Global Variable Frequency Drive Market projected to grow at a CAGR of 5.1% from 2022 to 2031
Increase in industrialization and increase in digitalization and automation are the key factors boosting the Variable frequency drive market growth.— Allied Market Research
WILMINGTON, DE, UNITED STATES, November 22, 2024 /
EINPresswire.com/ --
According to a new report published by Allied Market Research, the
variable frequency drive market size was valued at $20.6 billion in 2021, and variable frequency drive industry is estimated to reach $33.6 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
Variable frequency drive (VFD) is electrical equipment which is used with electric motors, which change the applied voltage supplied to the motor. It helps to control the operating speed to reduce energy consumption. Variable frequency drive market players have undergone digitization to monitor the functioning of speed, and thus improve its overall efficiency.
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Asia-Pacific accounts for the largest variable frequency drive market share, followed by North America and Europe.
Asia-Pacific is projected to exhibit CAGR of 5.5% from 2022 to 2031.
The major companies profiled in the
global variable frequency drive industry report include ABB Ltd, Siemens, Danfoss, Schneider Electric, General Electric, Hitachi, Honeywell Intenational, Nord Drive Systems, Techsuppen, CG Power, Saksun Industries, A.S. Automation, Parker Hannfin, Sew-Eurodrive, Rockwell Automation, Fuji Electric, and Delta Electronics.
Increase in penetration of connected devices in various sectors such as commercial, industrial, and residential sectors, coupled with rise in demand for variable frequency drive (VFD) due to associated benefits such as adjustable speed, dynamic torque control, and energy-saving from sectors such as power generation, automotive, and oil & gas are crucial factors expected to drive the market growth.
Increase in investment in infrastructure development results in high demand for HVAC systems which calls for solutions to improve building energy efficiency. This factor is expected to exhibit positive impact on the variable frequency drive variable frequency drive market growth.
Oil & gas is one of the leading end-user industries of variable frequency drives. The industry has been witnessing stagnant growth for the past few years owing to the decline in exploration and production activities.
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The demand for variable frequency drives in this industry is linked to the exploration, development, and production activities, as well as the capital spending by oil and natural gas companies.
The growth in energy demand has created the need for stable and reliable transmission and distribution (T&D) networks. According to the U.S. Department of Energy (DOE), uninterrupted power can only be ensured through a system capable of handling sudden power fluctuations.
The major reasons behind increase in number of blackouts are aging infrastructure, limited investments, and a lack of clear policies to modernize the grid.
The electricity demand has increased by 10% over the past decade, although there are more energy-efficient products and buildings than in previous years.
The recent regulations to reduce/limit the number of power blackouts and upgrade the aging power networks across the globe, particularly in North America, Europe, and parts of Asia Pacific, enhance the entire value chain across the power sector equipment.
Modernization of power infrastructure is thus expected to fuel the demand for variable frequency drives and create lucrative variable frequency drive market opportunities for the market players.
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On the basis of type, it is divided into AC drive, DC drive, and servo drive. On the basis of voltage type, the market is bifurcated into low and medium.
On the basis of power rating, the market is categorized into micro, low, medium, and high.
On the basis of application, the
variable frequency drive market segregated into pumps, conveyors, fans, compressors, and others. The pumps segment held the largest market share in 2021, and is projected to grow at a CAGR 4.7% from 2022 to 2031.
On the basis of end use, the market is segmented into oil & gas, industrial, power, and infrastructure.
Impact of Covid-19 on Global Variable Frequency Drive Market
The global COVID-19 pandemic has negative impact on the variable frequency drive market. This market has experienced lower than anticipated demand across all regions compared to pre-pandemic levels.
Variable frequency drive is mostly dependent on the demand for electric motor. The production of electric motor witnessed a significant negative near-term impact of the COVID-19 pandemic due to supply chain disruptions.
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Many components and parts used in the manufacturing of electric motors are procured from China, the U.S., and some European countries. The decline in manufacturing activities in China and the U.S. has hampered the production of variable frequency drives in the past 2 years.
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