Variable Frequency Drive (VFD) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Variable Frequency Drive (VFD) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Report Digest
Global Variable Frequency Drive (VFD) Market: Overview
Also known as speed variable drive, AC drive, adjustable speed drive, microdrive, and inverter, variable frequency drives (VFDs) are used in electro-mechanical drive systems as motor controllers by varying the frequency and voltage supplied to an electric motor. Depending upon the application, the VFD can ramp up or ramp down the voltage and frequency so as to meet the needs of the electric motor’s speed.
The global variable frequency drive market can be segmented based on end user, application, voltage, and geographical region. By end-use industries, pulp and papers, oil and gas, mining and metals, food processing, and automotive industries are the key segments of the global market for variable frequency drives.
Global Variable Frequency Drive (VFD) Market: Key Trends
The emergence of Industrial Internet of Things (IIoT) has brought about the development of advanced VFD technologies that make fans, pumps, ACs, and other devices smarter. Effecting efficiency, these devices can boost the production rate via fewer errors. Lower maintenance costs and high lifespan of equipment that deploy variable frequency drives are some other benefits of these devices.
As these devices are capable of significantly reducing energy costs, consequently bringing down the cost of production, the demand for variable frequency drives will increase substantially. Moreover, as no other method of AC electric motor control can harmonize the speed of the motor with the load requirement, the market will witness a further impetus.
On the other hand, vulnerability of smart variable frequency drives to cyber-attacks might impede the growth of the market. However, the impact of this restraint will be nullified by the emergence of cutting-edge VFD technologies.
Global Variable Frequency Drive (VFD) Market: Market Potential
Product innovations, mergers, acquisitions, collaborations, and partnerships are being increasingly adopted by a number of market players. For instance, in March 2016, Ideal Power Inc. announced the successful testing and demonstration of its new variable frequency drive that uses its patented Power Packet Switching Architecture (PPSA). The new VFDs are apt at controlling the speed of electric motors used across numerous products such as conveyor motors, pumps, HVAC blowers and compressors, and cranes.
Similarly, in July 2016, a new family of VFDs for pumps that supply continuous water pressure throughout the selected location was introduced by Franklin Electric Co., Inc.
Global Variable Frequency Drive (VFD) Market: Regional Outlook
The changing regulatory policies and new legislations in different countries of Europe have been fuelling the market in this region. The North America market is expected to hold a major share of the global market thanks to the deployment of VFDs across several industries such as HVAC, packaging, pumping, and machinery equipment. Initiatives aimed at the reduction of carbon emissions and energy footprint by regions such as California have also been aiding growth.
The expeditious growth in infrastructure and urbanization backed by the propitious industrial development in several countries of Asia Pacific are likely to station the region at the fore during the forecast period. Latin America appears to be the fastest growing region. The Middle East and Africa (MEA) is also slated for considerable expansion.
Global Variable Frequency Drive (VFD) Market: Competitive Analysis
Several manufacturers are receiving orders for their variable frequency drives. For instance, in March 2017, WE Tech Solutions, a prominent provider of energy efficient solutions, received an order for its permanent magnet shaft generator solution from the China State Shipbuilding Corporation (CSS). Likewise, Simark Controls Ltd., a leading supplier of hybrid power solutions to the mobile and stationary power generation markets, entered an agreement with an oil producer based in Alberta under which it will deliver its variable frequency drive systems to the oil producer.
Some of the major companies operating in the global market for variable frequency drive market are WEG, Mitsubishi Electric Corporation, Siemens AG, General Electric, Fuji Electric Co., Ltd., Rockwell Automation, Inc., ABB Ltd., Crompton Greaves, Emerson Electric Co., and Danfoss.
This study provides a particularized anatomy according to the L.E.A.P mechanism
- Latest trends and cardinal growth prospects
- Existing and future insights in growth
- Ascensions in technology
- Pain points
The regional analysis offers market assays across:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
Pain Points
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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