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By 2030, the market for variable frequency drives is projected to reach USD 36.79 billion, growing at a 5.2% CAGR from 2022 to 2030.
An electronic device known as a variable frequency drive (VFD) modifies the frequency and voltage of the electricity delivered to an AC motor in order to alter the motor's speed and torque. This lowers energy use and expenses by enabling the motor to run at its most effective efficiency for the required load. VFDs can be utilised in a wide range of commercial and industrial applications, from conveyor belts and manufacturing machinery to HVAC systems and pumps. They provide advantages like better process control, less equipment wear and tear, and longer motor lifespan. VFDs also offer useful information on motor performance and energy usage, enabling process improvement and energy management. This study divides the market for variable frequency drives into different geographic regions and market groups, anticipates revenue growth, and examines trends in each submarket. The paper examines the market for variable frequency drives' major growth drivers, prospects, and difficulties. The competitive landscape in the market has been depicted by including recent market developments and competitive tactics including growth, product launch and development, partnerships, mergers, and acquisitions.
Driving Factors
The market for variable frequency drives (VFDs) is primarily driven by the demand for energy-efficient solutions across a range of sectors, including manufacturing, oil and gas, and HVAC. The market is expanding as a result of the rising need for digitalization and process automation. The deployment of VFDs is also being fueled by governmental policies and legislation promoting energy efficiency. The industry is being further stimulated by technological developments such the creation of sensorless vector control and the incorporation of VFDs with cloud computing and the Internet of Things (IoT). New opportunities for market players are being created by the growing usage of VFDs in renewable energy applications like wind turbines and solar power systems.
Restraining Factors
The market for variable frequency drives (VFDs) may be constrained in its expansion due to a number of problems. The high initial cost of VFDs in comparison to conventional motor control techniques is one of its main drawbacks. VFDs can also be challenging to install and maintain due to their complexity, requiring specialised expertise and abilities. The lack of knowledge and instruction among end users about the advantages and application of VFDs may further restrain market expansion. Additionally, VFDs may not be widely adopted in some areas due to worries about their dependability and durability as well as the availability of less expensive alternatives.
Report Coverage
Global Variable Frequency Drive research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Variable Frequency Drive report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Variable Frequency Drive competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Variable Frequency Drive market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Variable Frequency Drive market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Variable Frequency Drive market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Yaskawa Electric Corporation, Danfoss Group, Mitsubishi Electric Corporation, Emerson Electric Co. Fuji Electric Co., Ltd., Hitachi, Ltd., WEG Industries, Toshiba International Corporation, Parker Hannifin Corporation, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., Delta Electronics, Inc.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Variable Frequency Drive market based on the below-mentioned segments:
Global Variable Frequency Drive Market, By Product Type
Global Variable Frequency Drive market, By Power Range
Global Variable Frequency Drive Market, By Application
Global Variable Frequency Drive Market, By End-Use
Global Variable Frequency Drive market, Regional Analysis
An electronic device known as a variable frequency drive (VFD) modifies the frequency and voltage of the electricity delivered to an AC motor in order to alter the motor's speed and torque. This lowers energy use and expenses by enabling the motor to run at its most effective efficiency for the required load. VFDs can be utilised in a wide range of commercial and industrial applications, from conveyor belts and manufacturing machinery to HVAC systems and pumps. They provide advantages like better process control, less equipment wear and tear, and longer motor lifespan. VFDs also offer useful information on motor performance and energy usage, enabling process improvement and energy management. This study divides the market for variable frequency drives into different geographic regions and market groups, anticipates revenue growth, and examines trends in each submarket. The paper examines the market for variable frequency drives' major growth drivers, prospects, and difficulties. The competitive landscape in the market has been depicted by including recent market developments and competitive tactics including growth, product launch and development, partnerships, mergers, and acquisitions.
Driving Factors
The market for variable frequency drives (VFDs) is primarily driven by the demand for energy-efficient solutions across a range of sectors, including manufacturing, oil and gas, and HVAC. The market is expanding as a result of the rising need for digitalization and process automation. The deployment of VFDs is also being fueled by governmental policies and legislation promoting energy efficiency. The industry is being further stimulated by technological developments such the creation of sensorless vector control and the incorporation of VFDs with cloud computing and the Internet of Things (IoT). New opportunities for market players are being created by the growing usage of VFDs in renewable energy applications like wind turbines and solar power systems.
Restraining Factors
The market for variable frequency drives (VFDs) may be constrained in its expansion due to a number of problems. The high initial cost of VFDs in comparison to conventional motor control techniques is one of its main drawbacks. VFDs can also be challenging to install and maintain due to their complexity, requiring specialised expertise and abilities. The lack of knowledge and instruction among end users about the advantages and application of VFDs may further restrain market expansion. Additionally, VFDs may not be widely adopted in some areas due to worries about their dependability and durability as well as the availability of less expensive alternatives.
Report Coverage
Global Variable Frequency Drive research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Variable Frequency Drive report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Variable Frequency Drive competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Variable Frequency Drive market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Yaskawa Electric Corporation, Danfoss Group, Mitsubishi Electric Corporation, Emerson Electric Co. Fuji Electric Co., Ltd., Hitachi, Ltd., WEG Industries, Toshiba International Corporation, Parker Hannifin Corporation, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., Delta Electronics, Inc. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Variable Frequency Drive Market from 2021 to 2030.
- Market Forecast for Variable Frequency Drive Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Variable Frequency Drive competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Variable Frequency Drive
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Variable Frequency Drive market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Variable Frequency Drive market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Yaskawa Electric Corporation, Danfoss Group, Mitsubishi Electric Corporation, Emerson Electric Co. Fuji Electric Co., Ltd., Hitachi, Ltd., WEG Industries, Toshiba International Corporation, Parker Hannifin Corporation, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., Delta Electronics, Inc.
Primary Target Market
- Market Players of Variable Frequency Drive
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Variable Frequency Drive market based on the below-mentioned segments:
Global Variable Frequency Drive Market, By Product Type
- AC Drives
- DC Drives
- Servo Drives
Global Variable Frequency Drive market, By Power Range
- Micro (0-5 kW)
- Low (6-40 kW)
- Medium (41-200 kW)
Global Variable Frequency Drive Market, By Application
- Pumps
- Electric Fans
- Conveyors
- HVAC
- Extruders
Global Variable Frequency Drive Market, By End-Use
- Industrial
- Oil & Gas, Power Generation
- Power Generation
- Automotive
- Others
Global Variable Frequency Drive market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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