Home Artificial Intelligence Variable Frequency Drive Market Worth USD 21.71 Billion at 5.9% by 2027...

Variable Frequency Drive Market Worth USD 21.71 Billion at 5.9% by 2027 Owing to Increasing Investment in Industrial Infrastructure in Asia-Pacific

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Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) — The global variable frequency drive market size is expected to gain momentum by reaching USD 21.71 billion by 2027. This is attributable to the increasing adoption of energy-optimized products such as variable frequency drive across several industrial applications globally. This information is published by Fortune Business Insights, in its latest report, titled, “Variable Frequency Drive Market Size, Share & Covid-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others) and Regional Forecast, 2020-2027.” The report observes that the market stood at USD 17.40 billion in 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.

Manufacturing & Processing Industry Experience Halting of Operations amid COVID-19

The industrial applications such as power, automotive, manufacturing, transportation, and others are experiencing a negative impact owing to halting of operational and production activities across the globe. This is expected to hinder the growth of the market to some extent. However, supportive government policies and the rising investments in the energy and power sector will drive the market growth in the near future.

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A variable frequency drive (VFD) is a type of motor controller equipment that propels an electric motor by varying the voltage and frequency of the power supply. This equipment has the ability to control motor ramp-up and ramp-down during starting or stopping process. In addition to this, they lead to fewer power line issues and adjusts torque limits, while conserving energy largely.

What does the Report Include?

The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027. 

DRIVING FACTORS

Growing Demand for Energy Optimization Products to Aid Growth

The rapid-paced industrialization is propelling the demand for energy-optimized products across commercial, residential, and industrial sectors across the globe. Owing to several benefits of variable frequency drive such as energy-saving capability, along with less maintenance and reduced operational costs, is driving the demand for energy optimization products. This is expected to contribute to the growth of the VFD market during the forecast period.

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SEGMENTATION

Medium Segment Held 34.2% Market Share in 2019

The medium segment, based on power range, held a market share of about 34.2% in 2019 and is anticipated to showcase a significant growth owing to the several benefits of medium-ranged variable frequency drive such as improved performance, energy efficiency, and compact size.

REGIONAL INSIGHTS

Asia-Pacific to Remain at the Forefront; Increasing Investments in Industrial Infrastructure to Favor Growth

Among all the regions, the market in Asia-Pacific is expected to hold the highest position in the global VFD market during the forecast period. This is attributable to the increasing investment by companies to develop advanced industrial infrastructures that propels the demand for innovative variable frequency drive products in the region. Asia-Pacific stood at USD 5.82 billion in 2019.

North America, on the other hand, is expected to hold the second position in the market owing to the increasing exploration activities across the oil & gas industry in countries such as the U.S. between 2020 and 2027.

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COMPETITIVE LANDSCAPE

Major Companies Focus on Product Expansion to Amplify Their Market Positions

The global variable frequency drive market is fragmented by the presence of major companies that are striving to strengthen their positions by focusing on expanding their variable frequency drive product portfolio to cater the rising demand for energy-efficient solutions. Apart from this, key players operating in the market are adopting strategies such as joint ventures, collaboration, and partnership to maintain their stronghold in the fiercely competitive global marketplace.

Industrial Development:

  • September 2020 – Trane announced the launch of new variable frequency drive for its Airfinity rooftop air-to-air heat pump ranges. According to the company, the new units that adopt Adaptive Frequency Drive variable technology are available in 20 to 65kW capacities that are best suited for industrial and commercial buildings.

List of Key Companies Profiled in Variable Frequency Drive Market:

  • Eaton (Dublin, Ireland)
  • Hitachi Hi-Rel Power Electronics (Gujarat, India)
  • Rockwell Automation (Wisconsin, United States)
  • Johnson Controls (Cork, Ireland)
  • Anaheim
  • Automation Inc. (California, United States)
  • WEG (Jaraguá do Sul, Brazil)
  • ABB Electrification (Zurich, Switzerland)
  • Nidec Motor Corporation (Kyoto, Japan)
  • Siemens (Munich, Germany)
  • Danfoss Drives (Nordborg, Denmark)
  • Honeywell International Inc. (North Carolina, United States)
  • TMEIC (Virginia, United States)
  • Fuji Electric Corp. of America (Tokyo, Japan)
  • Schneider Electric (Rueil-Malmaison, France)
  • Yaskawa America, Inc. (Fukuoka, Japan)
  • Toshiba International Corporation (Texas, United States)
  • Mitsubishi Electric Automation, Inc. (Illinois, United States)

Quick Buy – Variable Frequency Drive Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100876

Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Variable Frequency Drive Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments by Industry Players in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Variable Frequency Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • AC Drive
      • DC Drive
      • Servo Drive
    • Market Analysis, Insights and Forecast – By Power Range
      • Micro
      • Low
      • Medium
      • High
    • Market Analysis, Insights and Forecast – By Application
      • Pumps
      • Conveyors
      • HVAC
      • Electric Fan
      • Extruders
      • Others
    • Market Analysis, Insights and Forecast – By End-User
      • Food & Beverage
      • Oil & Gas
      • Power Generation
      • Infrastructure
      • Agriculture
      • Mining
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East and Africa

Continued….!

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