Variable Frequency Drive Market size Overview:

The Variable Frequency Drive Market size to grow at a CAGR of 5.8% during the forecast period 2022-2030, with increasing construction of infrastructure and buildings.

Variable frequency drives (VFDs) are power electronics devices capable of running a three-phase induction motor. They are a safeguard used in preventing damage to motors and gauge important metrics such as temperature and pressure. The global variable frequency drive market report on Market Research Future (MRFR) focuses on applications of VFDs and its prospects for the forecast period (2022-2030). The COVID-19 pandemic and its effects on the industry are a significant part of the report.

Regional Analysis

APAC to Lead Global VFD Market

APAC is pegged to dominate the variable frequency drive market owing to immense potential in China and India. Changes in policies of emission levels and switch to green technologies to limit reliance on fossil fuels can drive regional market growth. Efforts to automate building processes in urban areas can push the demand for VFDs. Huge demand for electricity and efforts to increase power generation through renewable energy schemes can bode well for the market.

Europe to be Lucrative for Global Market

Europe is expected to be lucrative for the variable frequency drive market owing to subsidies and incentives provided by governments to push installation numbers of renewable energy projects. Huge demand for power and push for renewable energy schemes and use of variable speed wind turbines in wind power plants can drive regional market growth.

Market Scope

This is attributed to increasing consumption of electricity by customers and industries. Efforts in adopting solutions for optimizing energy consumption levels can drive market growth. Stringent regulations pertaining to efficiency and conservation of energy as well as modernization of legacy infrastructure can provide new opportunities to the market.

Government policies encouraging replacement of old grids and power stations can spur demand for VFDs. The Energy Conservation Act by the Indian government has mandated adherence to energy conservation norms for energy-intensive applications and industries. This can push market demand significantly. Investments in major utilities by commercial and industrial establishments to minimize power wastage can bode well for the market.

Emergence of internet of things and increased use of automated equipment for monitoring and control of process and prevent downtime can drive demand for variable frequency drives. Development of green buildings can lead to higher adoption rate of power electronics.

But high costs of installation and maintenance can limit market growth.

COVID-19 Impact

The COVID-19 outbreak has severely affected the variable frequency drive market owing to shutdown of various industries requiring huge swathes of power. Postponement of modernization plans of infrastructure can further pose a challenge to the market. But the reopening of economies can propel market growth.

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Segmentation Analysis

AC VFDs to Dominate Market

On the basis of type, the market is segmented as AC, DC, and Servo. The AC segment is dominating the market due to their high efficiency, longer lifespan and lower maintenance cost. Adoption in automation techniques in manufacturing and other industries can drive segment growth.

Compressors to Display Fastest Growth Rate

By application, the variable frequency drive market is segmented into extruders, pumps, fans, compressors, and others. Amongst, these, the compressors segment is expected to dominate the market owing to VFDs integrated into devices. Compressors can reduce operational and electrical stress on the motor.

Infrastructure Industry to Capture Major Market Share 

The variable frequency drive market, based on end-use, is segmented into industrial, infrastructure, power generation, oil & gas, and others. The infrastructure segment is anticipated to capture the largest market share owing to surge in infrastructural projects and use of automated systems for maintaining power supply. In addition, adherence to emission limits

Power Generation Industry to Elicit Massive Market Demand

The power generation industry is set to create demand in the market owing to expansion plans of utility providers and concerted efforts to electrify rural areas. VFDs can reduce downtime and improve performance of nuclear reactors to prevent them from meltdowns.

Competitive Analysis

Schneider Electric (Rueil-Malmaison, France), Danfoss Drives (Nordborg, Denmark), Mitsubishi Electric Automation, Inc. (Illinois, United States), Toshiba International Corporation (Texas, United States), Rockwell Automation (Wisconsin, United States), Honeywell International Inc. (North Carolina, United States), Anaheim Automation Inc. (California, United States), ABB Electrification (Zurich, Switzerland), Siemens (Munich, Germany), Fuji Electric Corp. of America (Tokyo, Japan), Johnson Controls (Cork, Ireland), WEG (Jaraguá do Sul, Brazil), Yaskawa America, Inc. (Fukuoka, Japan), TMEIC (Virginia, United States), and Nidec Motor Corporation (Kyoto, Japan) are prominent players of the global variable frequency drive market.

Government initiatives and investments in power plants can drive innovation among small and large players.

Industry Update

Nord Drivesystems has launched a new variable-frequency drive (VFD) capable of operating at maximum efficiency and curtailing operating costs in applications with partial loads.