The global variable frequency drive market size is projected to grow from USD 19.87 billion in 2022 to USD 32.31 billion in 2029, growing at CAGR of 7.2% during forecast period. The market was valued at USD 19.21 billion in 2021. Fortune Business Insights™ presents this information in its report titled “Variable frequency drive Market, 2022-2029.”

According to our analyst, the fact that the technology aids to manage the operating pace to decrease energy consumption is predicted to fuel the market.

Get More info: https://www.fortunebusinessinsights.com/industry-reports/variable-frequency-drive-market-100876

Report Highlights:

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 2022

USD 19.87 Billion

Historical Data for

2028-2020

No. of Pages

326

Segments covered

Variable Frequency Drive 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 Region

Growth Drivers

Increasing Digital and Automation to Spur to Boost Industry Growth



Government Regulations and Policies for Energy Saving to Spur Market Growth

Drivers and Restraints:

The growing trend towards digitalization, connectivity, and automation in various industries has led to a rise in demand for variable frequency drives (VFDs) that enable remote monitoring and control of industrial processes. By utilizing VFDs, complex industrial applications such as HVAC systems in large buildings can improve data management, resulting in significant gains in energy efficiency and cost savings. VFDs can transform ordinary motors into smart motors that can be remotely controlled and automated, enhancing system performance, energy efficiency, and cost savings. As the demand for digitalization and automation continues to rise, the use of VFDs is expected to increase, revolutionizing industrial processes and driving market growth.

COVID-19 Impact:

The COVID-19 pandemic has negatively impacted multiple industries, causing a decline in manufacturing and global trade due to travel restrictions, shelter-in-place orders, and shutdowns. Trade disputes have further hindered market growth, exacerbating the effects on industry verticals worldwide."

Report Coverage:

The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.

Segmentation:

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

The demand for electricity is set to increase, with the Asia Pacific region leading the variable frequency drive market share due to its rapid growth. North America and Europe's adoption of renewable energy sources is expected to result in significant market share gains for these regions. Meanwhile, major capitalization events are anticipated in Latin America's mining and oil & gas industries.

Key Industry Development:

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.

The Report Lists the key Players in the Variable frequency drive 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

Major Table of content:

Introduction

Research Scope

Market Segmentation

Research Methodology

Definitions & Assumptions

Executive Summary

Market Dynamics

Market Drivers

Market Restraints

Market Opportunities

Key Insights

Key Emerging Trends – For Major Countries

Latest Technological Advancement

Insight on Regulatory Landscape

Industry SWOT Analysis

Porters Five Forces Analysis

Qualitative Analysis – Impact of COVID-19

Impact of COVID-19 on the Variable Frequency Drive

Steps Taken by the Government to Overcome the Impact

Key Developments in the Industry in Response to COVID-19

Potential Opportunities and Challenges due to COVID-19 Outbreak

Global Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029

Key Findings

Market Analysis, Insights and Forecast – By Type

AC Drive

DC Drive

Servo Drive

Market Analysis, Insights and Forecast – By Power Range

Micro

Low

Medium

High

Market Analysis, Insights and Forecast – By Application

Pumps

Electric Fan

HVAC

Conveyors

Extruders

Others

Market Analysis, Insights and Forecast – By End-user

Power Generation

Infrastructure

Oil & Gas

Food & Beverages

Mining

Agriculture

Others

Continued…

Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/variable-frequency-drive-market-100876

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]