New York, United States , May 26, 2023 (GLOBE NEWSWIRE) -- The Global Variable Frequency Drive Market Size is to grow from USD 22.16 billion in 2022 to USD 36.79 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
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A Variable Frequency Drive (VFD) is an electronic device that controls the speed and torque of an AC motor by varying the frequency and voltage of the power supplied to the motor. It is commonly used in industrial and commercial applications to improve energy efficiency, reduce operating costs, and improve process control. By adjusting the speed of the motor to match the requirements of the load, VFDs can help optimize system performance, reduce wear and tear on equipment, and extend the lifespan of the motor. VFDs can also provide valuable data on motor performance, energy consumption, and system health, making them a valuable tool for monitoring and optimizing industrial processes.
Report Coverage
This research report categorizes the market for variable frequency drive market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the variable frequency drive market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the variable frequency drive market.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Variable Frequency Drive Market Size, Share, and COVID-19 Impact Analysis, By Product Type (AC Drives, DC Drives, and Servo Drives), By Power Range (Micro (0-5 kW), Low (6-40 kW), Medium (41-200 kW), and High >200 kW), By Application (Pumps, Electric Fans, Conveyors, HVAC, Extruders, and Others), By End-Use (Oil & Gas, Power Generation, Industrial, Infrastructure, Automotive, Food & Beverages, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032. '' Get Detailed Report Description Here:
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The DC drive segment is expected to grow at a CAGR of around 4.9% during the forecast period.
Based on product, the global variable frequency drive market is segmented into AC drives, DC drives, and servo drives. The DC drive segment is expected to grow in the variable frequency drive market due to its suitability for a range of applications, particularly in industries such as automotive, aerospace, and marine, where DC motors are widely used. DC drives are preferred for their high starting torque and precise speed control capabilities. The increasing adoption of electric vehicles and the need for efficient power management systems in these vehicles are also driving the growth of the DC drive segment. Additionally, advancements in DC drive technology, such as regenerative braking and dynamic voltage control, are further enhancing their performance and efficiency.
The oil & gas segment held the largest market share with more than 23.5% market share
Based on end-use, the global variable frequency drive market is segmented into oil & gas, power generation, industrial, infrastructure, automotive, food & beverages, and others. The oil & gas segment held the largest market share in 2022, due to the high demand for energy-efficient solutions in this sector. VFDs are extensively used in oil and gas applications such as drilling, production, and refining to improve process control, reduce energy consumption, and increase operational efficiency. The increasing demand for oil and gas worldwide and the growing need for sustainable production methods are further driving the growth of the VFD market in this sector.
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Latin American is predicted to grow at a higher CAGR of 6.1% over the projected period.
Based on region, the Latin American region is expected to see significant growth in this market has a growing industrial base, with countries such as Brazil, Mexico, and Argentina being major manufacturing hubs. The need for energy-efficient solutions in industries such as oil and gas, mining, and water and wastewater treatment is driving the demand for VFDs in the region. Additionally, increasing government initiatives to promote energy efficiency and reduce carbon emissions are creating new opportunities for VFD manufacturers and suppliers. The region's large population and growing urbanization also contribute to the demand for VFDs in various applications, such as building automation and transportation systems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global variable frequency drive market include ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Yaskawa Electric Corporation, Danfoss Group, Mitsubishi Electric Corporation, Emerson Electric Co., Fuji Electric Co., Ltd., Hitachi, Ltd., WEG Industries, Toshiba International Corporation, Parker Hannifin Corporation, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., and Delta Electronics, Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global variable frequency drive market based on the below-mentioned segments:
Variable Frequency Drive Market, By Product
- AC Drives
- DC Drives
- Servo Drives
Variable Frequency Drive Market, By Power Range
- Micro (0-5 kW)
- Low (6-40 kW)
- Medium (41-200 kW)
- High (>200 kW)
Variable Frequency Drive Market, By Application
- Pumps
- Electric Fans
- Conveyors
- HVAC
- Extruders
- Others
Variable Frequency Drive Market, By End-Use
- Oil & Gas
- Power Generation
- Industrial
- Infrastructure
- Automotive
- Food & Beverages
- Others
Variable Frequency Drive Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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