Variable Frequency Drive Market: Analyzing Growth Trends, Share, and Forecast 2030
A recent study conducted by Fairfield Market Research has revealed a promising growth outlook for the global variable frequency drive (VFD) market over the next few years. The market’s trajectory is set to rise driven by surging demand from various sectors, with the power generation industry taking the lead.
Variable Frequency Drives: Paving the Way for Energy Efficiency
The escalating adoption of variable frequency drives can be attributed to their numerous advantages, including adjustable speed, dynamic torque control, and energy-saving capabilities. Industries such as power generation, automotive, and oil & gas are increasingly turning to VFDs to enhance their operations. The growth of connected devices across commercial, industrial, and residential sectors is also contributing to the market’s expansion. Furthermore, increased investments in infrastructure development are driving the need for HVAC systems, necessitating strategies to improve building energy efficiency, which is poised to have a favorable impact on the global variable frequency drive market.
Industrial and Manufacturing Sectors Propel Demand
Developing nations are experiencing rapid industrialization, leading to robust growth in the industrial and manufacturing sectors. Variable frequency drives are in high demand in these industries due to their ability to smoothly start large motors and adjust speeds as needed for various processes. They find applications in metal and mining, food processing, and oil and gas sectors, powering induction systems, forced draught fans, boiler feed pumps, service water pumps, and conveyors for precise speed control and substantial energy savings.
Regulatory Initiatives Boost Market Expansion
Governments worldwide are implementing stringent regulations to reduce CO2 emissions and enhance energy efficiency. These regulations are driving the adoption of energy-efficient solutions like VFDs. For example, the Ecodesign Regulation (EU) 2019/1781, which came into force in stages, has spurred the market by mandating high efficiency standards for AC drives.
Resilience Amidst Challenges: COVID-19 Impact
The COVID-19 pandemic initially had a negative impact on the global variable frequency drive market due to lockdowns and disruptions in industrial operations. However, as economies recover, the market is expected to bounce back and expand significantly in the coming months.
Capital Projects Drive Manufacturers
Investments in capital projects to support urbanization and economic growth are on the rise, particularly in Asia, which accounts for a significant portion of global infrastructure investments. These projects lead to increased energy consumption, driving the demand for VFDs in various applications, including HVAC systems, oil and gas, mining, and irrigation industries.
Energy Efficiency Quest Spurs Growth
Variable frequency drives are gaining prominence in the industrial and infrastructural sectors, with applications across cement, chemical, petrochemical, mining, oil & gas, pulp & paper, and water & wastewater treatment industries. Rising demand for cement in India, coupled with expanding infrastructure initiatives, is expected to drive significant growth in the market. Additionally, the pulp and paper sector has seen rapid growth in China, the US, and Canada, further fueling demand for VFDs.
Low Power Range Dominates
The low power range segment holds the largest share in the global variable frequency drive market, thanks to its extensive use in machinery across various industries. Manufacturers are investing in the development of high-performance, small-sized, low-voltage drives, ensuring the continued dominance of this segment.
Pumps Segment Leads
In 2021, the pumps industry segment accounted for the largest revenue share in the variable frequency drive market. The integration of VFDs in pumps, especially in the oil and gas and water treatment industries, has significantly reduced power consumption and operating costs, contributing to the segment’s growth.
Asia Pacific Continues to Shine
Asia Pacific remains at the forefront of the variable frequency drive market, driven by rapid industrialization, government support, and increased building activity. The region’s growing adoption of VFDs in energy production and efficiency improvement is further fueling its dominance.
Key Players in the Market
Leading companies in the global variable frequency drive market include ABB, Eaton, General Electric, Hitachi Ltd., Rockwell Automation Inc., Schneider Electric, Siemens AG, The Danfoss Group, WEG S.A., and Yaskawa Electric Corporation. ABB, Eaton, General Electric, and Hitachi Ltd. emerged as dominant players in 2021, with a focus on product innovation and expanding their clientele.
The global variable frequency drive market is poised for substantial growth as industries continue to recognize the benefits of energy efficiency and dynamic control. With ongoing technological advancements and increased investments, the future of VFDs looks promising.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/variable-frequency-drive-market
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This press release first seen on Brilad