Variable Frequency Drive Market is Expected to Reach $27.57 Billion By 2023, Growing at 5.87% CAGR

The global Variable Frequency Drive Market is projected to reach a market size of USD 27.57 billion by 2023, at a CAGR of 5.87%. The market in Asia Pacific is estimated to be the largest for VFDs, followed by the market in Europe in 2018. Factors such as increased usage of VFD across major industry verticals, government regulations, and rising need for energy efficiency are driving the VFD market.

The Variable Frequency Drive Market is dominated by a few major players that have a wide regional presence. The leading players in the VFD market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell (US).

The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. New product developments was the most commonly adopted strategy from January 2014 to April 2018. Industry players also adopted contracts & agreements, which was the second most widely followed strategy during the same period.

ABB is a provider of power and automation technology for various industries such as oil & gas, power generation, and transport & infrastructure globally. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and industrial automation. It provides Variable Frequency Drive under the robotics and motion business segment. ABB drives business provides low-voltage AC drives, medium-voltage drives, and DC drives for various industries such as building automation, marine, power, transportation, food & beverage, metals, mining, and oil & gas. The company has a presence in over 100 countries with production and R&D centers worldwide. Moreover, in September 2017, ABB acquired GE industrial solution to strengthen its position in electrification segment globally and expand its presence in the North American market.

Siemens engaged in the business of electrification, automation, and digitalization. The company conducts its operations through 8 segments, namely, power and gas, healthineers, energy management, digital factory, mobility, Siemens Gamesa renewable energy, process industries and drives, and building technologies. Its process industries and drives business segment provide Variable Frequency Drive to various industries such as oil & gas, shipbuilding, mining, cement, fiber, chemicals, food & beverage, and pharmaceuticals. The company operates 289 production and manufacturing plants across the globe. Moreover, in November 2017, Siemens partnered with Airbus and Rolls-Royce for the development of drive systems across various power classes for hybrid electric flight.

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Objectives of the Study

• To define and segment the market with respect to voltage, application, power range, end-user, and region
• To provide detailed information about major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the VFD market with respect to individual growth trends, future expansions, and contributions to the market
• To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
• To forecast the growth of the VFD market with respect to the major regions (Asia Pacific, Europe, North America, Middle East, South America, and Africa)
• To strategically profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments such as new product development, mergers & acquisitions, expansions & investments, partnership & collaboration, and contracts & agreements, in the VFD market

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