The global Variable
Frequency Drive (VFD) Market is projected to reach USD 27.57 billion by
2023, at a CAGR of 5.87%, from an estimated USD 20.73 billion in 2018, by
value. The growth of the VFD market is mainly driven by the increased usage of
VFDs across major industry verticals, industrialization and urbanization, and
increasing focus on energy efficiency.
Browse 87 market data
Tables and 43 Figures spread through 167 Pages and in-depth TOC on
"Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo),
End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation),
Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage,
and Region - Global Forecast to 2023"
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Asia Pacific is estimated
to be the fastest growing market for VFDs during the forecast period. The region
has been segmented, by country, into China, Japan, India, South Korea,
Indonesia, Australia, and the Rest of Asia Pacific. The VFD market in the
region is primarily driven by the increase in investments toward energy
efficiency projects and massive investments in the manufacturing industry. As
per the Asian Development Bank (ADB), the regional share of global energy
consumption is expected to increase from 34% in 2010 to 56% by 2035, which
would drive the VFD market in the region.
The Variable Frequency
Drive Market market, by type, is segmented into AC drives, DC drives, and servo
drives. The AC drives segment is estimated to be the fastest growing market for
VFDs during the forecast period. Increased energy savings, increased life of
rotating components, and reduced levels of noise and vibrations are expected to
create the demand for VFDs during the forecast period. For instance, Europe
planned to minimize energy efficiency standards and reduce 1.5% in national
energy sales annually. Such factors are likely to drive the AC drives market in
the region.
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The report segments the Variable Frequency Drive (VFD) Market,
by application, into pump, fan, compressor, conveyor, and others. The
compressor segment is expected to grow at the highest CAGR during the forecast
period. Air compressor is one of the important components for oil & gas,
chemical, food & beverage, and building automation industries. Therefore,
increasing investments toward oil & gas and infrastructure industries are
likely to drive the demand for the compressor segment.
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