Variable Frequency Drive (VFD) Market Scenario:
The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period. This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.
Key Market Players:
The key players profiled in this report are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US).
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The low voltage segment is expected to hold the largest share of the variable frequency drive market, by voltage type, during the forecast period
The low voltage segment segment, by voltage, is estimated to account for the largest share during the forecast period. Low voltage variable frequency drives are used in a wide range of applications such as pumps, fan, belt conveyor, centrifugal pumps, and centrifugal compressors. Low voltage variable frequency drives are designed for industrial applications, especially in process industries such as pulp & paper, power, water & wastewater, and oil & gas. Thus, the growing use of low voltage drives in a wide range of applications is expected to boost the growth for this segment
The low power drive segment, by power rating, is expected account for the largest share during the forecast period
The low power drive segment is expected to hold the largest market share and grow at a CAGR of 4.0% during the forecast period. Low power drives offer a quick payback period due to higher energy savings at low capital costs and better process control with increased motor control. Variable frequency drives with a 6–40 kW power range are used in different industries such as building, automation, oil & gas, food & beverage, and pulp & paper. Thus, the growing need for energy efficiency in these industries is expected to drive the growth of the segment.
Asia Pacific: The leading variable frequency drive market
The Asia Pacific region is projected to be the largest variable frequency drive market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for variable frequency drives. Countries in Asia Pacific are focused towards energy efficiency and variable frequency drives are expected to play an important role in helping these countries to meet their energy efficiency targets, as the primary function of these drivers is to save energy. Thus, massive investments in the manufacturing industry are driving the growth of the variable frequency drive market in the Asia Pacific region
The growth in industrialization is driving a continuous need for electric motors, which consume one-third of the total electricity produced globally. Limited conventional power generation, coupled with a continuous rise in electricity prices, has encouraged companies to invest in energy-efficient equipment to increase energy efficiency. Energy-intensive industries such as oil & gas, metals & mining, pulp & paper, cement, and water & wastewater are using variable frequency drives to reduce energy consumption and CO2 emissions. Therefore, the increasing need for energy efficiency is expected to drive the growth of the variable frequency drives market.
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- To define, describe, and forecast the global variable frequency drive market by end-user, application, power rating, type, voltage, and region
- To provide detailed information on the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the market with respect to individual growth trends, prospects, and contribution of each segment to the market
- The impact of the COVID-19 pandemic on the surge arrester market has been analyzed to estimate the market size
- To analyze the market opportunities for stakeholders and details of the competitive landscape for market leaders
- To forecast the growth of the market with respect to the major regions (Asia Pacific, Europe, North America, South America, Middle East, and Africa)
- To strategically profile key players and comprehensively analyze their market ranking and core competencies
- To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the variable frequency drive market