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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; 2024-2032

Global Variable Frequency Drive Market Outlook

The global variable frequency drive market size attained a value of USD 23.66 billion in 2023. The market is further expected to grow at a CAGR of 6.1% between 2024 and 2032, to reach a value of USD 40.17 billion by 2032.

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.

variable frequency drive market

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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

variable frequency drive market by segments

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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.

variable frequency drive market by region

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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	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Scope of the Report	Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment: Type Voltage Type Power Rating Application End-Use Region
Breakup by Type	AC Drive DC Drive Servo Drive
Breakup by Voltage Type	Low Medium
Breakup by Power Rating	Micro (0-5 kW) Low (6-40 kW) Medium (41-200 kW) High (>200 kW)
Breakup by Application	Pumps Conveyors Fans Compressors Others
Breakup by End-Use	Oil and Gas Industrial Power Infrastructure Others
Breakup by Region	North America United States of America Canada Europe United Kingdom Germany France Italy Others Asia Pacific China Japan India ASEAN Australia Others Latin America Brazil Argentina Mexico Others Middle East and Africa Saudi Arabia United Arab Emirates Nigeria South Africa Others
Market Dynamics	SWOT Analysis Porter's Five Forces Analysis Key Indicators for Demand Key Indicators for Price
Competitive Landscape	Market Structure Company Profiles Company Overview Product Portfolio Demographic Reach and Achievements Certifications
Companies Covered	ABB Ltd. Siemens AG Danfoss Schneider Electric SE General Electric Hitachi, Ltd. Honeywell International Inc. Techsuppen Enterprises. CG Power & Industrial Solutions Ltd. Others

*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 (2018-2023)
   8.3   Global Variable Frequency Drive Market Forecast (2024-2032)
   8.4   Global Variable Frequency Drive Market by Type
       8.4.1   AC Drive
           8.4.1.1 Historical Trend (2018-2023)
           8.4.1.2 Forecast Trend (2024-2032)
       8.4.2   DC Drive
           8.4.2.1 Historical Trend (2018-2023)
           8.4.2.2 Forecast Trend (2024-2032)
       8.4.3   Servo Drive
           8.4.3.1 Historical Trend (2018-2023)
           8.4.3.2 Forecast Trend (2024-2032)
   8.5   Global Variable Frequency Drive Market by Voltage Type
       8.5.1   Low
           8.5.1.1 Historical Trend (2018-2023)
           8.5.1.2 Forecast Trend (2024-2032)
       8.5.2   Medium
           8.5.2.1 Historical Trend (2018-2023)
           8.5.2.2 Forecast Trend (2024-2032)
   8.6   Global Variable Frequency Drive Market by Power Rating
       8.6.1   Micro (0-5 kW)
           8.6.1.1 Historical Trend (2018-2023)
           8.6.1.2 Forecast Trend (2024-2032)
       8.6.2   Low (6-40 kW)
           8.6.2.1 Historical Trend (2018-2023)
           8.6.2.2 Forecast Trend (2024-2032)
       8.6.3   Medium (41-200 kW)
           8.6.3.1 Historical Trend (2018-2023)
           8.6.3.2 Forecast Trend (2024-2032)
       8.6.4   High (>200 kW)
           8.6.4.1 Historical Trend (2018-2023)
           8.6.4.2 Forecast Trend (2024-2032)
   8.7   Global Variable Frequency Drive Market by Application
       8.7.1   Pumps
           8.7.1.1 Historical Trend (2018-2023)
           8.7.1.2 Forecast Trend (2024-2032)
       8.7.2   Conveyors
           8.7.2.1 Historical Trend (2018-2023)
           8.7.2.2 Forecast Trend (2024-2032)
       8.7.3   Fans
           8.7.3.1 Historical Trend (2018-2023)
           8.7.3.2 Forecast Trend (2024-2032)
       8.7.4   Compressors
           8.7.4.1 Historical Trend (2018-2023)
           8.7.4.2 Forecast Trend (2024-2032)
       8.7.5   Others
   8.8   Global Variable Frequency Drive Market by End-Use
       8.8.1   Oil and Gas
           8.8.1.1 Historical Trend (2018-2023)
           8.8.1.2 Forecast Trend (2024-2032)
       8.8.2   Industrial
           8.8.2.1 Historical Trend (2018-2023)
           8.8.2.2 Forecast Trend (2024-2032)
       8.8.3   Power
           8.8.3.1 Historical Trend (2018-2023)
           8.8.3.2 Forecast Trend (2024-2032)
       8.8.4   Infrastructure
           8.8.4.1 Historical Trend (2018-2023)
           8.8.4.2 Forecast Trend (2024-2032)
       8.8.5   Others
   8.9   Global Variable Frequency Drive Market by Region
       8.9.1   North America
           8.9.1.1 Historical Trend (2018-2023)
           8.9.1.2 Forecast Trend (2024-2032)
       8.9.2   Europe
           8.9.2.1 Historical Trend (2018-2023)
           8.9.2.2 Forecast Trend (2024-2032)
       8.9.3   Asia Pacific
           8.9.3.1 Historical Trend (2018-2023)
           8.9.3.2 Forecast Trend (2024-2032)
       8.9.4   Latin America
           8.9.4.1 Historical Trend (2018-2023)
           8.9.4.2 Forecast Trend (2024-2032)
       8.9.5   Middle East and Africa
           8.9.5.1 Historical Trend (2018-2023)
           8.9.5.2 Forecast Trend (2024-2032)
9   North America Variable Frequency Drive Market Analysis
   9.1   United States of America
       9.1.1 Historical Trend (2018-2023)
       9.1.2 Forecast Trend (2024-2032)
   9.2   Canada
       9.2.1 Historical Trend (2018-2023)
       9.2.2 Forecast Trend (2024-2032)
10   Europe Variable Frequency Drive Market Analysis
   10.1   United Kingdom
       10.1.1 Historical Trend (2018-2023)
       10.1.2 Forecast Trend (2024-2032)
   10.2   Germany
       10.2.1 Historical Trend (2018-2023)
       10.2.2 Forecast Trend (2024-2032)
   10.3   France
       10.3.1 Historical Trend (2018-2023)
       10.3.2 Forecast Trend (2024-2032)
   10.4   Italy
       10.4.1 Historical Trend (2018-2023)
       10.4.2 Forecast Trend (2024-2032)
   10.5   Others
11   Asia Pacific Variable Frequency Drive Market Analysis
   11.1   China
       11.1.1 Historical Trend (2018-2023)
       11.1.2 Forecast Trend (2024-2032)
   11.2   Japan
       11.2.1 Historical Trend (2018-2023)
       11.2.2 Forecast Trend (2024-2032)
   11.3   India
       11.3.1 Historical Trend (2018-2023)
       11.3.2 Forecast Trend (2024-2032)
   11.4   ASEAN
       11.4.1 Historical Trend (2018-2023)
       11.4.2 Forecast Trend (2024-2032)
   11.5   Australia
       11.5.1 Historical Trend (2018-2023)
       11.5.2 Forecast Trend (2024-2032)
   11.6   Others
12   Latin America Variable Frequency Drive Market Analysis
   12.1   Brazil
       12.1.1 Historical Trend (2018-2023)
       12.1.2 Forecast Trend (2024-2032)
   12.2   Argentina
       12.2.1 Historical Trend (2018-2023)
       12.2.2 Forecast Trend (2024-2032)
   12.3   Mexico
       12.3.1 Historical Trend (2018-2023)
       12.3.2 Forecast Trend (2024-2032)
   12.4   Others
13   Middle East and Africa Variable Frequency Drive Market Analysis
   13.1   Saudi Arabia
       13.1.1 Historical Trend (2018-2023)
       13.1.2 Forecast Trend (2024-2032)
   13.2   United Arab Emirates
       13.2.1 Historical Trend (2018-2023)
       13.2.2 Forecast Trend (2024-2032)
   13.3   Nigeria
       13.3.1 Historical Trend (2018-2023)
       13.3.2 Forecast Trend (2024-2032)
   13.4   South Africa
       13.4.1 Historical Trend (2018-2023)
       13.4.2 Forecast Trend (2024-2032)
   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 2032
2.   Global Variable Frequency Drive Historical Market: Breakup by Type (USD Million), 2018-2023
3.   Global Variable Frequency Drive Market Forecast: Breakup by Type (USD Million), 2024-2032
4.   Global Variable Frequency Drive Historical Market: Breakup by Voltage Type (USD Million), 2018-2023
5.   Global Variable Frequency Drive Market Forecast: Breakup by Voltage Type (USD Million), 2024-2032
6.   Global Variable Frequency Drive Historical Market: Breakup by Power Rating (USD Million), 2018-2023
7.   Global Variable Frequency Drive Market Forecast: Breakup by Power Rating (USD Million), 2024-2032
8.   Global Variable Frequency Drive Historical Market: Breakup by Application (USD Million), 2018-2023
9.   Global Variable Frequency Drive Market Forecast: Breakup by Application (USD Million), 2024-2032
10.   Global Variable Frequency Drive Historical Market: Breakup by End-Use (USD Million), 2018-2023
11.   Global Variable Frequency Drive Market Forecast: Breakup by End-Use (USD Million), 2024-2032
12.   Global Variable Frequency Drive Historical Market: Breakup by Region (USD Million), 2018-2023
13.   Global Variable Frequency Drive Market Forecast: Breakup by Region (USD Million), 2024-2032
14.   North America Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
15.   North America Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
16.   Europe Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
17.   Europe Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
18.   Asia Pacific Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
19.   Asia Pacific Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
20.   Latin America Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
21.   Latin America Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
22.   Middle East and Africa Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
23.   Middle East and Africa Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
24.   Global Variable Frequency Drive Market Structure

Key Questions Answered in the Report

What was the variable frequency drive market value in 2023?

The market reached a value of USD 23.66 billion in 2023.

What is the growth rate of the variable frequency drive market?

The market is estimated to grow at a CAGR of 6.1% between 2024 and 2032.

What is the forecast outlook of the variable frequency drive market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 40.17 billion by 2032.

What are the major market drivers?

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.

What are the key trends 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.

What are the different types of variable frequency drives in the market?

AC drive, DC drive, and servo drive are the different types of variable frequency drives in the market.

What are the major voltage types of variable frequency drives in the market?

Low and medium are the major voltage types of variable frequency drives in the market.

What is the frequency of a variable frequency drive?

The frequency of variable frequency drive ranges from 2,000 to 16,000 Hz.

What is the main function of variable frequency drive?

The main function of a variable frequency drive is to stabilise the frequency and voltage of a power supply to drive an electric motor.

Who are the key market players, according to the report?

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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