The global variable frequency drive market is projected to reach USD 26.8 billion by 2027 from an estimated USD 21.2 billion in 2022, at a CAGR of 4.8% during the forecast period. Variable frequency drives enable motors to run based on required current demand, rather than running at full speed and reducing output using mechanical controls such as throttles, dampers, or gears. Electric motors can be equipped with frequency converters to operate pumps and fans more efficiently, these factors are expected to drive the demand for global Variable frequency drive market.
The Asia Pacific region is estimated to be the largest market for variable frequency drives, followed by the North America. The Asia Pacific region is also projected to be the fastest-growing market during the forecast period. The increasing investments in LNG, chemical, and mining projects is likely to increase the demand for motors are the key drivers behind the growing demand for industrial buners in the Asia Pacific region.
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The AC Drive segment, by type, is expected to be the most significant variable frequency drive market during the forecast period
The variable frequency drive market for the AC drive segment is estimated to account for the highest share of the overall market in 2021. The growth of this segment can be attributed to the growing use of AC drives in variable torque applications in various industries, such as oil & gas, water & wastewater, and mining, as they require less maintenance.
The low voltage segment is anticipated to be the fastest-growing variable frequency drive market by voltage type, during the forecast period
The variable frequency drive market for the low voltage segment is expected to dominate the overall market during the review period. The growth of this segment can be attributed to the increasing demand for low voltage variable frequency drives in various process industries, such as pulp & paper, power generation, water & wastewater treatment, and oil & gas.
Asia Pacific is expected to dominate the global variable frequency drive market during the forecast period
In this report, the variable frequency drive market has been analyzed for 6 regions, namely Asia Pacific, North America, Europe, Middle East, Africa, and South America. Asia Pacific is expected to lead the market during the forecast period.
The variable frequency drive market in Asia Pacific is witnessing significant developments in the in the power generation and manufacturing sector due to industrialization, which has supported the demand for variable frequency drives across countries of the region. The industrial sector in China contributes more than 50% of its GDP, and the growth of this sector has tremendously increased power production and consumption in the country. These factors have made China one of the most lucrative markets for the power industry. Moreover, the chemicals and petrochemical sectors are also well-established in the region and are expected to contribute to the growth of the variable frequency drive 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. These include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
