JERSEY CITY, N.J. — Verified Market Research recently published a report, “Variable Frequency Drive Market” By Type (AC Drives, DC Drives), By Power Rating (Micro Power Drive, Low Power Drive), By Application (Pumps, Fans, Compressors), By End-Users (Oil & Gas, Industrial), and By Geography. According to Verified Market Research, the Global Variable Frequency Drive Market size was valued at USD 18,190.1 Million in 2020 and is projected to reach USD 26,897.3 Million by 2028, growing at a CAGR of 5.2% from 2021 to 2028.
Global Variable Frequency Drive Market Overview
The rise in demand for energy-efficient solutions across various industries such as cement, pulp, and paper, chemical, waste & wastewater is expected to drive the Variable Frequency Drive Market. VFD application areas include compressors, fans, pumps, conveyors, among others. Compared to conventional motor drives, VFD has greater functionality and operation capabilities.
Increasing demand for HVAC installation is further expected to boost the market. The use of high-performance HVAC equipment can lead to 10%–40% of energy savings. Thus, a rise in demand for smart homes is expected to increase demand for HVAC systems and thus, VFD. In August 2021, ABB’s ACH580 variable frequency drives developed for HVAC applications, enabled 25% energy savings in the tallest building in Africa, The Iconic Tower. Stricter regulations coming up surrounding energy efficiency are further expected to create demand for VFD. For instance, the Indian government’s Energy Conservation Act has urged industries to switch to energy-efficient machinery and equipment, creating demand for Variable Frequency drives.
Similarly, the Department of Energy (DOE), has also enabled energy-efficiency standards for industrial products such as pumps, compressors, electric motors, among others. Thus, with the rising number of stringent regulations surrounding energy efficiency across various industries and industrial products, demand for Variable Frequency Drive is bound to increase. With urbanization and industrialization on a rise, especially in developing countries, an increasing number of residential and commercial buildings are expected to come up, increasing usage of cement, Variable Frequency Drive is used in the cement industry, and with this rise, its demand is also expected to boost.
Key Developments
- In July 2021, ABB’s medium voltage drives provided an energy-efficient pumping in a major desalination plant, Saline Water Conversion Corporation’s (SWCC) water treatment plant based in Jubail, Saudi Arabia. The plant used ABB’s digitally enabled-ACS2000 medium voltage variable speed drives (VSD) to reduce energy consumption.
- In June 2021, Eaton launched the PowerXL DM1 micro variable frequency drive for end-users within the industrial and commercial sectors.
- In December 2020, Rockwell Automation expanded its Kinetix 5100 Servo Drive in 480V available for use in a wide range of applications such as or packaging, converting print, and web, machine and assembly, and life sciences.
Key Players
The major players in the market are ABB, Eaton, General Electric, Hitachi Ltd., Rockwell Automation Inc., Schneider Electric, Siemens AG, The Danfoss Group, WEG S.A., Yaskawa Electric Corporation and among others.
Verified Market Research has segmented the Global Variable Frequency Drive Market On the basis of Type, End-Users, Application, Power Rating, and Geography.
- Variable Frequency Drive Market, By Type
- AC Drives
- DC Drives
- Servo Drives
- Variable Frequency Drive Market, By Power Rating
- Micro Power Drive
- Low Power Drive
- Medium Power Drive
- High Power Drive
- Variable Frequency Drive Market, By Application
- Pumps
- Fans
- Conveyers
- Compressors
- Others
- Variable Frequency Drive Market, By End-Users
- Oil & Gas
- Industrial
- Power Generation
- Infrastructure
- Variable Frequency Drive Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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