Some of the major trends in the variable frequency drive (VFD) market are:
Increasing demand for energy-efficient solutions: There is a growing awareness among industries and consumers regarding the need to reduce energy consumption and carbon footprint. VFDs play a crucial role in achieving these goals as they regulate the speed of motors, thereby reducing energy consumption.
Technological advancements and industrial automation: The increasing adoption of Industry 4.0 and the Internet of Things (IoT) has led to the integration of VFDs with automation systems. This has resulted in improved efficiency, better control, and reduced downtime.
Growing demand from emerging economies: The increasing industrialization and urbanization in emerging economies, such as China and India, have led to a surge in demand for VFDs. The rise in infrastructure development, such as the construction of smart cities and industrial parks, is also driving the demand for VFDs.
Shift towards low voltage VFDs: There is a growing preference for low voltage VFDs as they are more energy-efficient, cost-effective, and have a smaller footprint than high voltage VFDs. This trend is expected to continue in the coming years.
Rising adoption of regenerative VFDs: Regenerative VFDs can convert the kinetic energy produced during braking into electrical energy and feed it back to the power grid. This results in energy savings and reduced carbon emissions. The adoption of regenerative VFDs is expected to increase in the coming years.
Variable Frequency Drive Market Overview:
The Variable Frequency Drive Market to grow at a CAGR of 5.8% during the forecast period 2022-2030, with increasing construction of infrastructure and buildings.
Competitive Analysis
Schneider Electric (Rueil-Malmaison, France), Danfoss Drives (Nordborg, Denmark), Mitsubishi Electric Automation, Inc. (Illinois, United States), Toshiba International Corporation (Texas, United States), Rockwell Automation (Wisconsin, United States), Honeywell International Inc. (North Carolina, United States), Anaheim Automation Inc. (California, United States), ABB Electrification (Zurich, Switzerland), Siemens (Munich, Germany), Fuji Electric Corp. of America (Tokyo, Japan), Johnson Controls (Cork, Ireland), WEG (Jaraguá do Sul, Brazil), Yaskawa America, Inc. (Fukuoka, Japan), TMEIC (Virginia, United States), and Nidec Motor Corporation (Kyoto, Japan) are prominent players of the global variable frequency drive market.
Segmentation Analysis
AC VFDs to Dominate Market
On the basis of type, the market is segmented as AC, DC, and Servo. The AC segment is dominating the market due to their high efficiency, longer lifespan and lower maintenance cost. Adoption in automation techniques in manufacturing and other industries can drive segment growth.
Compressors to Display Fastest Growth Rate
By application, the variable frequency drive market is segmented into extruders, pumps, fans, compressors, and others. Amongst, these, the compressors segment is expected to dominate the market owing to VFDs integrated into devices. Compressors can reduce operational and electrical stress on the motor.
Infrastructure Industry to Capture Major Market Share
The variable frequency drive market, based on end-use, is segmented into industrial, infrastructure, power generation, oil gas, and others. The infrastructure segment is anticipated to capture the largest market share owing to surge in infrastructural projects and use of automated systems for maintaining power supply. In addition, adherence to emission limits
Power Generation Industry to Elicit Massive Market Demand
The power generation industry is set to create demand in the market owing to expansion plans of utility providers and concerted efforts to electrify rural areas. VFDs can reduce downtime and improve performance of nuclear reactors to prevent them from meltdowns.
