Newark, May 18, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global variable frequency drive is expected to grow from USD 19.72 billion in 2021 to USD 33.88 billion by 2030, at a CAGR of 6.2% during the forecast period 2022-2030.
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The growing number of applications of VFDs in mining, power, infrastructure, water, industrial, cement, chemical, petrochemical, among various other industries, is contributing to the growth of the global variable frequency drive market. The rising digitization and automation of global industries to meet the increasing demand from the growing population has led to the adoption of VFDs in the manufacturing, assembly & delivery process of companies. IoT enables VFDs in industries to allow remote monitoring to regulate operating speed, providing flexibility to reduce downtime & perform diagnostics for better performance. VFDs regulate motor speed facilitating energy savings that contribute to its rising adoption in various industries. Government regulations and initiatives aimed at energy efficiency and conservation will encourage R&D in the VFD market, providing lucrative opportunities to the market players in the forecast period. High installation costs and capital-intensive up-gradation of VFDs can hamper the market's growth. The global VFD market is fragmented, with both big and small players. Cheaper and low-quality alternatives produced by local market players of the VFD industry are restricting the market expansion of the more prominent players. Bigger players produce expensive VFDs, excluding small and medium enterprises from the consumer pool.
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Competitive Strategy
To enhance their market position in the global variable frequency drive, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• ABB announced a collaborative partnership with a company specializing in turnkey testing and data acquisition equipment. The collaboration was focused on test tracking vehicles in the mountainous region via a simulation built by ABB by utilizing their motor and drive innovations.
Market Growth & Trends
The rising demand for energy driven by increased investments in infrastructure, growing household consumption of electricity, rising production volume to meet the ever-rising population, and the advent of industrialization 4.0 have underscored the need for energy conservation. The installation of smart grids to reduce energy loss during power transmission utilizing VFDs in industries to reduce downtime by analysis can help conserve energy. The utilization of VFDs in renewable energy sources can cut down costs and make them more secure for wide-scale applications. For example, the use of VFDs in nuclear reactors reduces the downtime of coolers, improves performance, simplifies operations, and saves energy. Observations have shown that reducing motor speed by 25% and 50% will decrease energy consumption by 60% and 90%, respectively. The observed figures are significant, making VFDs a critical component of all sectors. The increasing government initiatives to spread awareness about conversing energy, the essential role of energy-efficient articles, and rising expenditure on developing smart power grids are expected to significantly contribute to the variable frequency drive market. However, the stagnant growth witnessed in the oil & gas industry can hamper the VFD market as oil & gas contribute significantly to the VFD market in the form of utility pumps & process pumps, among other things.
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Key Findings
• In 2021, the AC motor segment dominated the market with the largest market share of 47% and market revenue of 9.26 billion.
The type segment is divided into AC drive, DC drive, & servo drive. In 2021, the AC motor segment dominated the market with the largest market share of 47% and market revenue of 9.26 billion.
• The compressors segment is expected to grow at the fastest CAGR of 7.3% over the forecast period.
The application segment is divided into pumps, HVAC, fans, conveyors, compressors, & others. Over the forecast period, the compressors segment is expected to grow at the fastest CAGR of 7.3%.
• In 2021, the low power drive segment accounted for the largest share of the market, with 32% and market revenue of 6.31 billion.
The power rating segment is divided into high power drive, medium power drive & low power drive & micro power drive. In 2021, the low power drive segment accounted for the largest share of the market, with 32% and market revenue of 6.31 billion.
• In 2021, the low voltage segment dominated the market with the largest market share of 59% and market revenue of 11.63 billion.
The voltage type is divided into high voltage & low voltage. In 2021, the low voltage segment dominated the market with the largest market share of 59% and market revenue of 11.63 billion.
• In 2021, the power generation segment accounted for the largest share of the market, with 23% and market revenue of 4.53 billion.
The end-user segment is divided into oil & gas, mining, agriculture, power generation, manufacturing, food & beverages, infrastructure & others. In 2021, the power generation segment accounted for the largest share of the market, with 23% and market revenue of 4.53 billion. The rising demand of the growing population has created a need to increase the production volume. To ramp up production volume, digitization & automation of industries are taking place in the economies, which will drive the demand for electricity or power. Government regulations to improve energy efficiency and energy conservation with the installation & integration of smart power grids will drive the growth of the power generation segment.
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Regional Segment Analysis of the Variable Frequency Drive
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global variable frequency drive, with a market share of around 37.6% and 7.41 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The variable-frequency drive market in the Asia Pacific has been expanding rapidly. China dominates the variable frequency drive market in the Asia Pacific. India & China are the emerging manufacturing hub of the world. Rapid urbanization and industrialization are anticipated to drive the market for VFDs in the region.
Key players operating in the global variable frequency drive are:
• Rockwell Automation
• ABB
• Siemens
• Danfoss Corporation
• Honeywell International Inc.
• Hitachi Group
• Eaton Corporation PLC
• Johnson Controls International PLC
• Schneider Electric
• WEG
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global variable frequency drive based on the below-mentioned segments:
Global Variable Frequency Drive Market by Type:
• AC Drive
• DC Drive
• Servo Drive
Global Variable Frequency Drive Market by Application:
• Pumps
• HVAC
• Fans
• Conveyors
• Compressors
• Others
Global Variable Frequency Drive Market by Power Rating:
• High Power Drive
• Medium Power Drive
• Low Power Drive
• Micro Power Drive
Global Variable Frequency Drive Market by Voltage:
• High Voltage
• Low Voltage
Global Variable Frequency Drive Market by End User:
• Oil & Gas
• Mining
• Agriculture
• Power Generation
• Manufacturing
• Food & Beverages
• Infrastructure
• Others
About the report:
The global variable frequency drive is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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