Global Variable Frequency Drive (VFD) Market 2018-2023 - Increased Use of VFDs Across Major Vertical Industries
DUBLIN, June 25, 2018 /PRNewswire/ --
The "Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors & Conveyors), Power Range, Voltage & Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global VFD 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 VFDs 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 VFD 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 VFD 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 VFD 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.
The industrial segment is one of the major end-users of the VFD 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 VFDs for industrial applications
In this report, the VFD 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 VFD market, from 2018 to 2023. Countries such as China, India, and Japan, are heavily investing on the renewable energy, which would positively impact the VFD market. Also, massive investments on the manufacturing industry is also one of the major factors that would propel the growth of the VFD 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.
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 VFD market. The leading players in the VFD market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (US), and Rockwell (US). New product launches is the most commonly adopted strategy by the top players. This was followed by contracts & agreements and investments & expansions.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the VFD Market, 2018-2023
4.2 VFD Market, By Voltage
4.3 VFD Market, By Application
4.4 VFD Market, By Power Range
4.5 VFD Market, By Type
4.6 Asia Pacific VFD Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Use of VFDs Across Major Vertical Industries
5.2.1.2 Rising Need for Energy Efficiency
5.2.1.3 Supportive Regulatory Environment
5.2.2 Restraints
5.2.2.1 Stagnant Growth of the Oil & Gas Industry
5.2.3 Opportunities
5.2.3.1 Aging Power Infrastructure
5.2.3.2 Industrial Internet of Things (Iiot)
5.2.4 Challenges
5.2.4.1 Gray Market Providing Low-Quality and Cheap Products
6 Variable Frequency Drive Market, By Type
6.1 Introduction
6.2 Ac Drives
6.3 Dc Drives
6.4 Servo Drives
7 Variable Frequency Drive Market, By Voltage
7.1 Introduction
7.2 Low Voltage (Up to 690 V)
7.3 Medium Voltage (> 690 V)
8 Variable Frequency Drive Market, By Application
8.1 Introduction
8.2 Pumps
8.3 Fans
8.4 Compressors
8.5 Conveyors
8.6 Others
9 Variable Frequency Drive Market, By Power Range
9.1 Introduction
9.2 Micro Power Drives
9.3 Low Power Drives
9.4 Medium Power Drives
9.5 High Power Drives
10 Variable Frequency Drive Market, By End-User
10.1 Introduction
10.2 Industrial
10.3 Infrastructure
10.4 Power Generation
10.5 Oil & Gas
11 Variable Frequency Drive Market, By Region
11.1 Introduction
11.2 Asia Pacific
11.2.1 By Voltage
11.2.2 By Application
11.2.3 By Power Range
11.2.4 By Type
11.2.5 By Country
12 Competitive Landscape
12.1 Overview
12.2 Ranking of Players and Industry Concentration, 2017
12.3 Competitive Scenario
13 Company Profile
13.1 Benchmarking
13.2 ABB
13.3 Siemens
13.4 Schneider Electric
13.5 Danfoss
13.6 Rockwell
13.7 Crompton Greaves
13.8 Eaton
13.9 Fuji
13.10 Hitachi
13.11 Nidec
13.12 Tmeic
13.13 Weg SA
13.14 Yaskawa
For more information about this report visit https://www.researchandmarkets.com/research/sdhcp8/global_variable?w=5
Media Contact:
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