Global Variable Frequency Drives market data 2024, Forecast To 2033
13 Feb, 2024
The variable frequency drives market has exhibited robust growth, advancing from $18.99 billion in 2023 to $20.17 billion in 2024, with a compound annual growth rate (CAGR) of 6.2%. The growth in the historical period is associated with the rising demand for energy efficiency and process optimization, the increasing adoption of automation and Industry 4.0 initiatives, rapid growth of the electric vehicle (EV) market, expanding industrial applications, and market diversification leading to cost savings. Anticipating the upcoming years, the market is expected to witness significant growth, projecting a size of $25.73 billion in 2028 at a CAGR of 6.3%. The forecasted growth is attributed to the growing demand for condition-based maintenance, global industrialization, efforts to reduce carbon footprint, government incentives, and increasing integration of renewable energy sources. Major trends in this forecasted period include retrofitting and modernization, smart and digital VFDs, integration with Industry 4.0, customized VFD solutions, and the utilization of regenerative VFDs.
Global Variable Frequency Drives Market Key Driver
The market for variable frequency drives is thriving due to the increasing need for energy efficiency and government regulations. Industries worldwide are striving for better energy usage, and governments are enforcing stringent regulations to promote energy-efficient practices. Notably, the Energy Conservation Building Code (ECBC) in India sets minimum energy standards for new commercial buildings, fostering the growth of the variable frequency drives market in alignment with increasing government efficiency standards.
Get A Free Sample Of The Global Variable Frequency Drives Market ReportGlobal Variable Frequency Drives Market Segments
The global variable frequency drives market covered in this report is segmented –
1) By Type: Ac Drives, Dc Drives, Servo Drives
2) By Power Rating: Low Power Rating, Medium Power Rating, Micro Power Rating, High Power Rating
3) By Application: Pumps, Fans, Compressors, Conveyors, Other Applications
4) By End-user: Food And Beverages, Oil And Gas, Power Generation, Infrastructure, Other End Users
By Geography: The regions covered in the Variable Frequency Drives market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the variable frequency drives market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the variable frequency drives market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Variable Frequency Drives Industry Players
Eaton Corporation, Hitachi Hi-Rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation, Werner Electric GmbH, ASEA Brown Boveri, Nidec Motor Corporation, Siemens AG, Danfoss, Honeywell International, Toshiba Mitsubishi-Electric Industrial Systems Corporation, Fuji Electric Corp, Schneider Electric, Yaskawa Electric Corporation, General Electric, Delta Electronics, Phase Technologies LLC., Inovance Technology, GE Power Conversion, Shenzhen INVT Electric Co. Ltd., Hiconics Eco-energy Technology, VEICHI Electric Co. Ltd., HopeSenlan Science and Technology, EURA Drives GmbH, POWTRAN Technology Co. Ltd., Sichuan Jialing Electric Power Co. Ltd.
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Variable Frequency Drives Market Overview
The variable frequency drive (VFD) includes a type of motor controller that varies frequency and voltage to drive an electric motor. These drives also can control ramp-up or ramp-down of the motor. These drives help save energy and system efficiency and most commonly used in fans, pumps, conveyors, and compressors.
Variable Frequency Drives Global Market Report 2023 provides data on the global variable frequency drives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The variable frequency drives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.