Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global variable frequency drive market size was valued at USD 19.21 billion in 2021. The market is projected to grow from USD 19.87 billion in 2022 to USD 32.31 billion by 2029, exhibiting a CAGR of 7.2% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Variable Frequency Drive Market, 2022-2029.” According to our researchers, the fact that the technology aids to manage the operating pace to decrease energy consumption is predicted to fuel the market.
Industry Development:
January 2022: Danfoss’s Intelligent drives assists in enhancing HVAC safety with automated system check. The process involves automatic test of the complete installation, performed by the variable frequency drive.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 7.2% |
| 2029 Value Projection | USD 32.31 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 19.21 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 326 |
| Segments covered | Variable Frequency Drive [VFD] Market Size, Share & COVID-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Electric Fan, HVAC, Conveyors, Extruders, Others), By End-user (Power Generation, Infrastructure, Oil & Gas, Food & Beverages, Mining, Agriculture, and Others) and Regional |
| Growth Drivers | Rising Digital and Automation to Navigate Market Growth |
| Creative Product Unveilings by Prime Players to Spur Market Growth |
Driving Factors:
Rising Digital and Automation to Navigate Market Growth
The augmented inclination toward digitalization, connectivity, as well as automating industrial procedures by different industry verticals has perceived an increasing demand for variable frequency drive, aiding them to remotely administer the process. In complex industrial uses, such as huge buildings HVAC systems, the resulting data can be improved with a noteworthy gain in competence and energy savings by monitoring and checking the motor by variable drives, transforming them to become smart motors and even permitting them to be controlled distantly or even automatically, further augmenting performance, system efficiency as well as energy savings.
COVID-19 Impact:
Commotions in Supply Chain Management to Decline Growth amid Pandemic
The global health emergency triggered, owing to the influence of COVID-19 and had a negative effect on numerous industry verticals. The implementation of travel prohibitions and limitations, shelter-in-place-orders, and shutdowns that commenced deterioration in manufacturing industries, and trade disputes among others around the world are a few of the important factors hindering the market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/variable-frequency-drive-market-100876
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2022 and 2029.
Segmentation Analysis:
Type, Power Range, Application, End-user, and Region are Studied
The market is segregated into AC drive, DC drive, and servo drive based on type.
The market is divided into micro, low, medium, and high based on power range.
The market is classified into pumps, conveyors, HVAC, electric fan, extruders, and others based on application.
Based on end-user, the market is branched into power generation, infrastructure, oil & gas, food & beverages, mining, agriculture, and others. The power generation segment dominated the market in 2021.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
Asia Pacific to Lead Backed by Greater Electricity Demand
Electricity is set to observe an increase in demand over the forecast period. Majority of this increase will arise in the quickest-growing Asia Pacific region, leading the region to hold the largest variable frequency drive market share.
The growth of renewable energy in North America and Europe is predicted to result in substantial market share for these regions.
Countries in Latin America are set to experience major capitalization events across mining and oil & gas industries.
North America, on the other hand, is expected to hold the second position in the market owing to the increasing exploration activities across the oil & gas industry in countries such as the U.S. between 2022 and 2029.
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Competitive Landscape:
Creative Product Unveilings by Prime Players to Spur Market Growth
The fundamental players present in the market embrace numerous strategies to hike their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another vital strategy is periodically launching innovative products that will positively benefit the users.
A List of Key Manufacturers Operating in the Global Market:
- Eaton Corporation (Ireland)
- Hitachi Hi-Rel Power Electronics (India)
- Rockwell Automation (U.S.)
- Johnson Controls (Ireland)
- Anaheim Automation Inc. (U.S.)
- WEG (Brazil)
- ABB (Switzerland)
- Nidec Motor Corporation (Japan)
- Siemens (Germany)
- Danfoss Corporation (Denmark)
- Honeywell International Inc. (U.S.)
- TMEIC (U.S.)
- Fuji Electric Corp. of America (Japan)
- Schneider Electric (France)
- Yaskawa Corporation (Japan)
- Toshiba International Corporation (U.S.)
- General Electric (U.S.)
- Mitsubishi Electric Automation, Inc. (U.S.)
Variable Frequency Drive Market Segmentation:
By Type:
- AC Drive
- DC Drive
- Servo Drive
By Power Range:
- Micro
- Low
- Medium
- High
By Application:
- Pumps
- Electric Fans
- HVAC
- Conveyors
- Extruders
- Others
By End-user:
- Power Generation
- Infrastructure
- Oil & Gas
- Food & Beverages
- Mining
- Agriculture
- Others
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Variable Frequency Drive
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. AC Drive
6.2.2. DC Drive
6.2.3. Servo Drive
6.3. Market Analysis, Insights and Forecast – By Power Range
6.3.1. Micro
6.3.2. Low
6.3.3. Medium
6.3.4. High
6.4. Market Analysis, Insights and Forecast – By Application
6.4.1. Pumps
6.4.2. Electric Fan
6.4.3. HVAC
6.4.4. Conveyors
6.4.5. Extruders
6.4.6. Others
6.5. Market Analysis, Insights and Forecast – By End-user
6.5.1. Power Generation
6.5.2. Infrastructure
6.5.3. Oil & Gas
6.5.4. Food & Beverages
6.5.5. Mining
6.5.6. Agriculture
6.5.7. Others
6.6. Market Analysis, Insights and Forecast – By Region
6.6.1. North America
6.6.2. Europe
6.6.3. Asia Pacific
6.6.4. Latin America
6.6.5. Middle East & Africa
Continued….
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