supply to counterbalance the escalating electricity consumption, combined with the implementation of stringent regulations to encourage energy efficiency, will serve as prominent factors for the increased product deployment. In addition, growing regional economic landscape and the shifting manufacturers’ emphasis on cost-effectiveness, which in turn will increase the product demand. The ability of these devices to curtail energy consumption and leading to monetary advantages, are the key factors augmenting the Asia Pacific variable frequency drives market landscape.

The servo VFD market is likely to showcase an appreciable momentum owing to the integration of energy-efficient equipment across diverse industrial processes, aimed at enhancing production output and operational speed. The swift adoption of Industry 4.0 principles and automation is set to accelerate the utilization of servo drives. Eminent manufacturers operating across the automation industry are actively introducing enhanced products and services to align with user requirements as industries are embracing advanced motor control systems to attain precision and expedited industrial operations.

Initiatives to accelerate digital transformation, spanning various corporate sectors in both developed and emerging economies, are estimated to contribute to the industry's expansion. Factors such as stringent regulations aimed at enhancing energy efficiency and security, the rapid escalation of energy consumption, and the widening application of industrial automation and robotics are expected to boost the Asia Pacific variable frequency drives market dynamics.

The conveyor industry is projected to see significant growth owing to the accelerating technological advancements along with growing usage of energy -efficient systems. This growth can be attributed to the escalating need for energy conservation among end-users, aligning with the ability of these systems to deliver dependable and controlled operations. These drives facilitate precise and seamless regulation of motor speed and torque, consequently enhancing the longevity of conveyors while reducing operational and maintenance expenses. Moreover, these units offer efficient and low initial current alongside elevated torque, effectively mitigating voltage fluctuations, peak currents, and the associated risk of conveyor slippage which will positively augment the product deployment across the Asia Pacific variable frequency drives market.

The demand for variable frequency drives is witnessing an appreciable momentum across a diverse range of industries including oil and gas, power generation, as well as mining and metals. The oil and gas sector, is primarily dependent on the reliable and active operation of various sized pumps along with the compressors, will further proliferate the Asia Pacific low voltage drives industry dynamics. The increased emphasis on reducing the environmental impact, coupled with enhanced reliability and efficiency, is driving the increased adoption of VFDs across the O&G industry. Similarly, the ongoing progression in technology, coupled with heightened investments in research and development for product enhancement, is set to significantly contribute Asia Pacific variable frequency drives market growth.

China Variable Frequency Drives Market Size (USD Billion), 2021 - 2032

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The China variable frequency drive industry reached USD 4.5 billion in 2022. The industry is experiencing a significant upsurge propelled by the continuous growth of renewable power generation, accelerated investments for industrial development, supportive government regulations and policies, and the accessibility of economical solutions. The rapidly growing infrastructure and adoption of HVAC systems, accompanied by a rising need for motor control systems that prioritize energy efficiency, are pivotal elements contributing to the increasing demand for variable frequency drives. The escalating demand for advanced technological solutions across a broad spectrum of industrial sectors, such as metals and mining, oil and gas, as well as power generation, is anticipated to boost the widespread product adoption.

Asia Pacific Variable Frequency Drives Market Share

Key players operating across the Asia Pacific variable frequency drives market are focusing on forming strategic partnerships & alliances, mergers and acquisitions. to strengthen their industry presence and to introduce new technological innovations. Major players operating in the global market are:

  • Siemens
  • Johnson Controls
  • Emerson Electric Co
  • ABB
  • Schneider Electric
  • Eaton
  • Fuji Electric Co. Ltd.,
  • Rockwell Automation
  • WEG
  • Danfoss
  • Hitachi Hi-Rel Power Electronics Private Limited
  • Nidec Motor Corporation
  • CG Power & Industrial Solutions Ltd.
  • General Electric
  • Invertek Drives Ltd.
  • Hiconics Eco-energy Technology Co., Ltd.
  • Bonfiglioli
  • Teco Electric & Machinery Pte Ltd.

Asia Pacific Variable Frequency Drives Market News

  • In August 2023, Carlo Gavazzi has recently unveiled the RVBS variable speed drive, tailored for applications demanding speed control such as fans, pumps, compressors, conveyors, and HVAC systems. This compact solution is suitable for electrical panels where an efficiently designed layout is crucial. Minimal setup requirements and the inclusion of push-in connectors, ensuring quicker and more reliable installation processes and fan less design increased reliability even in challenging environments. These units offer a remarkable degree of adaptability to diverse application needs.
  • In May 2023, ABB India is set to enhance its manufacturing capacity by introducing a new production line dedicated to variable speed drive modules at its Peenya facility located in Bengaluru. This expansion is focused on producing variable frequency drives spanning the range from 75 kW to 250 kW, catering to a variety of industrial applications. Integrated within the same premises comprising of ABB's corporate headquarters and other business facilities, this newly established manufacturing line is strategically positioned to address the increasing requirements of both domestic and international customers. This expansion will enhance the company’s market presence across the Asia Pacific variable frequency drives industry.

This Asia Pacific variable frequency drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2022 to 2032 for the following segments:

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By Voltage

  • Low
  • Medium

By Drive

  • AC
  • DC
  • Servo

By Application

  • Pump
  • Fan
  • Conveyor
  • Compressor
  • Extruder
  • Others

By End-Use

  • Oil & Gas
  • Power Generation
  • Mining & Metals
  • Pulp & Paper
  • Marine
  • Others

The above information has been provided for the following countries:

  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Thailand
    • Singapore
    • Malaysia
    • Philippines
    • Vietnam
    • Indonesia


Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size of variable frequency drives in APAC was reached USD 9.5 billion in 2023 and is set to grow at a 4.8% CAGR through 2032, backed by the increasing demand for energy-efficient solutions.
Asia pacific medium voltage drives market was evaluated at over USD 820 million in 2022 and is poised for rapid expansion driven by the extensive adoption across heavy-duty industrial applications for effectively managing significant load-bearing requirements.
AC drives segment is anticipated to witness a growth rate of over 5% through 2032, on account of the rising need for consistent and dependable power supply to counterbalance the escalating electricity consumption.
Nidec Motor Corporation, CG Power & Industrial Solutions Ltd., General Electric, Invertek Drives Ltd., Hiconics Eco-energy Technology Co., Ltd., Bonfiglioli and Teco Electric & Machinery Pte Ltd, among others.

Asia Pacific Variable Frequency Drives Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 474
  • Countries covered: 11
  • Pages: 360
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