Variable Frequency Drive (VFD) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Variable Frequency Drive (VFD) Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : December, 2019 | Energy & Mining | PPT format

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. 

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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