The report “Variable Frequency Drive Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region – Global Forecast to 2023”, the variable frequency drive market is expected to grow from an estimated USD 20.73 billion in 2018 to USD 27.57 billion by 2023, at a CAGR of 5.87%, from 2018 to 2023. This growth can be attributed to the increasing industrialization and urbanization and rising need of energy efficiency. Stagnant growth in the oil & gas industry due to declining oil prices can hinder the growth of the market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the variable frequency drive market. The key players include
Some of the prominent key players are:
Schneider Electric (France),
Crompton Greaves (India)
Rockwell (US) and many more…
“The low-voltage segment is expected to hold the largest share of the variable frequency drive market, by voltage, during the forecast period.”
The low-voltage segment led the variable frequency drive market in 2017 and is projected to have the largest market share during the forecast period. Low-voltage VFDs are used in various industrial applications such as building automation, pulp & paper, power, water & wastewater, and oil & gas, and especially in process industries, which would drive the low-voltage segment during the forecast period.
“The AC drives segment is expected to dominate the variable frequency drive market from 2018 to 2023.”
The VFD market, by type, is segmented into AC drives, DC drives, and servo drives. The AC drives segment held the largest market share in 2017 and is estimated to be the fastest-growing segment during the forecast period. The AC drives segment provides more advantages as compared with DC and servo drives. The primary advantages of AC drives include increased energy savings and reduced levels of noise and vibrations. AC drives are mainly used for variable torque application in industries such as oil & gas, water & wastewater, and mining.
The infrastructure segment of the VFD market, by end-user, is expected to grow at the highest CAGR during the forecast period.
The infrastructure segment is projected to grow at the highest CAGR from 2018 to 2023. Rapid infrastructure development in the developing companies and growing concerns over energy efficiency in the developed countries are likely to drive the infrastructure segment. For instance, in December 2017, the government of Japan planned to invest USD 57.97 million on development projects, including housing and commercial facilities, as per Japan Overseas Infrastructure Investment Corporation. Such investments toward the infrastructure activity would boost the VFD market during the forecast period.
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“Asia Pacific: The fastest growing market for variable frequency drive.”
Asia Pacific is expected to be the largest market for VFDs in 2023 and is projected to grow at the highest CAGR, during the forecast period. China accounted for the largest share of the variable frequency drive market in the Asia Pacific region in 2017. Moreover, in January 2017, the government of China planned to invest about USD 361 billion in clean energy by 2020 as China aims to supply 20% of power from non-fossil sources by 2030, which shows a positive growth for the variable frequency drive market. All these factors are expected to drive the growth of the VFD market in Asia Pacific.
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