Variable Frequency Drive Market to Hit $26.8 billion in 2027 at a CAGR of 4.8%

According to the new market research report "Variable Frequency Drive Market by Type (AC, DC, Servo), Application (Pumps, Fans, Compressors, Conveyors), End User (Industrial, Infrastructure, Oil & Gas, Power), Power Rating (Micro, Low, Medium, High), Voltage and Region - Global Forecast to 2027", is expected to grow at a CAGR of 4.8% during the forecast period, from an estimated USD 21.2 billion in 2022 to USD 26.8 billion in 2027. Variable frequency drives are increasingly being used in the industrial and infrastructure sectors. Major industries that use variable frequency drives are cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment. Variable frequency drives find applications in conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers.These factor would drive the demand for variable frequency drive.

Browse 182 market data Tables and 60 Figures spread through 253 Pages and in-depth TOC on "Variable Frequency Drive Market - Global Forecast to 2027"
 

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The AC Drive segment, by type, is expected to be the most significant variable frequency drive market during the forecast period

The variable frequency drive market for the AC drive segment is estimated to account for the highest share of the overall market in 2021. The growth of this segment can be attributed to the growing use of AC drives in variable torque applications in various industries, such as oil & gas, water & wastewater, and mining, as they require less maintenance.

    

 

The low voltage segment is anticipated to be the fastest-growing variable frequency drive market by voltage type, during the forecast period

The variable frequency drive market for the low voltage segment is expected to dominate the overall market during the review period. The growth of this segment can be attributed to the increasing demand for low voltage variable frequency drives in various process industries, such as pulp & paper, power generation, water & wastewater treatment, and oil & gas.

Asia Pacific is expected to dominate the global variable frequency drive market during the forecast period

In this report, the variable frequency drive market has been analyzed for 6 regions, namely Asia Pacific, North America, Europe, Middle East, Africa, and  South America. Asia Pacific is expected to lead the market during the forecast period.

The variable frequency drive market in Asia Pacific is witnessing significant developments in the in the power generation and manufacturing sector due to industrialization, which has supported the demand for variable frequency drives across countries of the region. The industrial sector in China contributes more than 50% of its GDP, and the growth of this sector has tremendously increased power production and consumption in the country. These factors have made China one of the most lucrative markets for the power industry. Moreover, the chemicals and petrochemical sectors are also well-established in the region and are expected to contribute to the growth of the variable frequency drive market.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the variable frequency drive market. These include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.

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Marine VFD Market Forecastss: A $1,075 million market by 2026

According to the new market research report "Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage, Medium Voltage), Application (Pump, Fan, Compressor, Propeller (With Shaft Generator, Without Shaft Generator), Crane & Hoist), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Marine VFD Market size will grow to USD 1,075 million by 2026 (forecast year) from USD 804 million in 2021 (estimated year), at a CAGR of 6.0% during the forecast period. A marine VFD is a motor controller electronic device. It drives an electric motor by varying the frequency and voltage supplied to the motor according to the demand. It is also referred to as variable speed drive, adjustable speed drive, adjustable frequency drive, AC drive, Microdrive, and inverter. Marine VFD has been categorized into by type, by voltage, and by application. They can be installed in various systems on ships which have motor like cranes, compressor, fan, pumps, etc. Marine VFD is playing a crucial role to achieve more efficiency from systems and reducing fuel consumption in ships.

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The pump segment is expected to dominate the Marine VFD Market, by application, during the forecast period.

The pump segment accounted for the largest share of the Marine VFD Market, by application, in 2020. The pump is the component which is extensively used for various purposes onboard a ship and is critical for proper functioning of any ship. Thus, the use of VFD to control the functioning the pumps can save a lot of energy. These factors are likely to increase the demand for VFD used to control pumps.

Marine VFD Market

The low voltage is expected to dominate the Marine VFD Market, by voltage, during the forecast period.

The low voltage segment accounted for a larger share, owing to the increased use of low-voltage motors in the marine industry across applications such as cranes, pumps, fans, and hoists. The increasing use of variable drives to improve the efficiency of various small components across a system equipped with motors to improve the efficiency of such systems has boosted the market for low-voltage drives.

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The AC drive is expected to dominate the Marine VFD Market, by type, during the forecast period.

AC drives are more widely used VFDs. As most of the equipment used onboard a ship operates on AC input, the AC drive segment is projected to account for a larger market share. The demand for AC drives is also driven by the increasing demand for energy-efficient solutions. An AC drive is used to control the speed of an electric motor by changing the frequency and voltage of electric supply to the motor. A VFD controls the speed of the AC motor by changing the frequency supplied to the motor.

Asia Pacific is expected to lead the Marine VFD Market

Asia Pacific is expected to show a robust growth during the forecast period. The Asia Pacific region includes China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. This region has shown strong demand for marine VFD owing to rapid growth of shipbuilding industry. With the shift towards decarbonization, there has been a strong demand for more energy efficient engines with less emissions. Governments in this region are increasingly opening gates for development and growth of ship building industry. Technological advancements and less energy consumption would further propel marine VFD deployment and open up opportunities in the emerging markets in APAC. Various countries are adopting new hybrid and electric systems in ships in order to save energy as well as to meet their goal of rection in carbon emission. Moreover, favorable supportive schemes, huge investments in ship building and port development would further drive the market for marine VFD. The market in China is expected to grow mainly because of government initiatives to cut down carbon emissions as well as to become leader in ship building.

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The key players include General Electric (US), Danfoss (Denmark), Siemens (Germany), ABB (Switzerland), Rockwell Automation (US). The leading players are adopting various strategies to increase their share in the Marine VFD Market.

Browse Related Reports:

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 2025 https://www.marketsandmarkets.com/Market-Reports/variable-frequency-drive-market-878.html 

Europe VFDs Market by Application (Pump, Fan, Compressor, Conveyor, Extruder), Power Rating (0–0.5, 0.5–20, 20–50, 50–200, >200kW), Voltage (Low and Medium) And Countries (Germany, Russia, UK, France, Italy, Spain) - Global Forecast to 2024 https://www.marketsandmarkets.com/Market-Reports/europe-vfd-market-220609858.html 

Servo Motors and Drives Market by Offering (Hardware, Software and Services), Product Type (Servo Motors, Servo Drives), System, Voltage, Communication Protocol, Brake Technology, Material of Construction, Industry, and Region - Global Forecast to 2025 https://www.marketsandmarkets.com/Market-Reports/servo-motors-and-drives-market-1127.html

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Comprehensive Report on Variable Frequency Drive (VFD) Market Set to Witness Huge Growth by 2025

According to the new market research report "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 2025", published by MarketsandMarkets™, the global Variable Frequency Drive Market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period. This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the Variable Frequency Drive Market.

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The low voltage segment is expected to hold the largest share of the Variable Frequency Drive Market, by voltage type, during the forecast period

The low voltage segment, by voltage, is estimated to account for the largest share during the forecast period. Low voltage variable frequency drives are used in a wide range of applications such as pumps, fan, belt conveyor, centrifugal pumps, and centrifugal compressors. Low voltage variable frequency drives are designed for industrial applications, especially in process industries such as pulp & paper, power, water & wastewater, and oil & gas. Thus, the growing use of low voltage drives in a wide range of applications is expected to boost the growth for this segment

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The low power drive segment, by power rating, is expected account for the largest share during the forecast period

The low power drive segment is expected to hold the largest market share and grow at a CAGR of 4.0% during the forecast period. Low power drives offer a quick payback period due to higher energy savings at low capital costs and better process control with increased motor control. Variable frequency drives with a 6–40 kW power range are used in different industries such as building, automation, oil & gas, food & beverage, and pulp & paper. Thus, the growing need for energy efficiency in these industries is expected to drive the growth of the segment.

Asia Pacific: The leading Variable Frequency Drive Market

The Asia Pacific region is projected to be the largest Variable Frequency Drive Market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for variable frequency drives. Countries in Asia Pacific are focused towards energy efficiency and variable frequency drives are expected to play an important role in helping these countries to meet their energy efficiency targets, as the primary function of these drivers is to save energy. Thus, massive investments in the manufacturing industry are driving the growth of the Variable Frequency Drive Market in the Asia Pacific region

The growth in industrialization is driving a continuous need for electric motors, which consume one-third of the total electricity produced globally. Limited conventional power generation, coupled with a continuous rise in electricity prices, has encouraged companies to invest in energy-efficient equipment to increase energy efficiency. Energy-intensive industries such as oil & gas, metals & mining, pulp & paper, cement, and water & wastewater are using variable frequency drives to reduce energy consumption and CO2 emissions. Therefore, the increasing need for energy efficiency is expected to drive the growth of the variable frequency drives market.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Variable Frequency Drive Market. Some of the key players are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US). The leading players are adopting various strategies to increase their share in the Variable Frequency Drive Market.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Browse Related Reports:

Europe VFDs Market by Application (Pump, Fan, Compressor, Conveyor, Extruder), Power Rating (0–0.5, 0.5–20, 20–50, 50–200, >200kW), Voltage (Low and Medium) And Countries (Germany, Russia, UK, France, Italy, Spain) - Global Forecast to 2024

https://www.marketsandmarkets.com/Market-Reports/europe-vfd-market-220609858.html

Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage (Up to 1 kV), Medium Voltage (Above 1 kV)), Application (Pump, Fan, Compressor, Propulsion / Thruster, Crane & Hoist) and Region - Global Forecast to 2024

https://www.marketsandmarkets.com/Market-Reports/marine-vfd-market-85395523.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
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