The industry for variable frequency drives, or VFDs, is undergoing a revolutionary upswing, and users are leading this shift. The market for variable speed drives, or VFDs, is expanding as businesses aim for increased sustainability and efficiency. 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 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.

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Unlocking Growth Opportunities:

The evolution of the industrial landscape is closely associated with the growth trajectory of the VFD market. The increasing focus on Industry 4.0 and industrial automation has made VFDs essential for streamlining manufacturing operations. Furthermore, the incorporation of renewable energy sources is creating new opportunities because variable frequency drives (VFDs) are essential for utilizing the variable nature of these energy inputs.

Navigating the Future:

With increasing technological advancements and growing user awareness, the VFD industry is set up for more innovation. In response to customer concerns, manufacturers are putting more of an emphasis on improved interoperability, streamlined installation procedures, and user-friendly interfaces. The goal of this user-centric strategy is to increase the appeal and accessibility of VFDs across a variety of sectors.

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.

Leading Key Players

ABB Ltd.: A multinational company known for its expertise in power and automation technologies, ABB is a major player in the VFD market. They offer a range of variable frequency drives for various applications.

Siemens AG: Siemens is a global conglomerate with a strong presence in industrial automation and electrification. They provide a comprehensive portfolio of VFDs catering to diverse industries.

Schneider Electric SE: Schneider Electric is a well-established player in the energy management and automation sector. They offer variable frequency drives as part of their solutions for efficient energy usage.

Rockwell Automation, Inc.: A leading provider of industrial automation and information solutions, Rockwell Automation includes VFDs in its offerings to enhance motor control and energy efficiency.

Danfoss Group: Known for its focus on climate and energy solutions, Danfoss is a key player in the VFD market, providing drives for HVAC, water and wastewater, and other applications.

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Recent Developments

• In April 2021, Siemens introduces a new, compact, and powerful SINAMICS G115D drive system specifically designed for horizontal conveyor applications. The drive system comprises the motor, drive, and gearbox in one unit and is offered in two versions — wall-mounted and motor-mounted.
• In Febraury 2020, Schneider Electric introduced an Altivar 360, a variable speed drive for applications from 0.37 to 22 kW / 0.5 to 30 HP. The compact size of this drive, its robust design, ease of installation, based on the principle of Plug & Play, integrated functions, and macro configuration make it particularly suitable for applications involving industrial machines and certain consumer machines.
• In November 2020, Danfoss Drives and other Danfoss business segments are expected to supply the technology company Wartsila’s research, product development, and production center Smart Technology Hub with a significant number of AC drives and other products.
• In September 2020, ABB invested approximately USD 43.3 million in new research & development facilities and office space for its Motion and Industrial Automation Businesses at the company’s largest Swiss location in Turgi in the canton of Aargau. The investment is expected to enable ABB strengthen its position in a number of high-growth areas while also enabling the company to expand its capabilities in innovation.