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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Variable Frequency Drive Market Size, Demand, Growth Opportunities and Recent Trends, Report 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" 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. Variable frequency drives are finding increasing applications in the industrial, power, and infrastructure sectors. High demand from range of industries such as cement, chemical, and petrochemical, mining, oil & gas, pulp & paper, water & wastewater is also driving the growth of the market. Their major application areas include conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers. Germany, Russia, the UK, France, Italy, and Spain are offering lucrative opportunities for the variable frequency drives market in the cement & manufacturing industries. 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. Declining oil prices due to an oversupplied market have resulted in a decrease in exploration & production activities.

Browse 159 market data Tables and 66 Figures spread through 226 Pages and in-depth TOC on "Variable Frequency Drive (VFD) Market - Global Forecast to 2025"
 

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The industrial sector uses electric motors for powering electrical equipment such as pumps, compressors, conveyors and every type of machine that depends on the rotational force for its functioning. Variable frequency drives help run these motors on the basis of required current demand, rather than running them at full speed and reducing output using mechanical controls such as throttles, dampers, or gears, thereby optimizing energy efficiency and providing higher reliability.

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 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. According to the US Department of Energy, more than 90% of the electrical energy is consumed by motors in electro-intensive industries such as mining, where motors are installed for various applications such as gas compressors, conveyors, and crushers. In these applications, around 80% of the total number of motors constitute low voltage with power ranging up to 400 kW (when used at constant speed) and up to 1,250 kW (when used at variable speed).  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.

 

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. The variable frequency drive market for lower power drives is highly fragmented, and suppliers use various strategies such as aggressive marketing and partnerships to differentiate themselves from each other and to offer better value to the users and OEMs.  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.

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The AC drive segment, by type, is expected account for the largest share during the forecast period

The variable frequency drive market, based on type, has been segmented into AC drive, servo drive, and DC drive. The low power drive segment is expected to hold the largest market share and grow at a CAGR of 5.3% during the forecast period. “AC” stands for alternating current. AC drives are also known as adjustable frequency drives, adjustable speed drives, and variable speed drives. They are electronic devices that convert a fixed frequency and voltage to an adjustable frequency and AC voltage source. AC drives are used to drive the AC motors, especially the three-phase induction motors, as these are predominant over other motors in a majority of the industries. AC drives are mainly used to control the motor’s speed in industries such as oil & gas, water & wastewater, and mining.

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 Chinese government’s active support has increased the number of value-addition industries, translating into the country’s overall industrial growth in sectors such as telecommunications, wind & solar power, petrochemical processing, and steel. These sectors are among the top contributors to the country’s economic growth and are expected to drive the demand for variable frequency drives in the country.

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.

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, "Knowledgestore" 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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USA : 1-888-600-6441
newsletter@marketsandmarkets.com

Variable Frequency Drive Market Booming Worldwide by Size, Revenue, Trend and Top Growing Companies 2025

The global variable frequency drive market is estimated USD 19.2 billion in 2020 and is projected to reach USD 24.3 billion by 2025, at a CAGR of 4.8% during the forecast period. This growth can be attributed to factors such as the growth of supportive regulatory environment towards effective and efficient energy utilization, the upgradation and modernization of aging infrastructure for safe & secure electrical distribution systems, and rapid industrialization and urbanization across the globe. However, the stagnant growth of the oil & gas industry coupled with the decrease in the exploration & production activities are hindering the growth of the variable frequency drive market.

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 segment, by voltage, is estimated to account for the largest share during the forecast period. Low voltage variable frequency drives are used across a wide range of applications including pumps, fan, belt conveyor, centrifugal pumps, and centrifugal compressors. These drives are designed for industrial applications, especially in process industries such as pulp & paper, power, water & wastewater, and oil & gas. Thus, the increasing 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 is projected to grow with the highest CAGR during the forecast period. Low power drives, due to higher energy savings at low capital costs and better process control with increased motor control, offer a quick payback period. Variable frequency drives with a 6–40 kW power range are used across various industries such as building, automation, oil & gas, food & beverage, and pulp & paper. Therefore, the growing need for energy efficiency in the respective industries is expected to drive the growth of the segment.

Asia Pacific: The leading variable frequency drive market

The Asia Pacific region is estimated to be the largest and fastest growing variable frequency drive market during the forecast period. The growth of this region is primarily driven by countries such as China, South Korea, India and Japan, which are 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, The rapid industrialization due to growing automation in manufacturing sector and increased investments in renewables sector are driving the growth of the variable frequency drive market in the Asia Pacific region.

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The growth in industrialization is driving a continuous need for electric motors, which consume one-third of the total electricity produced globally. The factors such as limited conventional power generation and the continuous rise in electricity prices, has encouraged companies to invest in energy-efficient equipment to increase energy efficiency. Industries such as oil & gas, metals & mining, pulp & paper, cement, and water & wastewater, which are considered to be energy intensive industries, 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.

The global variable frequency drive market is dominated by a few major players such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US). These players have a wide regional presence.

New product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, alliances, joint ventures, and collaborations are few of the key strategies adopted by the players of the variable frequency drive market. From January 2017 to December 2020, new product launches was the most commonly adopted strategy, followed by adoption of mergers & acquisitions as a major strategy during that period.

ABB is among the leading companies in the automation and power technologies businesses offering a wide range of products, solutions, services, and systems to customers in the utility, industrial, and infrastructure & transportation verticals. The company operates through 4 business segments, namely, Electrification, Robotics & Discrete Automation, Industrial Automation, and Motion. Variable frequency drives are offered through the Motion segment to utilities and industries. The Motion business segment provides products, services, and solutions that increase industrial productivity and energy efficiency. This business segment also offers products such as motors and generators for a wide range of industrial applications. ABB has its research centers in 7 countries, namely, China, Germany, India, Poland, Sweden, Switzerland, and the US. The company currently owns and operates 300 manufacturing plants and has established its operational presence in over 100 countries. The company marks a global presence—Europe, the Americas, Asia Pacific, the Middle East, and Africa. ABB has adopted both organic and inorganic business strategy to enhance its growth in the variable frequency market. For instance, in January 2019, ABB launched a series of ACS880 industrial drives and ACH580 Ultra-Low Harmonic (ULH) HVAC drives, which are used in many industries and applications to tackle harmonic issues

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Siemens is a major technology company with core business activities in the field of electrification, automation, and digitalization. The company operates through 6 business segments, namely, Digital Industries, Siemens Healthineers, Smart Infrastructure, Mobility, Portfolio Companies, and Financial Services. The company offers variable frequency drives through the Portfolio Companies business segment. The other products offered under this business segment are motors, synchronous condensers, integrated automation systems, electric motors, converters, generators, gear units, and couplings. The variable frequency drives offered by the company find applications in the oil & gas and power industries. Siemens has its operational presence in Europe, North America, South America, the Middle East, and Asia Pacific. Through the operation of an accomplished global network of regional offices, warehouses, R&D facilities, and sales offices, the company has established its presence in more than 100 countries across the globe. The company owns and operates factories in Sacramento, Louisville, Indiana, New Castle, Pittsburgh, Portland, and Georgia, among many other locations in the US. The company has adopted organic business strategy for its growth in variable frequency market. For instance, in April 2018, to extend the performance spectrum of the synchronous reluctance drive system, Siemens has expanded its product portfolio of Simotics synchronous-reluctance motors by including two new shaft heights, AH90 and AH225. These motors are available in a power range of 0.55–45 kilowatts (kW) and at a speed of 1,500 and 3,000 revolutions.

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Variable Frequency Drive (VFD) Market Trends to Watch Through 2025

Global Variable Frequency Drive Market Overview:

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.

COVID-19 Impact on the Global Variable frequency drive Market

The COVID-19 pandemic has slowed the growth of the power industry. This is primarily due to nationwide lockdowns that have been imposed to prevent further spike in the spread of the disease. The renewable energy industry, which until recently was growing at a rapid pace, has been witnessing slow growth over the past few months. This slowdown is mainly due to economic contractions, which have resulted in the reduction of power demand from various end-user industries. With decrease in power demand, it is estimated that there would be very negligible investments from utilities for replacing aging grid infrastructure and new renewable installations.

Key Market Players:

ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US)

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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 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

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

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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.

Browse more related reports:

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

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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, "Knowledgestore" 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.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com