In 2021, the global variable frequency drives market was valued at USD 25.13 billion. Between 2023 and 2032, it is expected to grow at a 5.5% CAGR. Variable frequency drive market players can expect lucrative growth opportunities because of government regulations regarding energy efficiency.
Variable frequency drives are in high demand because of the rapid industrialization in developing countries. The power generation industry is widely adopting variable frequency drives. They can be used to start huge motors smoothly and adjust speed as needed. The target market is likely to grow because of the increasing demand for variable frequency drives from the power sector. Metal & mining, food processing, and oil & Gas use different equipment to perform their operations. VFDs can be used in induction, forced draft fans, and boiler feed pumps. They also provide precise speed control and energy savings.
Global market growth was significantly affected by the COVID-19 epidemic. The strict lockdown and shutdowns of all manufacturing facilities led to a drop in variable frequency drives demand. The second quarter of 2021 saw a steady increase in manufacturing, increasing VFD demand. Market growth is expected to reach its maximum potential in the second quarter of 2022.
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Growing Demand:
Variable frequency drives have been increasingly used in the infrastructure and industrial sectors. Cement, chemical, petroleum, mining, oil and gas, pulp and paper, and water & waste treatment are a few major industries that employ variable frequency drives. Variable frequency drives can be found in fans, fans, process pumps, and utility pumps. They also have fans, blowers, compressors, process compressors, and coolers.
The Industrial Efficiency Technology database shows that more than 320 million motors are used globally in large-scale infrastructures, industries, and buildings, Additionally, nearly 29 million electric motors are purchased annually for industrial uses. Variable frequency drives can optimize motor speeds to meet the application’s needs. This can help to save significant energy and reduce operating costs for many motor-driven applications. Variable frequency drives are expected to be in high demand because of increasing industrialization and rising energy efficiency demand.
Driving Factors:
Market Growth: Digital and Automation Increased
VFDs have been rising in demand due to their ability to monitor and control industrial processes. The data from complex industrial applications like large buildings’ HVAC systems can be optimized for efficiency and energy saving by controlling and monitoring motors with variable drives. This makes them smart motors that can be controlled remotely and even automated, further optimizing system efficiency, performance, and energy conservation.
Restraining Factors:
VFD System Installation Costs Limit Adoption
VFDs can provide many energy efficiency benefits. However, the installation cost for VFD devices can hinder the market growth. VFDs can be used in any industry or application to increase efficiency. However, when power requirements change during project expansion or upgrade, this may cause the drive to be deployed according to the users’ needs. This could lead to an increase in the cost of installation. In HVAC, VFDs have lower power factors and harmonics. Operational noise can also be a problem, affecting the distribution capacity and increasing overhead costs.
Market Key Trends:
Market-important trends include increased competition and continuous innovation.
Recent development:
- Siemens unveiled the SINAMICS G115D, an innovative, compact, and powerful drive system for horizontal conveyor applications, in April 2021. You can choose between motor-mounted and wall-mounted versions of the drive system. It unites the motor, drive, and gearbox into one unit.
- The Altivar 360 variable-speed drive from Schneider Electric is available in February 2021. It can be used for applications between 0.37 and 22 kW/ 0.5 to 30-HP. It is ideal for use in industrial equipment because of its small size, strong architecture, ease of installation (based on the Plug & Play principles), and its integrated functionality and macro setup.
Key Companies:
- ABB
- Eaton Corporation Plc
- General Electric
- Hitachi Group
- Rockwell Automation Inc.
- Schneider Electric
- Siemens AG
- Anaheim Automation Inc.
- Hitachi Ltd.
- Nidec Motor Corporation
- Mitsubishi Electric Corporation
- Johnson Controls Inc.
- Honeywell International Inc.
- Toshiba International Corporation
- The Danfoss Group
- WEG S.A.
- Yaskawa Electric Corporation
- Other major Companies
Market Segments:
- Infrastructure
- Other End-UsesBy Product Type
- AC Drives
- DC Drives
- Servo Drives
By Power Range
- Micro (0-5 kW)
- Low (6-40 kW)
- Medium (41-200 kW)
- High (>200 kW)
By Application
- Pumps
- Electric Fans
- Conveyors
- HVAC
- Extruders
- Other Applications
By End-Use:
- Oil & Gas
- Power Generation
Key questions:
- What Will Be the Variable Frequency Market Growth Rate in 2032?
- Who Are the Main Space Manufacturers?
- What are the Key Factors that Drive The Global Market’s Growth?
- What Are the Top Global Market Manufacturers’ Sales, Revenue, and Price Analysis?
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