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Pulished Date April, 2021
ID: 11474
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Variable Frequency Drive Market Segmented By Product Type (AC, DC, and Servo), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fans, Others) By End-User Industry (Food & Beverage, Oil & Gas, Infrastructure, Agriculture, Others) and Region - Size, Share, Trends and Growth Analysis Report | 2021 to 2026

Pulished: April, 2021
ID: 11474
Pages: 170

Variable Frequency Drive Market Size and Growth:

The variable-frequency drive market was valued at 9.77 US billion dollars in 2020 and is anticipated to achieve 13.49 US billion dollars by 2026 and grow at a compound annual growth rate (CAGR) of 4.8% over the forecast period (2021 - 2026).

The internet of Things (IoT) could be a global trend in every industry, having an impact on VFDs by speeding and simplifying the flow of data from machine to technician and back again. A variable frequency drive (VFD) is a powerful device that's capable of regulating the speed of an AC motor by adjusting the frequency alongside the voltage of the electric power supplied to that motor. With the assistance of VFDs, the otherwise high-power-consuming appliances and motors can save energy. VFD is especially utilized in high voltage AC devices, which don't require a continuous flow of current, and there's a high requirement for speed control. The main advantages of VFD include energy savings, low motor starting current, managing devices at various speeds, easy installations, operations at high power factor, etc.

Recent Developments in Variable Frequency Drive Market:

  • In December 2020, Kinetix 5100 was re-launched by Rockwell Automation that is useful in various applications like packaging, converting, print & web and machine with the availability voltage of 480V.
  • In January 2020, ACS880 industrial drives and ACH580 Ultra-Low Harmonic (ULH) HVAC drives was launched by ABB that is expected to level up the portfolio of the company.

Variable Frequency Drive Market Drivers:

Variable frequency drives are finding increasing applications within the industrial, power, and infrastructure sectors. They are majorly used in areas that include fans, utility pumps, process pumps, fans, blowers, conveyors, air compressors, process compressors, coolers, cooling system fans, and chippers. The housing sector generates the very best demand for cement, accounting for about 67% of the entire consumption.

Variable Frequency Drive Market Restraints:

The cost factor has a direct impact on variable frequency drive market growth, which includes installation and application of variable frequency drive. Harmonics is the gap between the motor and drive; input line quality and system efficiency are the prominent factors liable for the higher cost of Variable frequency drive. The high cost of kit, operation, installation, and maintaining power quality are key parameters driving the value to the upper side. Hence, the use of high equipment cost is the major factor that restrains the variable frequency drive market growth within the forthcoming years.

Opportunities in the Variable Frequency Drive Market:

The Internet of Things (IoT) has caused a revolution within the industrial sector by improving industrial processes through the introduction of smart machines, inventory systems, and production machinery. It's also increased the utilization of automated equipment like variable frequency drives, which may be connected to the web and monitored and controlled remotely as per the method requirement. Additionally, it provides machine builders the flexibility with which they have to accommodate the end-user requirements. This includes the ability to regulate interfaces like communication field buses, pulse trains, and digital or analog I/O modules. Variable frequency drives which support web services are used to bring IoT connectivity at the device level and will enable the machine builders to research and improve their applications or perform diagnostics at remote locations. This enables them to implement fixes while testing and avoid the occurrence of unexpected downtime within the future, thereby providing growth opportunities for the variable frequency drive market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 – 2025

Base Year

2020

Forecast Period

2021 - 2026

CAGR

4.8%

Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

Market Leaders Profiled

ABB Ltd. (Switzerland), Siemens AG (Germany),, Rockwell Automation, Inc. (U.S.),WEG (Brazil),Yaskawa Electric Corporation (Japan),Eaton Corporation Plc. (Ireland).General Electric (U.S.), Emerson Electric Co. (U.S.),Hitachi, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Schneider Electric (U.S.), Honeywell International (U.S)

Variable Frequency Drive Market Segmentation:

The Variable Frequency Drive Market is segmented based on product type, power range, application, and end-user industry.

By Product Type

  • AC Drive
  • DC Drive 
  • Servo Drive

The AC drives segment accounted for a dominant share in 2019 and is estimated to expand at the very best CAGR of 6.8% from 2020 to 2026. The widespread application of AC drives in medium and heavy industries, like oil and gas, food and beverages, power generation, pulp and paper, infrastructure, and automotive, is predicted to boost the segment growth over the forecast period. Additionally, AC drivers offer easy integration, low maintenance cost, and reduced levels of vibrations and noise, thus further increasing the demand for variable frequency drives.

By Power Range

  • Micro
  • Low
  • Medium
  • High

The low power range segment accounts for quite 40% of the revenue share and is anticipated to dominate the variable frequency drive market throughout the forecast period. Low power variable frequency drives are majorly used for applications like machine tools, pumps, fluid machines, fans, cranes, metal processing machines, and food processing machines. Hence, due to the widespread adoption in various sectors, the low power segment is estimated to dominate the variable frequency drive market over the given period.

By Application

  • Pumps
  • Conveyors 
  • HVAC
  • Electric Fans 
  • Others

The pumps segment is expected to account for a dominant share of the variable frequency drive market. In industries like oil and gas, wastewater, etc., the hydraulic drives connected with pumps are being replaced by variable frequency drives to smoothen the operations of the motors and simultaneously lower the energy consumption. Besides, the variable frequency drive also eliminates the necessity for a throttling valve, cuts maintenance costs, and simplifies piping installation and style. Thus, increasing advantages related to the mixing of the VFD with pumps, including growing demand from major end-use industries, is predicted to support variable frequency market growth.

The HVAC application segment is estimated to expand at the highest CAGR of 8.0% over the forecast period. Increasing residential and non-residential construction across the developed and emerging economies are expected to increase the demand for HVAC systems. Thus, the rise in demand for HVAC systems is anticipated to surge the demand for VFDs over the forecast period.

By End User Industry:

  • Food & Beverage 
  • Oil & Gas
  • Infrastructure 
  • Agriculture
  • Others

Based on the end-user, the variable frequency market is broadly categorized into food & beverage, oil & gas, power generation, infrastructure, agriculture, mining, etc. The increasing production and exploration activities, and therefore the rising number of discoveries of the latest hydrocarbon reserves, is predicted to contribute to the expansion of the oil & gas industry segment. Additionally, to this, the growing initiatives for increasing productivity by using lift methods are expected to favor the industry.

Variable Frequency Drive Market Regional Analysis:

  • Asia Pacific
  • Europe
  • North America
  • Latin America
  • The Middle East and Africa

The variable-frequency drive market is predicted to expand at an outstanding pace during the forecast period due to automation in the power industry and the increasing infrastructure sector. Asia Pacific region is predicted to dominate the variable frequency drive market share within the variable frequency drive market. China, India, South Korea, Japan, and Indonesia are the fastest-growing nations, which are the most important markets for infrastructure and industrial sectors. Industries including oil & gas, metals, and mining are adopting the drives to scale back the energy consumption and to limit Carbon dioxide emission. In the European region, the progressing automotive sector is predicted to steer the variable frequency drive market growth.

Impact of COVID-19 pandemic on Variable Frequency Drive Market:

The COVID-19 pandemic has slowed the expansion of the facility industry. This is often primarily thanks to nationwide lockdowns that are imposed to stop further spikes within the spread of the disease. Renewable energy, which was growing at a greater pace, was slowed down because of economic contractions, which have resulted in the reduction of power demand from various end-user industries. With the decrease in power demand, it's estimated that there would be very negligible investments from utilities for replacing aging grid infrastructure and new renewable installations.

Variable Frequency Drive Market Key Players:

The main players operating in the variable frequency drive market globally are

 

1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                       

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling    

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary              

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                    

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                   

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 Variable Frequency Drive Market, By Type                 

                             6.1.1 AC Drive  

                             6.1.2 DC Drive  

                             6.1.3 Servo Drive           

                             6.1.4 Market Size Estimations & Forecasts (2021-2026) 

                             6.1.5 Y-o-Y Growth Rate Analysis            

                             6.1.6 Market Attractiveness Index          

              6.2 Variable Frequency Drive Market, By Application                   

                             6.2.1 Pumps     

                             6.2.2 Conveyors             

                             6.2.3 HVAC       

                             6.2.4 Electric Fans          

                             6.2.5 Others     

                             6.2.6 Market Size Estimations & Forecasts (2021-2026) 

                             6.2.7 Y-o-Y Growth Rate Analysis            

                             6.2.8 Market Attractiveness Index          

              6.3 Variable Frequency Drive Market, By Power Range                

                             6.3.1 Micro       

                             6.3.2 Low          

                             6.3.3 Medium  

                             6.3.4 High          

                             6.3.5 Market Size Estimations & Forecasts (2021-2026) 

                             6.3.6 Y-o-Y Growth Rate Analysis            

                             6.3.7 Market Attractiveness Index          

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region                            

              7.2 North America - Market Analysis (2018 - 2024)                        

                             7.2.1 By Country            

                                           7.2.1.1 USA

                                           7.2.1.2 Canada

                             7.2.2 By Type    

                             7.2.3 By Application      

                             7.2.4 By Power Range   

              7.3 Europe                      

                             7.3.1 By Country            

                                           7.3.1.1 UK

                                           7.3.1.2 France

                                           7.3.1.3 Germany

                                           7.3.1.4 Spain

                                           7.3.1.5 Italy

                                           7.3.1.6 Rest of Europe

                             7.3.2 By Type    

                             7.3.3 By Application      

                             7.3.4 By Power Range   

              7.4 Asia Pacific                

                             7.4.1 By Country            

                                           7.4.1.1 China

                                           7.4.1.2 India

                                           7.4.1.3 Japan

                                           7.4.1.4 South Korea

                                           7.4.1.5 South East Asia

                                           7.4.1.6 Australia & NZ

                                           7.4.1.7 Rest of Asia-Pacific

                             7.4.2 By Type    

                             7.4.3 By Application      

                             7.4.4 By Power Range   

              7.5 Latin America                         

                             7.5.1 By Country            

                                           7.5.1.1 Brazil

                                           7.5.1.2 Argentina

                                           7.5.1.3 Mexico

                                           7.5.1.4 Rest of Latin America

                             7.5.2 By Type    

                             7.5.3 By Application      

                             7.5.4 By Power Range   

              7.6 Middle East and Africa                       

                             7.6.1 By Country            

                                           7.6.1.1 Middle East

                                           7.6.1.2 Africa

                             7.6.2 By Type    

                             7.6.3 By Application      

                             7.6.4 By Power Range   

8. Key Player Analysis                                

              8.1 ABB Ltd. (Switzerland),                       

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Siemens AG (Germany),                     

              8.3 Rockwell Automation, Inc. (U.S.),                   

              8.4 WEG (Brazil),                          

              8.5 Yaskawa Electric Corporation (Japan),                         

              8.6 Eaton Corporation Plc. (Ireland).                    

              8.7 General Electric (U.S.),                        

              8.8 Emerson Electric Co. (U.S.),               

              8.9 Hitachi, Ltd. (Japan),                           

              8.10 Mitsubishi Electric Corporation (Japan),                   

              8.11 Schneider Electric (U.S.),                  

              8.12 Honeywell International (U.S)                       

9. Market Outlook & Investment Opportunities                             

Appendix                                       

              List of Tables                   

              List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Variable Frequency Drive Market By Region, From 2021-2026 ( USD Billion )
  2. Global Variable Frequency Drive Market By Product Type, From 2021-2026 ( USD Billion )
  3. Global AC Drive Market By Region, From 2021-2026 ( USD Billion )
  4. Global DC Drive  Market By Region, From 2021-2026 ( USD Billion )
  5. Global Servo Drive Market By Region, From 2021-2026 ( USD Billion )
  6. Global Variable Frequency Drive Market By Application, From 2021-2026 ( USD Billion )
  7. Global Pumps Market By Region, From 2021-2026 ( USD Billion )
  8. Global Conveyors  Market By Region, From 2021-2026 ( USD Billion )
  9. Global HVAC Market By Region, From 2021-2026 ( USD Billion )
  10. Global Electric Fans  Market By Region, From 2021-2026 ( USD Billion )
  11. Global Others Market By Region, From 2021-2026 ( USD Billion )
  12. Global Variable Frequency Drive Market By Power Range, From 2021-2026 ( USD Billion )
  13. Global Micro Market By Region, From 2021-2026 ( USD Billion )
  14. Global Low Market By Region, From 2021-2026 ( USD Billion )
  15. Global Medium Market By Region, From 2021-2026 ( USD Billion )
  16. Global High Market By Region, From 2021-2026 ( USD Billion )

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