Variable frequency drives are increasingly being used in the industrial and infrastructure sectors. Major industries that use variable frequency drives are cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment. Variable frequency drives find applications in conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers.These factor would drive the demand for variable frequency drive.
The global variable frequency drive market size in terms of revenue was estimated to be worth $21.2 billion in 2022 and is poised to reach $26.8 billion by 2027, growing at a compound annual growth rate (CAGR) of 4.8% during from 2022 to 2027.
Key Market Players
The leading players in the global variable frequency drive market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US).
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AC Drive segment, by type, is expected to grow at the highest CAGR during forecast period
The AC Drive segment is expected to register the highest CAGR during the forecast period. AC Drive is mainly used to control the motor’s speed in the oil & gas, water & wastewater treatment, and metals & mining industries. Companies in the metals & mining industry deploy equipment such as conveyors, mills, grinders, crushers, and fans/blowers, which require AC drives. These drives also find applications in wind turbine power generation, water supply pumping, HVAC systems, boiler feed pumps, power generators, and flow hydronic systems.
Low Voltage segment is expected to be the most significant contributor to the global variable frequency drive market during the forecast period
By voltage, the variable frequency drive market has been segmented into Low Voltage and Medium Voltage. Low Voltage is expected to be the largest and fastest-growing segment during the forecast period. Low voltage variable frequency drives are used in many applications, such as pumps, fans, belt conveyors, centrifugal pumps, and centrifugal compressors. These wide appilaction is fueling the growth for low voltage variable frequency drive .
Low power drive is expected to witness the largest market growth, by power rating, during the forecast period
The low power drive segment (power rating from 6 kW to 40 kW) accounted for largest share of the VFD market in 2021. Low power drives offer a quick payback period due to higher energy savings at low capital costs and better process control. They also find applications in other industries such as construction, automation, oil & gas, food & beverage, and pulp & paper due to their high energy efficiency feature.
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“Asia Pacific: The largest and fastest variable frequency drive market”
Asia Pacific is expected to dominate the VFD market between 2022–2027, followed by North America and the Europe. Asia Pacific accounted for largest share of the global market in 2021. The growth of the Asia Pacific market is driven by countries such as India, China, Japan, Australia, South Korea, Indonesia, and Rest of Asia Pacific. The major end users of variable frequency drives in this region are the oil & gas, industrial, power, and infrastructure sectors. The growing privatization of the industrial sector in the region is fueling the growth for variable frequency drive.
