May 13, 2020
As per the report titled ‘Global Variable Frequency Drive Market Size By Power Range, By Drive, By Voltage, By Technology, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global variable frequency drive market is estimated to expand with healthy growth rate during 2020-2026.
A variable frequency drive (VFD) is a motor controller that drives electric motor by changing frequency as well as the voltage supply and has the capacity to manage increase and decrease of power output during start or stop.
Ongoing urbanization and industrialization in emerging countries along growing focus among manufacturers towards improving energy efficiency and reducing operating costs are driving the growth of global variable frequency drive market. Wide array of applications, most commonly fans and pumps will continue to stimulate the product demand for years to come.
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Based on the power range, low segment is anticipated to record a sizeable growth during the forecast period. The growth is attributable to increasing electricity cost and shifting preference for energy saving solutions which is promulgating the demand for low power drives primarily across HVAC industry.
Elaborating on the application scope, mixers segment is poised to see decent gains in the coming years, owing to VFD’s ability to eliminate separate gear sets and simplify the power transmission across the motor. Meanwhile, flexible product configurations including speed control and safe & reliable operations will the use of VFD in cutters. Fans application segment is also set to gain traction, owing to the escalating demand for fans across HVAC systems.
Based on the end-use spectrum, variable frequency drive market share from mining & minerals segment is anticipated to see substantial gains over the forecast timeline, primarily driven by sustaining investments in R&D and technological advancements.
Pulp & paper industry is further set to generate noticeable revenue in the coming years, owing to extensive use of VFDs in the production process due to benefits including improved operational efficiency and reduced production cost.
As per the regional analysis, Middle East & Africa VFD market is expected to display strong growth trends during the 2020-2026. Restoration of electric grid infrastructure across the war affected GCC nations is the primary growth driver of VFD industry in MEA.
Meanwhile, Latin America VFD is reckoned to grow considerably through 2026, due to surging energy demands and large-scale urbanization in tandem with integration of a sustainable transmission infrastructure across the region.
Key players operating in global variable frequency drive market are Honeywell International, Inc., Johnson Controls, Inc., Emerson Electric Co., ABB Limited, Schneider Electric, Siemens AG, CG Power and Industrial Solutions Limited, Eaton Corporation, Mitsubishi Electric, Rockwell Automation, Fuji Electric Co., Ltd., Yaskawa Electric Corporation, WEG Electric Corporation, Danfoss, Hiconics Eco-energy Technology Co., Ltd., and Hitachi.