Global Variable Frequency Drive Market Size, Share, and COVID-19 Impact Analysis, By Product Type (AC Drives, DC Drives, and Servo Drives), By Power Range (Micro (0-5 kW), Low (6-40 kW), Medium (41-200 kW), and High >200 kW), By Application (Pumps, Electric Fans, Conveyors, HVAC, Extruders, and Others), By End-Use (Oil & Gas, Power Generation, Industrial, Infrastructure, Automotive, Food & Beverages, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032

Industry: Semiconductors & Electronics

RELEASE DATE May 2023
REPORT ID SI1913
PAGES 200
REPORT FORMAT PathSoft

Global Variable Frequency Drive Market Insights Forecasts to 2032

  • The Global Variable Frequency Drive Market Size was valued at USD 22.16 Billion in 2022.
  • The Market is Growing at a CAGR of 5.2% from 2023 to 2032
  • The Worldwide Variable Frequency Drive Market Size is expected to reach USD 36.79 Billion by 2032
  • Latin American is expected to Grow the fastest during the forecast period

Global Variable Frequency Drive Market

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The Global Variable Frequency Drive Market Size is expected to reach USD 36.79 Billion by 2032, at a CAGR of 5.2% during the forecast period 2022 to 2032.

 

Market Overview

A Variable Frequency Drive (VFD) is an electronic device that controls the speed and torque of an AC motor by adjusting the frequency and voltage of the power supplied to the motor. This allows the motor to operate at optimal efficiency for the required load, reducing energy consumption and costs. VFDs can be used in a variety of industrial and commercial applications, from HVAC systems and pumps to conveyor belts and manufacturing equipment. They offer benefits such as improved process control, reduced wear and tear on equipment, and extended motor lifespan. VFDs also provide valuable data on motor performance and energy consumption, allowing for optimization of processes and energy management.

 

Report Coverage

This research report categorizes the market for variable frequency drive market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the variable frequency drive market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the variable frequency drive market.

 

Global Variable Frequency Drive Market Report Coverage

Report CoverageDetails
Base Year:2022
Market Size in 2022:USD 22.16 Billion
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:5.2%
2032 Value Projection:USD 36.79 Billion
Historical Data for:2019-2021
No. of Pages:200
Tables, Charts & Figures:130
Segments covered:By Product Type, By Power Range, By Application, By End-Use, By Region, and COVID-19 Impact Analysis
Companies Covered:ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Yaskawa Electric Corporation, Danfoss Group, Mitsubishi Electric Corporation, Emerson Electric Co. Fuji Electric Co., Ltd., Hitachi, Ltd., WEG Industries, Toshiba International Corporation, Parker Hannifin Corporation, Eaton Corporation PLC, General Electric Company, Honeywell International Inc., Delta Electronics, Inc.
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The Variable Frequency Drive (VFD) market is primarily driven by the need for energy-efficient solutions in various industries, such as HVAC, oil and gas, and manufacturing. The growing demand for process automation and digitalization is also fueling market growth. Additionally, government initiatives and regulations promoting energy efficiency are driving the adoption of VFDs. Technological advancements, such as the development of sensorless vector control and the integration of VFDs with the Internet of Things (IoT) and cloud computing, are further boosting market growth. The increasing use of VFDs in renewable energy applications, such as wind turbines and solar power systems, is also creating new opportunities for market players.

 

Restraining Factors

There are several factors that may restrain the growth of the Variable Frequency Drive (VFD) market. One major challenge is the high initial cost of VFDs compared to traditional motor control methods. Additionally, the complexity of VFDs can make them difficult to install and maintain, requiring specialized skills and knowledge. The lack of awareness and education among end-users about the benefits and usage of VFDs may also hinder market growth. Moreover, concerns related to the reliability and durability of VFDs, as well as the availability of low-cost alternatives, may limit their adoption in certain markets.

 

Market Segmentation

  • In 2022, the AC drives segment accounted for around 65.4% market share

On the basis of product, the global variable frequency drive market is segmented into AC drives, DC drives, and servo drives. The AC drives segment is dominating with the largest market share in 2022, due to its wide range of applications and benefits such as improved energy efficiency, reduced maintenance costs, and better process control. AC drives are widely used in industries such as HVAC, water and wastewater treatment, and manufacturing. The increasing demand for energy-efficient solutions and the integration of VFDs with the Internet of Things (IoT) and cloud computing are further driving the growth of the AC drives segment. Additionally, advancements in AC drive technology, such as sensorless vector control, are enhancing their performance and reliability.

 

  • In 2022, the pumps segment dominated with more than 27.6% market share

Based on application, the global variable frequency drive market is segmented into pumps, electric fans, conveyors, HVAC, extruders, and others. Out of this, the pumps is dominating the market with the largest market share in 2022, due to their widespread use in various industries such as oil and gas, water and wastewater treatment, and HVAC. VFDs are commonly used in pumps to improve energy efficiency, reduce maintenance costs, and increase process control. The integration of VFDs with pumps enables optimal motor speed control, which can significantly reduce energy consumption. Additionally, government initiatives promoting energy efficiency and the increasing adoption of renewable energy sources such as wind and solar power are further driving the growth of the VFDs market for pumps.

 

Regional Segment Analysis of the Variable Frequency Drive Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia-Pacific dominated the market with more than 34.7% revenue share in 2022.

Global Variable Frequency Drive Market

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Based on region, the Asia Pacific region dominates the Variable Frequency Drive (VFD) market share due to several factors. The region has a large industrial base, with countries such as China, India, and Japan being major manufacturing hubs. The increasing demand for energy-efficient solutions in industries such as HVAC, water and wastewater treatment, and oil and gas, is driving the growth of the VFD market in the region. Additionally, the presence of major VFD manufacturers and suppliers in the region, coupled with government initiatives promoting energy efficiency and industrial automation, is further boosting market growth. The region's growing population and urbanization also contribute to the demand for VFDs in various applications, such as building automation and transportation systems.

 

Recent Developments

In October 2022, Rockwell Automation Inc. has recently announced an improvement to its medium voltage POWERFLEX 6000T. The company has increased the output frequency of the variable frequency drive that is commonly used in high-speed motor applications.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global variable frequency drive market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Companies:

  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • Rockwell Automation Inc.
  • Yaskawa Electric Corporation
  • Danfoss Group
  • Mitsubishi Electric Corporation
  • Emerson Electric Co.
  • Fuji Electric Co., Ltd.
  • Hitachi, Ltd.
  • WEG Industries
  • Toshiba International Corporation
  • Parker Hannifin Corporation
  • Eaton Corporation PLC
  • General Electric Company
  • Honeywell International Inc.
  • Delta Electronics, Inc.

 

Key Target Audience

  • Market Players
  • Investors
  • End-Users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture Capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global variable frequency drive market based on the below-mentioned segments:

 

Variable Frequency Drive Market, By Product

  • AC Drives
  • DC Drives
  • Servo Drives

 

Variable Frequency Drive Market, By Power Range

  • Micro (0-5 kW)
  • Low (6-40 kW)
  • Medium (41-200 kW)
  • High (>200 kW)

 

Variable Frequency Drive Market, By Application

  • Pumps
  • Electric Fans
  • Conveyors
  • HVAC
  • Extruders
  • Others

 

Variable Frequency Drive Market, By End-Use

  • Oil & Gas
  • Power Generation
  • Industrial
  • Infrastructure
  • Automotive
  • Food & Beverages
  • Others

 

Variable Frequency Drive Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

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