Global Variable Frequency Drive Market (2020 to 2025) - Upgradation of Power Infrastructure Across the Globe Presents Opportunities
DUBLIN, Feb. 10, 2021 /PRNewswire/ -- The "Global Variable Frequency Drive (VFD) Market by Type (AC, DC, Servo), End-users (Industrial, Infrastructure, Oil & Gas, Power Generation), Application (Pumps, Fans, Compressors, Conveyors), Power Range, Voltage, and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period.
This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.
The AC Drives segment, by type, is expected to be the largest market from 2020 to 2025
The AC Drives segment, by type, is estimated to be the largest and fastest growing segment during the forecast period. "AC" stands for alternating current. AC drives are also known as adjustable frequency drives, adjustable speed drives, and variable speed drives. They are electronic devices that convert a fixed frequency and voltage to an adjustable frequency and AC voltage source. AC drives are used to drive the AC motors, especially the three-phase induction motors, as these are predominant over other motors in a majority of the industries and are used in a wide range of application, which eventually is driving the market during the forecast period.
The medium voltage, by voltage, is expected to be the fastest market from 2020 to 2025
The medium voltage segment, by voltage, is the fastest growing segment during the forecast period. Medium voltage variable frequency drives account for a voltage range of more than 690 V. These are majorly used to minimize the operating and maintenance costs associated with relatively large rotating equipment, which can range in size from 200 Hp to 100,000 Hp. Medium voltage variable frequency drives are used for retrofit installations, and they also adapt to the motor speed to the actual need, thus optimizing energy consumption and reducing CO2 emissions leading to an increase in the demand for medium voltage variable frequency drives.
Asia Pacific: The largest variable frequency drive market
The Asia Pacific region is projected to be the largest variable frequency drives market by 2025. Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for variable frequency drives. It is expected that this region will undergo rapid economic development and industrialization, which will further lead to an increase in power consumption. It is also expected that this region will experience a rise in the construction activities because of the growing population, increased industrialization, and expansion of the distribution networks in the developing countries. The renewable energy generation in countries such as China, South Korea, Japan, and India is taking place at a humongous rate. This needs to be incorporated in the existing national grid, leading to the introduction of additional electrical infrastructure, which will eventually drive the variable frequency drive market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
3.1 Scenario Analysis
3.1.1 Optimistic Scenario
3.1.2 Realistic Scenario
3.1.3 Pessimistic Scenario
4 Premium Insights
4.1 Attractive Opportunities in Variable Frequency Drive Market
4.2 Variable Frequency Drive Market, by Region
4.3 Variable Frequency Drive Market, by Type
4.4 Variable Frequency Drive Market, by Voltage
4.5 Variable Frequency Drive Market, by Power Rating
4.6 Variable Frequency Drive Market, by Application
4.7 Variable Frequency Drive Market, by End-user
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Road to Recovery
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 High Demand in Wide Range of Industries such as Cement, Chemical, and Petrochemical, Mining, Oil & Gas, Pulp & Paper, Water & Wastewater
5.4.1.2 Growing Need for Increasing Energy Efficiency and Decreasing Energy Consumption
5.4.1.3 Supportive Regulatory Environment for Efficient and Effective Energy Utilization
5.4.2 Restraints
5.4.2.1 Stagnant Growth of Oil & Gas Industry and Decline in Exploration & Production Activities
5.4.3 Opportunities
5.4.3.1 Upgradation of Power Infrastructure Across the Globe
5.4.3.2 Industrial Internet of Things (IoT) Enables Analysis & Improves Application Remotely
5.4.4 Challenges
5.4.4.1 Availability of Low-Quality and Cheap Products in Gray Market
5.4.4.2 Negative Impact of COVID-19 Pandemic
5.5 YC-Shift
5.5.1 Revenue Shift & New Revenue Pockets for Variable Frequency Drive Manufacturers
5.6 Market Map
5.7 Trade Data Statistics
5.8 Value Chain Analysis
5.8.1 Raw Material Providers/Suppliers
5.8.2 Component Manufacturers
5.8.3 Assemblers/Manufacturers
5.8.4 Distributors/End-users and Post-Sales Services
5.9 Case Study Analysis
5.9.1 ABB's Variable Frequency Drive Success, 2018
5.9.1.1 Problem Statement
5.9.1.2 Possible Solution by ABB's Variable Frequency Drive
5.1 Technology Analysis
5.10.1 Technology Trends for Variable Frequency Drive
5.11 Regulatory Landscape
5.12 Innovations & Patent Registration
5.13 Porter's Five Forces Analysis
5.13.1 Threat of Substitutes
5.13.2 Bargaining Power of Suppliers
5.13.3 Bargaining Power of Buyers
5.13.4 Threat of New Entrants
5.13.5 Intensity of Competitive Rivalry
6 Impact of COVID-19 on Variable Frequency Drive Market, Scenario Analysis, by Region
6.1 Scenario Analysis
6.1.1 Optimistic Scenario
6.1.2 Realistic Scenario
6.1.3 Pessimistic Scenario
7 Variable Frequency Drive Market, by Type
7.1 Introduction
7.1.1 Impact of COVID-19 on Global Variable Frequency Drive Market
7.2 AC Drive
7.2.1 Growing Usage of AC Drives in Various Industries to Fuel Growth of Segment
7.3 DC Drive
7.3.1 Advantages such as High Efficiency and Low Cost to Propel Demand for DC Drives
7.4 Servo Drive
7.4.1 Advanced Technology to Incorporate Feedback from Motors to Boost Growth of Segment
8 Variable Frequency Drive Market, by Voltage
8.1 Introduction
8.1.1 Impact of COVID-19 on Global Variable Frequency Drive Market
8.2 Low Voltage
8.2.1 Growing Use of Variable Frequency Drives in Wide Range of Applications Boost Growth of Segment
8.3 Medium Voltage
8.3.1 Need to Reduce Operating Cost in Heavy Industries to Fuel Demand for Medium Voltage Variable Frequency Drives
9 Variable Frequency Drive Market, by Power Rating
9.1 Introduction
9.1.1 Impact of COVID-19 on Global Variable Frequency Drive Market
9.2 Micro Power Drive
9.2.1 Expanding Food & Beverage and Building Automation Industries to Drive Market Growth
9.3 Low Power Drive
9.3.1 Higher Energy Savings at Low Costs to Fuel Demand for Low Power Drives
9.4 Medium Power Drive
9.4.1 Growth of Food & Beverage Industry to Boost Demand for Medium Power Variable Frequency Drives
9.5 High Power Drive
9.5.1 Need for Reduction in Power Consumption to Boost Demand for High Power Variable Frequency Drives
10 Variable Frequency Drive Market, by Application
10.1 Introduction
10.1.1 Impact of COVID-19 on Global Variable Frequency Drive Market
10.2 Pumps
10.2.1 Growing Need to Reduce Carbon Emission in Factories to Drive Growth of Segment
10.3 Fans
10.3.1 Increasing Energy Prices to Fuel Growth of Fans Segment
10.4 Compressors
10.4.1 Growing Awareness Regarding Energy Saving and Increasing Implementation of Energy-Efficient Solutions to Boost Demand for Variable Frequency Drives
10.5 Conveyors
10.5.1 Reduction of Downtime to Boost Demand for Variable Frequency Drives
10.6 Others
10.6.1 Smooth Control Along with Energy Savings to Fuel Demand for Variable Frequency Drives
11 Variable Frequency Drive Market, by End-user
11.1 Introduction
11.1.1 Impact of COVID-19 on Global Variable Frequency Drive Market
11.2 Oil & Gas
11.2.1 Growing Usage of Motors on Large Scale in Oil & Gas Sector and Increasing Requirement of Energy Efficiency to Drive Growth of Segment
11.3 Industrial
11.3.1 Optimum Process Control and Reduction of Downtime are Factors Driving Demand for Variable Frequency Drives
11.4 Power
11.4.1 Growing Emphasis on Energy Efficiency to Growth of Segment
11.5 Infrastructure
11.5.1 Growing Opportunities for Energy Optimization to Drive Market Growth
12 Variable Frequency Drive Market, by Region
12.1 Introduction
12.2 Asia-Pacific
12.3 Europe
12.4 North America
12.5 South America
12.6 Middle East
12.7 Africa
13 Competitive Landscape
13.1 Overview
13.2 Market Share Analysis, 2019
13.3 Market Evaluation Framework
13.4 Variable Frequency Drive Revenue Analysis of Top 5 Market Players
13.5 Key Market Developments
13.5.1 Product Launches
13.5.2 Contracts & Agreements
13.5.3 Mergers & Acquisitions
13.5.4 Investments & Expansion
13.5.5 Partnerships
13.6 Company Evaluation Quadrant
13.6.1 Company Evaluation Quadrant Definitions and Methodology
13.6.2 Star
13.6.3 Emerging Leader
13.6.4 Pervasive
13.6.5 Emerging Company
13.7 Competitive Leadership Mapping of Start-Ups
13.7.1 Progressive Companies
13.7.2 Responsive Companies
13.7.3 Starting Blocks
13.7.4 Dynamic Companies
13.7.5 Product Footprint Analysis of Top Players
14 Company Profiles
14.1 ABB
14.2 Siemens
14.3 Schneider Electric
14.4 Danfoss
14.5 Rockwell Automation
14.6 Crompton Greaves Power and Industrial Solution
14.7 Eaton
14.8 Yaskawa
14.9 Fuji Electric
14.10 Hitachi
14.11 General Electric
14.12 WEG
14.13 NIDEC
14.14 TMEIC
14.15 SEW-Eurodrive
14.16 Delta Electronics
14.17 Honeywell International
14.18 Anaheim Automation
14.19 Parker Hannifin
14.20 Nord Drive Systems
14.21 Inovance Technology
14.22 Techsuppen
14.23 Shenzhen Gozuk
14.24 Maven Automation
14.25 Saksun Industries
14.26 A.S. Automation & Controls
15 Appendix
15.1 Insights of Industry Experts
15.2 Discussion Guide
15.3 Knowledge Store: The Subscription Portal
15.4 Available Customizations
For more information about this report visit https://www.researchandmarkets.com/r/hzun2z
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article