The global variable frequency drive market revenue was around US$ 21.6 billion in 2022 and is estimated to reach US$ 33.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2023 to 2031.
Variable frequency drive is utilized for regulating the frequency and voltage of electrical motors. It lowers the power consumption and surge in the efficiency of the electrical equipment. It is utilized in a diverse set of industries such as power, mining, chemical, petrochemical, oil & gas, and others. It does not require high maintenance.
Market Driving Factors
Surge in energy efficiency to boost the market growth. The constant rise in energy costs has led to the necessity of energy-efficient motor control systems. Process engineers and other executives handling the operation department are increasingly preferring the deployment of varying frequency drives, to lower energy consumption. This acts as an alternative to throttling devices such as valves, dampers, and fixed-speed controllers.
The rise in adoption of smart grid technology creates opportunities in the market. Smart grid technology is being increasingly adopted in emerging applications of variable frequency drives (VFDs) in smart grids. This is done to alter the phase angle and voltage required. This ensures more efficient transmission of electricity. Therefore, market players can capitalize on these prospects and gain a competitive edge in the market.
Extending areas of applications of VFD to boost the market. Application areas have widened significantly since the costs of VFDs have decreased. Consumers are familiar with the benefits of VFDs and are deploying them for indoor applications as well. When VFDs are installed along with a flow meter, it ensures appropriate water volume and eliminates energy wastage owing to worst-case design philosophy.
Declines in exploration and production operations and sluggish growth in the oil and gas industry hamper the market growth.
Regional Analysis
Asia Pacific dominates the market. Rapid industrialization among emerging economies, supportive business guidelines by the government and a surge in construction activities are elements expected to support regional growth. Furthermore, the increasing energy demand is estimated to surge the adoption of VFD from energy producers which is predicted to drive the region.
Segmentation Insights
Application Insight
The pump segment dominates the market. Variable frequency drive (VFD) is utilized in pumps to achieve lower flow by delivering variable speed pump operations, which results in a decline in system pressure and operation. Furthermore, the surge in utilization of centrifugal pumps in commercial and industrial applications is a main factor that fuels the market expansion. In addition, the rise in investments in the construction industry attributed to rapid urbanization, and high demand for centrifugal pumps in the agricultural sector are the essential elements that boost the market growth.
End Use Insight
The oil & gas segment dominates the market. The oil & gas sector uses heavy motors and pumps at the production site for several applications such as pumping, extraction, distribution, and others. Integrating variable frequency drive with the motors aids in surge the of output by reducing energy consumption. Therefore, the approach of the players toward maximizing profit by improving efficiency is estimated to increase the demand for variable frequency drives. The demand for variable frequency drives in this industry is linked to the development, exploration, and production activities, as well as the money spent by oil and natural gas companies.
Type Insight
The AC drives segment dominated the market. This growth can be attributed to the benefits of AC drives such as easy installation compared to others, providing high power, and minimum maintenance. These benefits are attracting several industries and sectors such as food & beverage, automotive, and power generation to improve operational efficiency. Therefore, rapid growth in the industrial sector is resulting in the increasing demand for AC drives.
Voltage Type Insight
The low voltage segment dominates the market. Low voltage variable frequency drives are utilized in various applications such as fans, pumps, belt conveyors, centrifugal compressors, and centrifugal pumps. Furthermore, the existence of utilization of centrifugal pumps and compressors, and belt conveyors in several industries such as water & wastewater, oil & gas, mining & metal, chemicals, power generation, automotive, agriculture, food & beverage, textiles industries is predicted to boost the demand of the segment.
Prominent Companies
Segmentation Outline
The global variable frequency drive market segmentation focuses on Application, End Use, Type, Voltage Type, Power Rating, and Region.
By Application
By End Use
By Type
By Voltage Type
By Power Rating
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL VARIABLE FREQUENCY DRIVE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: VARIABLE FREQUENCY DRIVE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL VARIABLE FREQUENCY DRIVE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL VARIABLE FREQUENCY DRIVE MARKET, BY APPLICATION
5.1 OVERVIEW
5.2 PUMPS
5.3 CONVEYORS
5.4 FANS
5.5 COMPRESSORS
5.6 OTHERS
6 GLOBAL VARIABLE FREQUENCY DRIVE MARKET, BY END USE
6.1 OVERVIEW
6.2 OIL AND GAS
6.3 INDUSTRIAL
6.4 POWER
6.5 INFRASTRUCTURE
7 GLOBAL VARIABLE FREQUENCY DRIVE MARKET, BY TYPE
7.1 OVERVIEW
7.2 AC DRIVE
7.3 DC DRIVE
7.4 SERVO DRIVE
8 GLOBAL VARIABLE FREQUENCY DRIVE MARKET, BY VOLTAGE TYPE
8.1 OVERVIEW
8.2 LOW
8.3 MEDIUM
9 GLOBAL VARIABLE FREQUENCY DRIVE MARKET, BY POWER RATING
9.1 OVERVIEW
9.2 MICRO (0-5 KW)
9.3 LOW (6-40 KW)
9.4 MEDIUM (41-200 KW)
9.5 HIGH (>200 KW)
10 GLOBAL VARIABLE FREQUENCY DRIVE MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL VARIABLE FREQUENCY DRIVE MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 ABB LTD
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 CG POWER
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 SIEMENS AG
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 PARKER HANNIFIN CORPORATION
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 A.S. AUTOMATION
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 NORD DRIVE SYSTEMS
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 SCHNEIDER ELECTRIC
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8. ROCKWELL AUTOMATION
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 SEW-EURODRIVE
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 DELTA ELECTRONICS
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 HITACHI LTD
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 GENERAL ELECTRIC
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 TECHSUPPEN
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 FUJI ELECTRIC
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 SAUER-DANFOSS INC
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 SAKSUN INDUSTRIES
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 HONEYWELL INTERNATIONAL
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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