NEWARK, Del, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Evolution of Smart Grid Initiatives Transforms the Variable Frequency Drive Market; FMI Analysts Predict Market Valuation to Surpass USD 62,203.02 million by 2034
The variable frequency drive market is anticipated to surpass USD 36,072.17 million in 2024 and is likely to attain a valuation of USD 62,203.02 million by 2034. The variable frequency drive market size is projected to thrive at a CAGR of 5.60% from 2024 to 2034.
Variable Frequency Drives (VFDs) are a key component of smart grid efforts evolving and changing the energy environment. When VFDs are included in smart grids, they are crucial in improving power distribution network stability and optimization of energy consumption patterns. This deliberate alignment with smart grid technology highlights a dedication to robust and sustainable energy systems. Utilizing VFDs in smart grids is a strategic requirement for organizations, as it guarantees that they actively support power systems stability and efficiency while complying with legal and environmental requirements.
Businesses with dynamic energy demands can consider using regenerative Variable Frequency Drives (VFDs) as a strategic alternative in their quest for cost savings and energy efficiency. During braking or deceleration procedures, these VFDs have the unusual ability to collect energy and deliver it back into the power supply system. By reducing energy waste, its regenerative feature improves operating efficiency and supports environmental objectives. Regenerative VFDs are essential parts of a comprehensive energy management plan that provide businesses a competitive edge by lowering total energy expenditures and showcasing a dedication to resource optimization.
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Variable frequency drives (VFDs) are experiencing a paradigm shift toward small and modular designs, which answers a pressing need for integrated solutions that take up little space in industrial settings. This strategic evolution enables companies to maximize their use of space, which is important in sectors where limited space is a recurring problem. The modularity of these VFD designs satisfies the market's need for scalable solutions by allowing companies to grow or modify their systems in response to changing operational needs. Prioritizing design efficiency guarantees VFDs function as strategic facilitators rather than just constituents of efficient and flexible industrial processes.
Key Takeaways from the Variable Frequency Drive Market Report
- The global variable frequency drive market size expanded at a 4.80% CAGR from 2019 to 2023.
- The AC drive segment holds 63.70% of market shares in 2024.
- The low voltage segment captured 60.80% of market shares in 2024.
- The market size in the United States is projected to rise at a 6.4% CAGR through 2034.
- The market size in China is anticipated to develop at a 5.6% CAGR through 2034.
- The market size in India is estimated to surge at a 5.0% CAGR through 2034.
- The market size in Germany is expected to increase at a 7.0% CAGR through 2034.
"Adaptability to technological changes and sustainability are key factors in the continually growing variable frequency drive market. Success requires customization, with companies concentrating on specialized solutions to satisfy various motor control requirements. Innovation and regulatory compliance are critical. Therefore, flexibility is essential for surviving in this changing marketplace." opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The variable frequency drive market is highly competitive, with significant competitors including ABB Ltd., Siemens AG, Schneider Electric SE, and Danfoss Group. These industry giants distinguish themselves by technical innovation and broad product portfolios customized to various sectors. Strategic cooperation and partnerships with technology companies and regional players broaden market reach. Global growth is a fundamental goal, with adaptations to local regulatory frameworks. The combination of VFD technology with Industry 4.0 and sustainability objectives further alters the competitive landscape, establishing enterprises as leaders in energy-efficient and environmentally sensitive motor control systems.
Top 10 Key Players in the Variable Frequency Drive Market
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- Danfoss Group
- Eaton Corporation
- Rockwell Automation, Inc.
- Mitsubishi Electric Corporation
- Yaskawa Electric Corporation
- Emerson Electric Co.
- Fuji Electric Co., Ltd.
Recent Developments
- In October 2023, Invertek Drives Ltd, a renowned electric motor control technology provider, presented a new solution that will alter elevator motor control. The company debuted its latest variable frequency drive (VFD), the Optidrive Elevator Core, at Interlift 2023, one of the world's largest elevator industry shows.
- In October 2023, MEAN WELL introduced the "VFD Series, the Industrial Brushless DC Motor Variable Frequency Drive" product line after three years of market and industry study and technological improvement.
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Variable Frequency Drive Market Segmentation
By Drive Type:
- AC Drive
- DC Drive
By Voltage Range:
- Low Voltage
- High Voltage
By Application Type:
- Standard
- Regenerative
By End-use Application:
- Pumps
- Fan
- Compressor
- Conveyor
- HVAC
- Others
By End-use Industry:
- Oil & Gas
- Food processing
- Automotive
- Mining & Metals
- Pulp & Paper
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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