The global variable frequency drive (VFD) market size is expected to reach USD 33.10 billion by 2025, according to a study conducted by Grand View Research, Inc., posting a CAGR of 6.7% during the forecast period. Growing awareness and demand for energy efficiency, favorable government norms and regulations, and rising technological advancements are likely to provide a fillip to the market. Integration of VFDs with electric drives enable end-users to control the speed and torque of drives. It thereby, helps in increasing their operating efficiency and concurrently reducing the energy consumption.
A large number of VFD manufacturers such as ABB, Ltd., Danfoss Global, Siemens AG, and Schneider Electric SE are developing differentiated products on the basis of functionalities, along with integrated sensors, to maintain their strong foothold in this price sensitive arena. Asia Pacific is projected to dominate the market during the forecast period due to improving economic conditions and rapid industrialization. Additionally, increasing commercial activities are augmenting the market in the region.
Stringent government regulations mandating the use of energy efficient devices, along with increasing energy prices, are also encouraging deployment of VFDs across multiple market domains. Additionally, rising investments in promoting energy efficiency are escalating the growth of the variable frequency drive market.
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Further key findings from the study suggest:
- AC VFDs offer easy integration and low maintenance cost. Therefore, the segment is expected to emerge as the leading as well as the fastest growing segment over the forecast period
- Demand for VFDs is estimated to increase in the pumps application segment owing to increasing penetration of these drives in hydraulic operations across the oil & gas and wastewater industries.
- Latin America is anticipated to be the fastest-growing region over the forecast period due to spiraling adoption of VFDs across emerging industrial sectors in the region
- Some of the prominent industry players are ABB, Ltd.; Siemens AG; Schneider Electric SE; Rockwell Automation; Inc.; Danfoss Global; and WEG.
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Grand View Research has segmented the global variable frequency drive market based on product type, power range, application, end-use, and region:
Variable Frequency Drive Product Type Outlook (Revenue, USD Million, 2014–2025)
- AC Drives
- DC Drives
- Servo Drives
Variable Frequency Drive Power Range Outlook (Revenue, USD Million, 2014–2025)
- Micro
- Low
- Medium
- High
Variable Frequency Drive Application Outlook (Revenue, USD Million, 2014–2025)
- Pumps
- Electric Fans
- Conveyors
- HVAC
- Extruders
- Others
Variable Frequency Drive End-Use Outlook (Revenue, USD Million, 2014–2025)
- Oil & Gas
- Power Generation
- Industrial
- Infrastructure
- Automotive
- Food & Beverages
- Others
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