The global Variable Frequency Drive market is projected to reach a market size of USD 27.57 billion by 2023, at a CAGR of 5.87%, from an estimated USD 20.73 billion in 2018. This growth can be attributed to the increased usage of VARIABLE FREQUENCY DRIVEs across major industry verticals, rapid industrialization and urbanization, along with increasing investments on infrastructure development, and shifting focus on energy efficiency.

The report segments the Variable Frequency Drive market, by voltage, into low and medium voltages. The low-voltage segment is expected to hold the largest market share (by volume) by 2023. Increased investment on the growth of infrastructural activities, renewable energy production, and growing need for energy efficiency would propel the demand for the AC drive segment.

The Variable Frequency Drive market, by power rating, is segmented into micro-power drive, low-power drive, and medium-power drive, and high-power drive. The low-power drive segment is expected to dominate the VARIABLE FREQUENCY DRIVE market by 2023. The low-power drive segment provides higher energy savings at low capital costs and better process control to various industries such as building, automation, oil & gas, food & beverage, and pulp & paper. Increase in production toward infrastructure activities in emerging countries would drive the low power drive segment market.
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The industrial segment is one of the major end-users of the VARIABLE FREQUENCY DRIVE market. Also, this segment is expected to hold the largest market share during the forecast period. Increasing demand for electric motors from various industries such as paper & pulp, marine, discrete manufacturing, cement, and others is likely to increase the demand for VARIABLE FREQUENCY DRIVEs for industrial applications

In this report, the Variable Frequency Drive market has been analyzed with respect to 6 regions, namely, North America, Europe, South America, Asia Pacific, Africa, and Middle East. The market in Asia Pacific is estimated to be the largest VARIABLE FREQUENCY DRIVE market, from 2018 to 2023. Countries such as China, India, and Japan, are heavily investing on the renewable energy, which would positively impact the VARIABLE FREQUENCY DRIVE market. Also, massive investments on the manufacturing industry is also one of the major factors that would propel the growth of the VARIABLE FREQUENCY DRIVE market. For instance, as per Asian Development Bank, the region will need an investment of USD 26 trillion from 2016 to 2030 or USD 1.7 trillion per year to maintain its growth momentum and respond to climate change.
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Stagnant growth of the oil & gas industry due to declining oil prices has resulted in a decrease in exploration & production activities and could act as restraints for the Variable Frequency Drive market. The leading players in the VARIABLE FREQUENCY DRIVE market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (US), and Rockwell (US).

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