The global Variable Frequency Drive Market is projected to reach USD 27.57 billion by 2023, at a CAGR of 5.87%, from an estimated USD 20.73 billion in 2018, by value. The growth of the variable frequency drive market is mainly driven by the increased usage of VFDs across major industry verticals, industrialization and urbanization, and increasing focus on energy efficiency.
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Asia Pacific is estimated to be the fastest growing market for VFDs during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Indonesia, Australia, and the Rest of Asia Pacific. The VFD market in the region is primarily driven by the increase in investments toward energy efficiency projects and massive investments in the manufacturing industry. As per the Asian Development Bank (ADB), the regional share of global energy consumption is expected to increase from 34% in 2010 to 56% by 2035, which would drive the variable frequency drive market in the region.
The variable frequency drive market, by type, is segmented into AC drives, DC drives, and servo drives. The AC drives segment is estimated to be the fastest growing market for VFDs during the forecast period. Increased energy savings, increased life of rotating components, and reduced levels of noise and vibrations are expected to create the demand for VFDs during the forecast period. For instance, Europe planned to minimize energy efficiency standards and reduce 1.5% in national energy sales annually. Such factors are likely to drive the AC drives market in the region.
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The report segments the variable frequency drive market, by application, into pump, fan, compressor, conveyor, and others. The compressor segment is expected to grow at the highest CAGR during the forecast period. Air compressor is one of the important components for oil & gas, chemical, food & beverage, and building automation industries. Therefore, increasing investments toward oil & gas and infrastructure industries are likely to drive the demand for the compressor segment.
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