Variable Frequency Drive (VFD) Market Latest Trends and Forecast 2018 – 2023
The global variable frequency drive (VFD) market is projected to reach USD 27.57 billion by 2023, at a CAGR of 5.87%, from an estimated USD 20.73 billion in 2018, by value. The growth of the VFD market is mainly driven by the increased usage of VFDs across major industry verticals, industrialization and urbanization, and increasing focus on energy efficiency.
Asia Pacific is estimated to be the fastest growing market for VFDs during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Indonesia, Australia, and the Rest of Asia Pacific. The variable frequency drive (VFD) market in the region is primarily driven by the increase in investments toward energy efficiency projects and massive investments in the manufacturing industry. As per the Asian Development Bank (ADB), the regional share of global energy consumption is expected to increase from 34% in 2010 to 56% by 2035, which would drive the VFD market in the region.
The VFD market, by type, is segmented into AC drives, DC drives, and servo drives. The AC drives segment is estimated to be the fastest growing market for VFDs during the forecast period. Increased energy savings, increased life of rotating components, and reduced levels of noise and vibrations are expected to create the demand for VFDs during the forecast period. For instance, Europe planned to minimize energy efficiency standards and reduce 1.5% in national energy sales annually. Such factors are likely to drive the AC drives market in the region.
After arriving at the overall market size, the VFD market was split into several segments and subsegments. Geographies VFD Market include:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- South America
- VFD manufactures, dealers, and suppliers
- Government and research organizations
- Investors/Shareholders
- Institutional investors
- Energy utilities
- Process industries and power and energy associations
- Public and private operators of power plan
The report segments the VFD market, by application, into pump, fan, compressor, conveyor, and others. The compressor segment is expected to grow at the highest CAGR during the forecast period. Air compressor is one of the important components for oil & gas, chemical, food & beverage, and building automation industries. Therefore, increasing investments toward oil & gas and infrastructure industries are likely to drive the demand for the compressor segment.
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Company profiles give a glimpse of the key players in the variable frequency drive (VFD) market with respect to business overview, financials, product offerings, and recent developments. In the new edition of the report, 13 companies has been profiled (i.e. ABB Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell (US), Crompton Greaves (India), Eaton (Dublin), Fuji (Japan), Hitachi (Japan), NIDEC (Japan), TMEIC (Japan), WEG SA (Brazil), Yaskawa (Japan) as they have emerged as key players in recent months due to various strategic investments, agreements and expansion they have done in the VFD market. Contracts & agreements was one of the key strategies adopted by the players to strengthen their product portfolios and increase their market share.
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