The global variable frequency drive (VFD) market is predicted to grow at 5.3% CAGR during the forecast period with the market size reaching USD 28.6 billion by 2024. The market is driven by the factors such as increasing demand for energy efficient systems, large application area, and favorable government regulations promoting environment friendly systems. Variable frequency drive reduces reduce energy consumption and energy costs; increases production during tight process control; extends life of equipment and also helps to decrease the maintenance cost of the devices. This leads to high traction for these drives in the global market.
Different types of VFD include AC, DC, and servo. The AC drives hold the largest share in the market, as these drives are extensively used in AC motor applications owing to their variety of characteristics. Based on voltage, the variable frequency drive market is segmented into low voltage and medium voltage. During the forecast period, the low voltage category is anticipated to observe the fastest growth.
On the basis of power range, the market is classified into micro-power drive, low-power drive, medium-power drive, and high-power drive. Of all, the low-power drive holds the largest share in the market due to its benefits such as low capital cost, better process control and low maintenance cost of the systems. On the basis of application, the market is categorized into pumps, fans, compressors, conveyors, and others. Pumps are the largest application area of VFDs as pumps are the most used equipment in most of the industries.
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Based on end-user, the variable frequency drive market is categorized into industrial, infrastructure, oil and gas, power generation, and others. Of all end-users, the industrial category remains the largest user of VFDs due to the increasing demand of electric motors in different industries including marine, pulp and paper, cement, and others.
Asia-Pacific accounted for the major share in the variable frequency drive industry in 2017, and it is expected to witness the fastest growth in demand for these drives due to the growing investment in the manufacturing sector, large consumer base, increasing initiatives taken by governments to encourage the manufacturing and usage of energy efficient systems.
North America and Europe are other two key regions with high demand for VFDs as the government and non-government organizations provide guidelines for manufacturing and other industries for energy efficiency in production and development of products.
Key players offering products in the variable frequency drive industry are ABB Group, Fuji Electric Co. Ltd., Eaton Corporation plc, Crompton Greaves Ltd., Danfoss Group, Schneider Electric SE, Rockwell Automation Inc., Siemens AG, and Nidec Corporation.
Global Variable Frequency Drive Market Coverage
Type Insight and Forecast 2014 - 2024
Voltage Insight and Forecast 2014 - 2024
Power Range Insight and Forecast 2014 - 2024
Application Insight and Forecast 2014 - 2024
End User Insight and Forecast 2014 - 2024
Variable frequency drive Market by Region
Middle East & Africa (MEA)