Market Overview:
The global variable frequency drives (VFD) market is expected to grow from USD 9.5 billion in 2018 to USD 17.8 billion by 2030, at a CAGR of 7.5% from 2018 to 2030. The growth of the VFD market can be attributed to the increasing demand for energy-efficient solutions and the growing trend of Industry 4.0 across the globe. The low voltage (0-690V) segment is projected to lead the global VFD market during the forecast period, owing to its high adoption in pumps, fans, compressors,.
Product Definition:
Variable Frequency Drives (VFD) are devices that allow the speed of an electric motor to be controlled. They are important because they allow a motor to run at a variety of speeds, which can save energy and improve the efficiency of processes that use motors.
Low Voltage (0-690V):
Low voltage (0-690V) is the range of electric potential difference between two points where an electrical circuit may or may not be connected. It’s also known as voltage, electrochemical potential, electromotive force (EMF), and electric current. The low voltage segment includes devices such as battery chargers, power supplies for electronic circuits and other consumer electronics products that use DC power supply.
Medium Voltage (690V-3000V):
The medium voltage (690V-3000V) is used in variable frequency drives (VFD) for the purpose of controlling and monitoring the speed of a motor. The variable frequency drives are widely used in various industries such as power generation, oil & gas, food & beverage processing and pharmaceuticals among others.
Medium voltage controls the pace of work at a physical level by regulating current fluctuations that affect motor operations.
Application Insights:
The variable frequency drive is widely used in various industries including food & beverage, chemical, petrochemical, paper and pulp, metalworking and mining. The pumps segment accounted for the largest market share in 2017 owing to its wide application scope across various end-use industries such as oil & gas, water treatment etc. Pumps are used extensively in the oil & gas industry on account of their requirement for handling fluids with high viscosity grades which cannot be driven by conventional motors due to high electrical conductivity. In addition, VFDs are also used as a power source for operating hydraulic drives that operate compressors or fans among other applications such as extruders or conveyors.
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to rising industrialization, increasing adoption of VFDs in several industries and rapid infrastructure development in emerging economies such as China and India. Moreover, growing demand for energy-efficient drives is anticipated to drive their demand across various applications in APAC region.
The Middle East & Africa (MEA) market also presents significant opportunities for variable frequency drives manufacturers owing to increasing government spending on infrastructure development projects coupled with rising oil & gas industry activities across countries such as Saudi Arabia and UAE. These factors are anticipated to boost the overall consumption of VFDs over the forecast period.
Growth Factors:
- Increasing demand for energy-efficient solutions: The global variable frequency drives market is expected to grow at a CAGR of 7.5% from 2016 to 2021, owing to the increasing demand for energy-efficient solutions across various industries.
- Rising industrial automation: The market is also witnessing a rise in industrial automation, which is further propelling the growth of the variable frequency drives market.
- Growing popularity of smart grids: Variable frequency drives are being increasingly used in smart grids as they help optimize power consumption and improve grid reliability and efficiency.
- Technological advancements: With technological advancements, variable frequency drives are becoming more compact and efficient, thereby driving their adoption across various industries worldwide.
Scope Of The Report
Report Attributes
Report Details
Report Title
Variable Frequency Drives (VFD) Market Research Report
By Type
Low Voltage (0-690V), Medium Voltage (690V-3000V), High Voltage (3 kV-10 kV)
By Application
Pumps, Fans, Compressors, Conveyors, Elevators, Extruders, Others
By Companies
ABB, Siemens AG, Schneider Electric Co., Emerson Electric Co., Yaskawa Electric, Mitsubishi Electric Corporation, Hitachi Ltd., Danfoss, Toshiba International Corporation, Fuji Electric, Rockwell Automation
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
171
Number of Tables & Figures
120
Customization Available
Yes, the report can be customized as per your need.
Global Variable Frequency Drives (VFD) Market Report Segments:
The global Variable Frequency Drives (VFD) market is segmented on the basis of:
Types
Low Voltage (0-690V), Medium Voltage (690V-3000V), High Voltage (3 kV-10 kV)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Pumps, Fans, Compressors, Conveyors, Elevators, Extruders, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB
- Siemens AG
- Schneider Electric Co.
- Emerson Electric Co.
- Yaskawa Electric
- Mitsubishi Electric Corporation
- Hitachi Ltd.
- Danfoss
- Toshiba International Corporation
- Fuji Electric
- Rockwell Automation
Highlights of The Variable Frequency Drives (VFD) Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Low Voltage (0-690V)
- Medium Voltage (690V-3000V)
- High Voltage (3 kV-10 kV)
- By Application:
- Pumps
- Fans
- Compressors
- Conveyors
- Elevators
- Extruders
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Variable Frequency Drives (VFD) Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Variable frequency drives (VFDs) are a type of electric motor that uses a rotating magnetic field to generate power. They are used in applications where speed or torque is required intermittently, such as pumps and fans. VFDs can also be used to provide variable power output for industrial processes, such as printing and dyeing.
Some of the key players operating in the variable frequency drives (vfd) market are ABB, Siemens AG, Schneider Electric Co., Emerson Electric Co., Yaskawa Electric, Mitsubishi Electric Corporation, Hitachi Ltd., Danfoss, Toshiba International Corporation, Fuji Electric, Rockwell Automation.
The variable frequency drives (vfd) market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Variable Frequency Drives (VFD) Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Variable Frequency Drives (VFD) Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Variable Frequency Drives (VFD) Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Variable Frequency Drives (VFD) Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Variable Frequency Drives (VFD) Market Size & Forecast, 2018-2028 4.5.1 Variable Frequency Drives (VFD) Market Size and Y-o-Y Growth 4.5.2 Variable Frequency Drives (VFD) Market Absolute $ Opportunity
Chapter 5 Global Variable Frequency Drives (VFD) Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Variable Frequency Drives (VFD) Market Size Forecast by Type
5.2.1 Low Voltage (0-690V)
5.2.2 Medium Voltage (690V-3000V)
5.2.3 High Voltage (3 kV-10 kV)
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Variable Frequency Drives (VFD) Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Variable Frequency Drives (VFD) Market Size Forecast by Applications
6.2.1 Pumps
6.2.2 Fans
6.2.3 Compressors
6.2.4 Conveyors
6.2.5 Elevators
6.2.6 Extruders
6.2.7 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Variable Frequency Drives (VFD) Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Variable Frequency Drives (VFD) Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Variable Frequency Drives (VFD) Analysis and Forecast
9.1 Introduction
9.2 North America Variable Frequency Drives (VFD) Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Variable Frequency Drives (VFD) Market Size Forecast by Type
9.6.1 Low Voltage (0-690V)
9.6.2 Medium Voltage (690V-3000V)
9.6.3 High Voltage (3 kV-10 kV)
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Variable Frequency Drives (VFD) Market Size Forecast by Applications
9.10.1 Pumps
9.10.2 Fans
9.10.3 Compressors
9.10.4 Conveyors
9.10.5 Elevators
9.10.6 Extruders
9.10.7 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Variable Frequency Drives (VFD) Analysis and Forecast
10.1 Introduction
10.2 Europe Variable Frequency Drives (VFD) Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Variable Frequency Drives (VFD) Market Size Forecast by Type
10.6.1 Low Voltage (0-690V)
10.6.2 Medium Voltage (690V-3000V)
10.6.3 High Voltage (3 kV-10 kV)
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Variable Frequency Drives (VFD) Market Size Forecast by Applications
10.10.1 Pumps
10.10.2 Fans
10.10.3 Compressors
10.10.4 Conveyors
10.10.5 Elevators
10.10.6 Extruders
10.10.7 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Variable Frequency Drives (VFD) Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Variable Frequency Drives (VFD) Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Variable Frequency Drives (VFD) Market Size Forecast by Type
11.6.1 Low Voltage (0-690V)
11.6.2 Medium Voltage (690V-3000V)
11.6.3 High Voltage (3 kV-10 kV)
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Variable Frequency Drives (VFD) Market Size Forecast by Applications
11.10.1 Pumps
11.10.2 Fans
11.10.3 Compressors
11.10.4 Conveyors
11.10.5 Elevators
11.10.6 Extruders
11.10.7 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Variable Frequency Drives (VFD) Analysis and Forecast
12.1 Introduction
12.2 Latin America Variable Frequency Drives (VFD) Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Variable Frequency Drives (VFD) Market Size Forecast by Type
12.6.1 Low Voltage (0-690V)
12.6.2 Medium Voltage (690V-3000V)
12.6.3 High Voltage (3 kV-10 kV)
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Variable Frequency Drives (VFD) Market Size Forecast by Applications
12.10.1 Pumps
12.10.2 Fans
12.10.3 Compressors
12.10.4 Conveyors
12.10.5 Elevators
12.10.6 Extruders
12.10.7 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Variable Frequency Drives (VFD) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Variable Frequency Drives (VFD) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Variable Frequency Drives (VFD) Market Size Forecast by Type
13.6.1 Low Voltage (0-690V)
13.6.2 Medium Voltage (690V-3000V)
13.6.3 High Voltage (3 kV-10 kV)
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Variable Frequency Drives (VFD) Market Size Forecast by Applications
13.10.1 Pumps
13.10.2 Fans
13.10.3 Compressors
13.10.4 Conveyors
13.10.5 Elevators
13.10.6 Extruders
13.10.7 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Variable Frequency Drives (VFD) Market: Competitive Dashboard
14.2 Global Variable Frequency Drives (VFD) Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ABB
14.3.2 Siemens AG
14.3.3 Schneider Electric Co.
14.3.4 Emerson Electric Co.
14.3.5 Yaskawa Electric
14.3.6 Mitsubishi Electric Corporation
14.3.7 Hitachi Ltd.
14.3.8 Danfoss
14.3.9 Toshiba International Corporation
14.3.10 Fuji Electric
14.3.11 Rockwell Automation