The global variable frequency drive market is projected to reach USD 26.8 billion by 2027 from an estimated USD 21.2 billion in 2022, at a CAGR of 4.8% during the forecast period. Variable frequency drives enable motors to run based on required current demand, rather than running at full speed and reducing output using mechanical controls such as throttles, dampers, or gears. Electric motors can be equipped with frequency converters to operate pumps and fans more efficiently, these factors are expected to drive the demand for global Variable frequency drive market.
The Asia Pacific region is estimated to be the largest market for variable frequency drives, followed by the North America. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The increasing investments in LNG, chemical, and mining projects is likely to increase the demand for motors are the key drivers behind the growing demand for industrial buners in the Asia Pacific region.
Key Market Players
The variable frequency drive market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global variable frequency drive market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US).
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This research report categorizes the variable frequency drive market by type, voltage type, power rating, application, end-user, and region
On the basis of by type:
- AC Drive
- DC Drive
- Servo Drive
On the basis of voltage type:
- Low Voltage
- Medium Voltage
On the basis of power rating:
- Micro Power Drive
- Low Power Drive
- Medium Power Drive
- High Power Drive
On the basis of application:
On the basis of by end user:
- Oil & gas
On the basis of region:
- Asia Pacific
- North America
- Middle East
- South America
- In April 2021, Siemens introduces a new, compact, and powerful SINAMICS G115D drive system specifically designed for horizontal conveyor applications. The drive system comprises the motor, drive, and gearbox in one unit and is offered in two versions — wall-mounted and motor-mounted.
- In Febraury 2020, Schneider Electric introduced an Altivar 360, a variable speed drive for applications from 0.37 to 22 kW / 0.5 to 30 HP. The compact size of this drive, its robust design, ease of installation, based on the principle of Plug & Play, integrated functions, and macro configuration make it particularly suitable for applications involving industrial machines and certain consumer machines.
- In November 2020, Danfoss Drives and other Danfoss business segments are expected to supply the technology company Wartsila’s research, product development, and production center Smart Technology Hub with a significant number of AC drives and other products.
- In September 2020, ABB invested approximately USD 43.3 million in new research & development facilities and office space for its Motion and Industrial Automation Businesses at the company’s largest Swiss location in Turgi in the canton of Aargau. The investment is expected to enable ABB strengthen its position in a number of high-growth areas while also enabling the company to expand its capabilities in innovation.
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Asia Pacific is expected to dominate the global variable frequency drive market during the forecast period
In this report, the variable frequency drive market has been analyzed for 6 regions, namely Asia Pacific, North America, Europe, Middle East, Africa, and South America. Asia Pacific is expected to lead the market during the forecast period.
The variable frequency drive market in Asia Pacific is witnessing significant developments in the in the power generation and manufacturing sector due to industrialization, which has supported the demand for variable frequency drives across countries of the region. The industrial sector in China contributes more than 50% of its GDP, and the growth of this sector has tremendously increased power production and consumption in the country. These factors have made China one of the most lucrative markets for the power industry. Moreover, the chemicals and petrochemical sectors are also well-established in the region and are expected to contribute to the growth of the variable frequency drive market.