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Variable Frequency Drives (VFD) Market Size, By Voltage (Low, Medium), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyer, Compressor, Extruder), By End-use (Oil & Gas, Power Generation, Mining & Metals, Pulp & Paper, Marine), Regional Outlook, COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI1185
  • Published Date: Feb 2022
  • Report Format: PDF

Industry Trends

Variable Frequency Drives Market Size exceeded USD 15 billion in 2021 and is anticipated to grow at a CAGR of over 4% between 2022 and 2028. Growing customer focus on the integration of renewables coupled with stringent standards and directives on energy efficiency will fuel product demand. Ongoing rapid industrialization and urbanization across developing nations together with increasing investments in reliable and smart infrastructure will augment the market growth.
 

Variable Frequency Drives Market Overview

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The abrupt spread of COVID-19 has adversely impacted operations across industry verticals, hindering the VFD market pace. The shutdown of industrial operations coupled with limited cross-border trade activities has dented product demand across different countries. However, to cope with the negative demand of VFD units, manufacturers are emphasizing on the delivery of their portfolios across the emergency service sectors including healthcare and power generation to counterbalance the pandemic impact.
 

Efficient operational characteristics along with cost-effective availability to propel AC VFD adoption rate

AC variable frequency drives are set to grow on account of escalating deployment across industrial applications. These units deliver several electronic motor drives with multiple Fieldbus connectivity options, enhanced control technologies, and control interfaces. Furthermore, these units ensure maximum machine throughput across various applications with different types of motors including dynamic linear motors, standard AC induction motors, energy-saving hybrid motors, and high-performance servo motors, among many others, which will boost product deployment.
 

Ongoing technological enhancements in variables frequency drives will escalate product deployment

Low voltage VFD units are poised to observe a significant growth credited to their rising utilization across various industrial applications, stimulating product demand. LV drives are cost-effective alternatives to various residential, commercial, and industrial systems with a limited requirement for maintenance & service operations.
 

The medium voltage variable frequency drives market is slated to witness significant growth. A paradigm shift toward the accelerating deployment of energy-efficient products to deliver power security in line with optimal energy utilization will stimulate the business outlook.
 

Integration of the Industrial Internet of Things (IIoT) to accelerate the VFD market demand

Variable Frequency Drives Market Size

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Pump application is projected to hold a dominating position in the industry owing to its vast application potential coupled with rapidly developing industrial infrastructure. VFDs are widely integrated across pumps to deliver enhanced control on the electrical power frequency to effectively adjust pressure or flow in the system. In addition, there is a positive outlook toward impelling energy-efficient systems coupled with continuous technological advancements.
 

Integration of monitoring & control systems across energy and oil & gas networks will complement the variable frequency drives market growth

Replacement and refurbishment of existing technologies across small, medium & large enterprises will foster the demand for variable drives. Additionally, the introduction of stringent energy efficiency policies along with shifting customer inclination toward renewable technologies will encourage product deployment. The rising integration of monitoring & control systems across hydrocarbon exploration & production activities will further influence the demand for VFD units with various power ratings.
 

Rapidly developing industrial infrastructure coupled with exponentially rising energy demand will create growth opportunities for the APAC region

APAC Variable Frequency Drives Market

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Asia Pacific variable frequency drives market is predicted to reach USD 9 billion by 2028 on account of the continuously growing clean power generation, increasing industrial investments, favorable policy framework, and cost-effective product availability. Rapid infrastructural expansion and development accompanied by ongoing urbanization across prominent regions accelerating the demand for variable frequency drives. The requirement for high-tech drive products across several industrial applications including oil & gas, metals & mining, and power generation, among others will encourage product deployment.

 

Australian market is predicted to showcase 5% growth rate through 2028 led by the growing regional and federal government investments across different end-user verticals. For instance, as per the Department of Mines, Industry Regulation and Safety, Government of Western Australia, the total investment across the mining and petroleum sectors in the state equaled to about USD 15 billion in 2020 - 21.
 

Strategic partnerships, product innovations, and contractual agreements to drive the focus of industry participants

Major players operating in the variable frequency drives market are Siemens, Johnson Controls, Honeywell International, Inc., Emerson Electric Co., ABB, Schneider Electric, Mitsubishi Electric, Eaton, Fuji Electric Co., Ltd., Rockwell Automation, WEG Electric Corporation, Yaskawa Electric Corporation, Danfoss, Hitachi Hi-Rel Power Electronics Private Limited, Nidec Industrial Solutions, Bosch Rexroth AG, CG Global, Hiconics Eco-energy Technology Co., Ltd., and GE.
 

Eminent manufacturers are focusing on upbringing advanced technologies and enhanced & innovative products to cater to customer requirements. Key companies are focusing on strategic collaborations and M&As to achieve a competitive edge over the others. Manufacturers are emphasizing on reducing the product cost and providing forward integration across the industry ecosystem, which will further thrust the industry dynamics.
 

The variable frequency drives (VFD) market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD” from 2018 to 2028 for the following segments:

Market, By Voltage

  • Low
  • Medium

Market, By Drive

  • AC
  • DC
  • Servo

By Application

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

Market, By End-use

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

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

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Norway
    • Sweden
    • Poland
    • Netherlands
    • Belgium
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Thailand
    • Singapore
    • Malaysia
    • Philippines
    • Vietnam
    • Indonesia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Jordan
    • Iran
    • South Africa
    • Nigeria
    • Egypt
    • Algeria
  • Latin America
    • Brazil
    • Argentina
    • Chile
       
Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market size of variable frequency drives (VFD) crossed USD 15 billion in 2021 and is pegged to hit a CAGR of more than 4% up to 2028 due to the increasing consumer interest in the integration of renewables along with the presence of strict standards and directives on energy efficiency.

Variable frequency drive (VFD) is a type of motor controller that drives an electric motor by changing the frequency and voltage of its power supply whilst having the ability to control the ramp-up and ramp-down of the motor during start or stop, respectively.

Demand for AC variable frequency drives is expected to account for a significant share through 2028 due to expanding adoption in industrial applications.

The Australia market is poised to record a growth rate of over 5% up to 2028 driven by the escalating number of regional and federal government investments across several end-user verticals.

Siemens, Honeywell International, Inc., Emerson Electric Co., ABB, Schneider Electric, Mitsubishi Electric, Eaton, Fuji Electric Co., Ltd., Danfoss, Nidec Industrial Solutions, Bosch Rexroth AG, CG Global, and GE are a few among the other leading market participants.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 19
  • Tables & Figures: 931
  • Countries covered: 38
  • Pages: 550

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