Variable Frequency Drive Market Size and Future Scope | Global Industry Analysis and Forecast Report by 2027

Global Variable Frequency Drive Market was valued at USD 9.41 billion in 2019 which is expected to reach USD 15.44 billion by 2027 at a CAGR 4.5%.

Variable frequency drive is solid state regulators or controllers which drive the motor by varying frequency and voltage transmitted through electric motor. These drives are widely installed in industrial infrastructure on AC electronic Motors. Variable frequency drives market is growing due to rapid industrialization and urbanization, along with increase in usage of VFDs across major industry vertical.

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Market Drivers

Increase in demand for renewable energy integration along with stringent directives & standards toward energy efficiency is expected to drive the global variable frequency drive market growth. Furthermore, Rapid industrialization and Urbanization across the developing economics will have the positive impact on global variable frequency drive market growth. Moreover, rise in investments towards smart and reliable infrastructure is expected to propel the demand for variable frequency drive across the world. Also, continuous technological advancements will boost the global variable frequency drive market growth during this forecast period.

Market Restraint

However, technical concerns and high cost of equipment is the challenging factor for market which is expected to hamper the global variable frequency drive market growth.

Impact of COVID 19 on Market

As China is one major raw material supplier and finished products due to COVID 19 pandemic many government implemented travel restrictions across the world which have led to declining the global variable frequency drive market growth.

Market Segmentation

Global Variable Frequency Drive Market is segmented into product type such as DC Drives, AC Drives, and servo Drives, by application such as Extruders, HVAC, Conveyors, Electric Fans, Pumps, and Others. Further, Global Variable Frequency Drive Market is segmented into end user such as Food & Beverages, Automotive, Infrastructure, Industrial, Power Generation, and Oil & Gas.

Also, Global Variable Frequency Drive Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

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Market Taxonomy

By Product Type

DC Drives
AC Drives
Servo Drives

By Application

Extruders
HVAC
Conveyors
Electric Fans
Pumps
Others

By End Use

Food & Beverages
Automotive
Infrastructure
Industrial
Power Generation
Oil & Gas

By Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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