The Business Research Company's Variable Frequency Drives research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 15, 2022 /PRNewswire/ -- The variable frequency drive (VFD) market consists of sales of power electronics-based devices products by entities (organizations, sole traders, and partnerships) that includes a type of motor controller that varies frequency and voltage to drive an electric motor. These drives also can control ramp-up or ramp-down of the motor. These drives help save energy and system efficiency and most commonly used in fans, pumps, conveyors, and compressors.
The global variable frequency drives market size is expected to grow from $16.58 billion in 2021 to $17.37 billion in 2022 at a compound annual growth rate (CAGR) of 4.8%. The future scope of VFD is supposed to see it reach $21.23 billion by 2026, as the global VFD market size grows at a CAGR of 5.1%.
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Variable Frequency Drives Market Growth
Increasing need and government regulations for energy efficiency across various industries are driving the growth of the market. Industries across the world have been striving to make better use of energy. Governments across the world have also been enforcing strict regulations for the industries to be energy efficient. The variable frequency drives are known to be very energy efficient and convenient. Thus, they are very useful in decreasing energy usage in industries. For instance, the Energy Conservation Building Code (ECBC) sets minimum energy standards for new commercial buildings in India having a connected load of 100kW or contract demand of 120 KVA and above. Hence, the increasing government efficiency standards would boost the variable frequency drives market.
Variable Frequency Drives Market Segmentation
The global variable frequency drives market is segmented
- By Type: AC Drives, DC Drives, Servo Drives
- By Power Rating: Low Power Rating, Medium Power Rating, Micro Power Rating, High Power Rating
- By Application: Pumps, Fans, Compressors, Conveyors, Others
- By End-User: Food and Beverages, Oil and Gas, Power Generation, Infrastructure, Others
Top 10 VFD Manufacturers in the World
Major players with a VFD market share are Eaton Corporation, Hitachi Hi-rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation, WEG, ABB, Nidec Motor Corporation, Siemens, Danfoss, Honeywell International, TMEIC, Fuji Electric Corp, Schneider electric, Yaskawa Corporation, General Electric, Mitsubishi Electric Automation, Toshiba International Corporation, Delta Electronics.
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