Global Variable Frequency Drive Market by Products, Power Ranges, End-uses, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

The variable frequency drive market was valued at approximately USD 22.5 billion in 2019 and is expected to reach around USD 37.4 billion by 2026, expanding at a CAGR of around 6.5% during the forecast period, between 2020 and 2026. The growth of the market is attributed to surging usage of variable frequency drives (VFDs) across the globe in major industrial fields. Additionally, increasing investments in the development of infrastructure is also boosting the growth of the market. However, a high initial cost of the integration of VFD with electric drive is one of the major factors hindering the growth of the market.

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Variable Frequency Drive (VFD) is a motor controller driving an electric motor by changing the voltage and frequency supplied to it. VFD is also known as adjustable speed drive, micro drive, variable speed drive, adjustable frequency drive, AC drive, and inverter. It controls the speed of the motor. The benefits provided by VFDs are reduction in overall power consumption, optimal utilization of energy, and improvement of the efficiency of the motor.

Variable frequency drives are easy-to-use and easy to install in comparison to other motor controllers. Additionally, VFDs permit the deployment of motors and pumps with optimal rating and saves useless expenses on added KVA ratings of the motor. The important advantage provided by VFD is high reliability.

Market Trends, Drivers, Restraints, and Opportunities:

Increasing demand for energy efficient motors across the globe is one of the factors propelling the growth of the market.
Growing investments to spread the awareness regarding energy efficient motors is driving the growth of the market.
Surging operational efficiency and reducing energy consumption due to integration of electric drives with VFDs which allows end-users to control the speed and torque of the motor is one of the factors increasing the growth of the market.
Rising innovative advancements in the developing countries and growing awareness regarding the VFDs is increasing the demand which in turn is boosting the growth of the market.
Increasing deployment of VFDs across various industries due to rising energy prices is fueling the growth of the market.
Lack of well-trained labor in emerging countries is one of the factors restraining the growth of the market.
Increasing initial costs and prices of most used VFDs such as low voltage and medium voltage drives is one of the primary factors hampering the growth of the global variable frequency drive market.

Competitive Landscape:

Major companies in the global variable frequency drive market include ABB, Eaton, General Electric, Hitachi, Ltd., Rockwell Automation, Inc., Schneider Electric, Siemens AG, The Danfoss Group, WEG S.A., and Yaskawa Electric Corporation. The companies are using strategic acquisitions such as expansions, capital investments, R&D activities, technological advancements, innovative product launches, product portfolio, collaborations, mergers & acquisitions, and strategic partnerships.

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The Global Variable Frequency Drive Market has been segmented on the basis of

Products

AC Drives
DC Drives
Servo Drives

Power Ranges

Micro Range
Low Range
Medium Range
High Range

End-uses

Oil & Gas
Power Generation
Automotive
Infrastructure
Industrial
Food & Beverage
Others

Applications

Pumps
Electric Fans
Conveyors
HVAC
Extruders
Others

Regions

Asia Pacific
Europe
North America
Middle East & Africa
Latin America

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Table of Contents

Executive Summary
Assumptions and Acronyms Used
Research Methodology
Variable Frequency Drive Market Overview
Global Variable Frequency Drive Market Analysis and Forecast by Type
Global Variable Frequency Drive Market Analysis and Forecast by Application
Global Variable Frequency Drive Market Analysis and Forecast by Sales Channel
Global Variable Frequency Drive Market Analysis and Forecast by Region
North America Variable Frequency Drive Market Analysis and Forecast
Latin America Variable Frequency Drive Market Analysis and Forecast
Europe Variable Frequency Drive Market Analysis and Forecast
Asia Pacific Variable Frequency Drive Market Analysis and Forecast
Middle East & Africa Variable Frequency Drive Market Analysis and Forecast
Competition Landscape

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