The global variable frequency drives market size is expected to grow from $16.58 billion in 2021 to $17.37 billion in 2022 at a compound annual growth rate (CAGR) of 4.8%. The global VFD market size is expected to grow to $21.23 billion in 2026 at a CAGR of 5.1%.
What is the Global Variable Frequency Drives Market?
The variable frequency drive (VFD) market consists of sales of power electronics-based devices products by entities (organizations, sole traders, and partnerships) that 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.
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What drives the Global Variable Frequency Drives Market?
Increasing need and government regulations for energy efficiency across various industries are driving the growth of the market. Industries across the world have been striving to make better use of energy. Governments across the world have also been enforcing strict regulations for the industries to be energy efficient. The variable frequency drives are known to be very energy efficient and convenient. Thus, they are very useful in decreasing energy usage in industries. For instance, the Energy Conservation Building Code (ECBC) sets minimum energy standards for new commercial buildings in India having a connected load of 100kW or contract demand of 120 KVA and above. Hence, the increasing government efficiency standards would boost the variable frequency drives market.
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Global Variable Frequency Drives Market Segments
The global variable frequency drives market is segmented:
By Type: AC Drives, DC Drives, Servo Drives
By Power Rating: Low Power Rating, Medium Power Rating, Micro Power Rating, High Power Rating
By Application: Pumps, Fans, Compressors, Conveyors, Others
By End-User: Food and Beverages, Oil and Gas, Power Generation, Infrastructure, Others
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.
Variable Frequency Drives Global Market Report 2022provides market size and growth forecasts for the global variable frequency drives market, global variable frequency drives market share, variable frequency drives market segments and geographies, variable frequency drives market competitive landscape including leading competitors’ revenues, profiles and market shares. The variable frequency drives market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Variable Frequency Drives Industry Playersinclude Eaton Corporation, Hitachi Hi-rel Power Electronics, Rockwell Automation, Johnson Controls, Anaheim Automation, WEG, ABB, Nidec Motor Corporation, Siemens, Danfoss, Honeywell International, TMEIC, Fuji Electric Corp, Schneider electric, Yaskawa Corporation, General Electric, Mitsubishi Electric Automation, Toshiba International Corporation, Delta Electronics. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
