Global Variable Frequency Drive Market Size By Power Range (Micro, Low, Medium, High), By Drive (AC, DC, Servo), By Voltage (Low, Medium), By Technology (Standard, Regenerative), By Application (Pump, Centrifuges, Conveyor, Evaporators, Mixers, Grinders, Cutters, Fans, Others), By End-Use (Oil & Gas, Power Generation, Food Processing, Automotive, Mining & Metals, Pulp & Paper, Others), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI1185  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 634   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Variable Frequency Drive Market size, in 2019 exceeded an annual installation of 23 million units and is anticipated to register over 4.9% CAGR up to 2026. Growing customer inclination toward renewable energy integration along with stringent directives & standards toward energy efficiency will drive the product demand. According to NEMA, in 2018 MG 1 standard includes use of coupling capacitors for PD detection and testing of energy efficient regulatory compliance only for ‘rated voltage’ market nameplate. Rapid urbanization & industrialization across developing economies coupled with rising investments toward smart & reliable infrastructure will propel the global variable frequency drive industry outlook.
 

Variable Frequency Drive Market

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Variable frequency drive are controllers or solid-state regulators which drive the motor by varying the voltage and frequency transmitted to the electric motor. These drives are installed across the industrial infrastructure on the AC electric motors. These units find applicability across some DC electric motors to control its torque and speed.
 

Global Variable Frequency Drive Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 28.9 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 4.9% 2026 Value Projection: 40.7 Billion (USD)
Pages: 634 Tables, Charts & Figures: 1220
Geographies covered (33): U.S., Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Norway, Sweden, Denmark, China, Japan, India, Australia, South Korea, Thailand, Malaysia, Philippines, Indonesia, Saudi Arabia, UAE, Qatar, Jordan, Iran, South Africa, Nigeria, Egypt, Algeria, Brazil, Argentina, Chile
Segments covered: Power Range, Drive, Voltage, Technology, Application, End Use
Companies covered (16): Johnson Controls, Inc., Honeywell International, Inc., ABB, Emerson Electric, Siemens AG, Schneider Electric, CG Power, Mitsubishi Electric, Eaton, Fuji Electric, Rockwell Automation, WEG, Yaskawa Electric, Hiconics, Danfoss, Hitachi
Growth Drivers:
  • North America & Europe
    • Stringent energy efficiency norms
    • Flourishing automotive sector
  • Asia Pacific
    • Increasing electricity capacity addition
    • Growing infrastructural spending
  • Middle East, Africa & Latin America
    • Increasing demand for electricity
Pitfalls & Challenges:
  • High implementation cost

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Ongoing technological advancements across variables frequency drives will complement the product landscape

Global Variable Frequency Drive Market

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Micro power range variable frequency drive market size is anticipated to exceed USD 10 billion by 2026. Dynamic braking system, PWM frequency adjustment, speed control, and DC injection braking are the key features which will drive the product adoption across industrial establishments. Ongoing technological enhancement across construction equipment including AC & DC electric motors and pumps will complement the variable speed drive industry growth. For instance, in 2019 CG Power and Industrial Solutions Limited unveiled Emotron VSX & VSM Series variable speed drives for critical applications providing enhanced protection and cost saving ability.
 

High-power segment of the variable frequency drive market will witness a robust demand on account of rising adoption of cutting-edge innovations to fulfill the government norms. Paradigm shift toward optimal energy utilization coupled with increasing deployment of power efficient products to provide energy security will strengthen the business outlook. Moreover, rising introduction of codes & standards to establish smart infrastructure will positively drive the business growth.
 

Refurbishment & replacement of existing grid infrastructure will drive the product demand

Low voltage based variable frequency drive industry is anticipated to register over 4% CAGR up to 2026. Ongoing initiatives toward power conservation coupled with refurbishment & retrofitting of existing industrial, commercial and residential establishments will propel the industry growth. Furthermore, rising applicability of speed drives across major manufacturing units including petrochemicals, cement industry metals & mining and utilities will augment the business scenario.
 

MV based variable speed drive market is projected to witness an upsurge on account of the expansion of existing transmission and distribution infrastructure. For instance, in 2019 Rockwell Automation developed smaller footprint medium voltage VFD for industrial applications ranging between 0A to 215A and 2.4kV to 4.16 kV. Moreover, high efficiency, low installation & maintenance cost, and high flexibility are the key parameters driving the product demand.
 

Integration of IIoT across variable voltage drives will complement the variable frequency drive industry trends

Standard drives are predicted to witness upsurge owing to the introduction of stringent government regulations to promote renewable energy technology coupled with deployment of energy efficient systems. For instance, Government of China abandoned 100 forthcoming coal fired power plants with a projected capacity of over 100 GW in 2017 in order to incorporate renewable energy generation plants. Furthermore, favorable government policies including financial assistance, feed in tariff and tax rebates across cogeneration power plants will enhance the product demand.
 

Regenerative voltage segment of variable frequency drive market exceeded an annual deployment of 3 million units in 2019. High-duty-cycle applicability of these drives across industrial and manufacturing sectors on account of its effective energy recovery property will boost the product demand. Growing integration of Industrial Internet of Things (IIoT) across variable voltage drives will introduce automated alerts, full-time monitoring control and system optimization which will further enhance the product portfolio.
 

Increasing investments across HVAC manufacturing plants will boost the industry demand

Pump holds the major share across the variable frequency drive on account of its adoption across re-generation turbines for power generation. Growing adoption of flow control drives across hydro plant infrastructure to enhance the performance will propel the product penetration. Increasing disposable income in line with improved standard of living across developing nation will positively influence the HVAC industry growth. Adoption of cutting-edge technology across the HVAC industry to comply with power efficiency standards will stimulate the business potential. For instance, in 2018 Eaton delivered innovative power saving and efficient PowerXL DH1 drive technology for the HVAC & R industry enabling reliable motor performance, cost saving and reduced energy usage.
 

Asia Pacific region will dominate the global variable frequency drive market

Asia Pacific Variable Frequency Drive Market

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In 2019, North America, Europe and Asia Pacific region collectively held over 85% of global variable frequency drive market share. Favorable resiliency initiatives, state incentives, policies and environment regulations are the eminent government measures which will drive the product adoption. The U.S. government, in 2019, announced Self-Generation Incentive Program across oil & gas and power projects to increase adoption of natural gas and biofuel on account of 50% renewables across fuel mixture blend.
 

Demand of high-tech variable voltage drives will act as the focal point for the business players

Eminent industry participants across global variable frequency drive industry include Eaton, Fuji Electric, ABB, Crompton Greaves, American Electric Technologies, Amtech Electronics, Hiconics Drive Technology, Danfoss, Emerson, Honeywell, KB Electronics, GE, Hitachi, Mitsubishi Electric, Schneider Electric, Johnson Controls, Rockwell Automation, Siemens, Yaskawa Electric, Vacon and Toshiba.
 

Variable Frequency Drive market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2015 to 2026, for the following segments:

By Power range

  • Micro
  • Low
  • Medium
  • High

By Drive

  • AC
  • DC
  • Servo

By Voltage

  • Low
  • Medium

By Technology

  • Standard
  • Regenerative

By Application

  • Pump
  • Fan
  • Conveyer
  • Compressor
  • Extruder
  • HVAC
  • Others

By End Use

  • Oil and Gas
  • Power Generation
  • Food Processing
  • Automotive
  • Mining & Metals
  • Pulp & Paper
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K
    • France
    • Italy
    • Spain
    • Russia
    • Norway
    • Sweden
    • Denmark
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Thailand
    • Indonesia
    • Malaysia
    • Philippines
  • Middle East and Africa
    • Saudi Arabia
    • Qatar
    • UAE
    • Jordan
    • Iran
    • Nigeria
    • South Africa
    • Egypt
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Chile

 

Frequently Asked Questions (FAQ) :

The variable frequency drive market is likely to register a crcr of 4.9% over the forecast period.
variable frequency drive market is likely to surpass a mammoth of $40.7 billion by the end of 2026.
Growing adoption of sustainable energy technologies along with increasing electricity demand across the industrial and commercial sectors is expected to set to drive the global market demand.
Eaton, Fuji Electric, ABB, Crompton Greaves, American Electric Technologies, Amtech Electronics, Hiconics Drive Technology, Danfoss, Emerson, Honeywell, KB Electronics, GE, Hitachi, Mitsubishi Electric, Schneider Electric, Johnson Controls, Rockwell Automation, Siemens, Yaskawa Electric, Vacon and Toshiba are currently profiled in the global market.
One of the major challenges likely to impact the global market size i is the high implementation cost associated with VFD.

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Premium Report Details

  • Published Date: Mar 2020
  • Pages: 634
  • Tables: 1182
  • Charts / Figures: 38
  • Companies covered: 16
  • Countries covered: 33

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