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Global Variable Frequency Drive Market Share, Size, Analysis, Forecast: By Type: AC Drive, DC Drive, Servo Drive; By Voltage Type: Low, Medium; By Power Rating: Micro (0-5 kW), Low (6-40 kW), Medium (41-200 kW), High (>200 kW); By Application: Pumps, Conveyors, Fans, Others; By End-Use; Regional Analysis; Competitive Landscape; 2023-2028
Global Variable Frequency Drive Market Outlook
The global variable frequency drive market size attained a value of USD 22.3 billion in 2022. The market is further expected to grow at a CAGR of 6.10% between 2023 and 2028, to reach a value of USD 31.7 billion by 2028.
Key Trends in the Market
A variable frequency drive (VFD), also known as variable speed drive, refers to a motor controller which optimises the drive of an electric motor by the altering voltage and frequency supplied to it. In other words, a VFD can reduce or increase the load on an electric motor to facilitate proper functioning. Variable frequency drives save energy, optimise efficiency of a system, and reduce mechanical stress on machines to expand their lifetime.
- According to the variable frequency drive market analysis, the growing energy demand across the industrial sector, unbalanced distribution of energy, and increasing intensity of resource competition are the driving factors of the variable frequency drives market. The growing sophistication of electrical appliances and power industrial equipment and increasing investments in waste water management are further shaping the variable frequency drive market forecast.
- Rising investments in alternative fuel vehicles (AFV) are likely to result in increasing replacement of traditional vehicles with AFVs. This factor is expected to offer greater application opportunities for variable frequency drives, leading to expansion of variable frequency drive market size. Increasing fuel prices and growing focus on switching to alternative fuels for greater sustainability are expanding the scope for AFVs.
- The variable frequency drive market report also suggests that the rapid industrialisation and urban development across emerging economies are fuelling the demand for variable frequency drives to manufacture various industrial components. Favourable policies of various governments encouraging energy efficiency are likely to further garner the variable frequency drive market growth in the forecast period.
- As per the variable frequency drive market research, the robust modernisation of power distribution infrastructure to combat blackouts, achieve energy optimisation, and cope with the increasing energy demand of the manufacturing sector are likely to provide impetus to the variable frequency drive (VFD) market. Stable power distribution is becoming a necessity worldwide, leading to increased investments in VFD.
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Market Analysis
Based on type, the market is segmented into AC drive, DC drive, and servo drive. On the basis of voltage type, the market is bifurcated into low and medium. By power rating, the market is classified into micro (0-5 kW), low (6-40 kW), medium (41-200 kW), and high (>200 kW). Based on application, the market is segmented into pumps, conveyors, fans, and compressors, among others. On the basis of end-use, the market is categorised into oil and gas, industrial, power, and infrastructure, among others. The regional markets for variable frequency drive are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global variable frequency drive market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ABB Ltd.
- Siemens AG
- Danfoss
- Schneider Electric SE
- General Electric
- Hitachi, Ltd.
- Honeywell International Inc.
- Techsuppen Enterprises.
- CG Power & Industrial Solutions Ltd.
- Others
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Market Share by Type
The AC drive segment, based on type, accounts for a healthy share of the variable frequency drive market. AC drives can enhance the process control of various sectors by controlling the speed of an electric motor. Particularly in industrial applications, AC drives are likely to witness a healthy demand in the years to come, in order to enhance performance and achieve cost-effectiveness in the processes. AC drives are compact in size, less expensive, and widely available, while requiring minimal maintenance, due to which they are commonly used in applications and settings where regular access may be restricted. Without brushes involved, they are suited for high speed operations, thereby extending their application range further.
Market Share by Voltage Type
Based on voltage type, the low (6-40 kW) segment accounts for a significant portion of the variable frequency drive market share which can be attributed to the wide range of applications of this equipment. Low voltage variable frequency drives can support control over stopping and starting as well as the motor speed in between. These VFDs are suited for a wide range of industries and applications, and are available in general and industry-specific models, further increasing their usefulness and demand. Moreover, low voltage VFD is used to manufacture various critical industrial components such as pumps, fans, and conveyers, among others, which are expected to contribute towards the growth of global variable frequency drives market in the coming years.
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Competitive Landscape
ABB Ltd. is a leading multinational automation company which provides control room solutions, drives, electric vehicle charging solutions, industrial software, low voltage products and systems, and medium voltage products, among others. It caters to the diverse demands of sectors such as oil and gas, mining, power generation, and pulp and paper, among others. It was founded in 1988 and is headquartered in Zurich, Switzerland.
Siemens AG is a prominent technology company which focusses on sectors such as infrastructure development, transport, and healthcare. It provides products and services related to building technologies, energy, financing, industrial automation, and mobility, among others. The company was founded in 1847 and is currently headquartered in Munich in Germany.
Danfoss is a multinational energy company which supplies cutting edge technologies to various sectors. The company provides products such as compressors, valves, smart heating, switches, heat exchangers, system modules, fire safety, emission monitoring, and sensing equipment, among others. It was established in 1933 and is currently based out of Nordborg, Denmark.
Other market players include Schneider Electric SE, General Electric, Hitachi, Ltd., Honeywell International Inc., Techsuppen Enterprises., and CG Power & Industrial Solutions Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Voltage Type |
|
| Breakup by Power Rating |
|
| Breakup by Application |
|
| Breakup by End-Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Variable Frequency Drive Market Analysis
8.1 Key Industry Highlights
8.2 Global Variable Frequency Drive Historical Market (2018-2022)
8.3 Global Variable Frequency Drive Market Forecast (2023-2028)
8.4 Global Variable Frequency Drive Market by Type
8.4.1 AC Drive
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 DC Drive
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Servo Drive
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.5 Global Variable Frequency Drive Market by Voltage Type
8.5.1 Low
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Medium
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 Global Variable Frequency Drive Market by Power Rating
8.6.1 Micro (0-5 kW)
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Low (6-40 kW)
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Medium (41-200 kW)
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 High (>200 kW)
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.7 Global Variable Frequency Drive Market by Application
8.7.1 Pumps
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Conveyors
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Fans
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Compressors
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2022)
8.7.4.3 Forecast Trend (2023-2028)
8.7.5 Others
8.8 Global Variable Frequency Drive Market by End-Use
8.8.1 Oil and Gas
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Industrial
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Power
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Infrastructure
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Others
8.9 Global Variable Frequency Drive Market by Region
8.9.1 North America
8.9.1.1 Market Share
8.9.1.2 Historical Trend (2018-2022)
8.9.1.3 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Market Share
8.9.2.2 Historical Trend (2018-2022)
8.9.2.3 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Market Share
8.9.3.2 Historical Trend (2018-2022)
8.9.3.3 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Market Share
8.9.4.2 Historical Trend (2018-2022)
8.9.4.3 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Market Share
8.9.5.2 Historical Trend (2018-2022)
8.9.5.3 Forecast Trend (2023-2028)
9 North America Variable Frequency Drive Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Variable Frequency Drive Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Variable Frequency Drive Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Variable Frequency Drive Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Variable Frequency Drive Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ABB Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Siemens AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Danfoss
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Schneider Electric SE
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 General Electric
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hitachi, Ltd.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Honeywell International Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Techsuppen Enterprises.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 CG Power & Industrial Solutions Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Variable Frequency Drive Market: Key Industry Highlights, 2018 and 2028
2. Global Variable Frequency Drive Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Variable Frequency Drive Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Variable Frequency Drive Historical Market: Breakup by Voltage Type (USD Million), 2018-2022
5. Global Variable Frequency Drive Market Forecast: Breakup by Voltage Type (USD Million), 2023-2028
6. Global Variable Frequency Drive Historical Market: Breakup by Power Rating (USD Million), 2018-2022
7. Global Variable Frequency Drive Market Forecast: Breakup by Power Rating (USD Million), 2023-2028
8. Global Variable Frequency Drive Historical Market: Breakup by Application (USD Million), 2018-2022
9. Global Variable Frequency Drive Market Forecast: Breakup by Application (USD Million), 2023-2028
10. Global Variable Frequency Drive Historical Market: Breakup by End-Use (USD Million), 2018-2022
11. Global Variable Frequency Drive Market Forecast: Breakup by End-Use (USD Million), 2023-2028
12. Global Variable Frequency Drive Historical Market: Breakup by Region (USD Million), 2018-2022
13. Global Variable Frequency Drive Market Forecast: Breakup by Region (USD Million), 2023-2028
14. North America Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2022
15. North America Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Europe Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2022
17. Europe Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Asia Pacific Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2022
19. Asia Pacific Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Latin America Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2022
21. Latin America Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Middle East and Africa Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2022
23. Middle East and Africa Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
24. Global Variable Frequency Drive Market Structure
Key Questions Answered in the Report
The market reached a value of USD 22.3 billion in 2022.
The market is estimated to grow at a CAGR of 6.10% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a value of USD 31.7 billion by 2028.
The wide variety of application of variable frequency drives in several fast-growing sectors, increasing global energy demand, and rapid industrialisation are the major drivers of the market.
The key trends in the market include the replacement of traditional vehicles with alternative fuel vehicles, favourable policies of various governments encouraging energy optimisation, and increasing initiatives to combat unbalance of energy.
AC drive, DC drive, and servo drive are the different types of variable frequency drives in the market.
Low and medium are the major voltage types of variable frequency drives in the market.
The frequency of variable frequency drive ranges from 2,000 to 16,000 Hz.
The main function of a variable frequency drive is to stabilise the frequency and voltage of a power supply to drive an electric motor.
ABB Ltd., Siemens AG, Danfoss, Schneider Electric SE, General Electric, Hitachi, Ltd., Honeywell International Inc., Techsuppen Enterprises., and CG Power & Industrial Solutions Ltd., among others, are the key players in the variable frequency drive market, according to the report.
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