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Variable Frequency Drives Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 142 Pages
  • September 2023
  • Region: Global
  • IMARC Group
  • ID: 5633217

Quick Summary:

In the global variable frequency drives (VFDs) market, substantial growth and development have been recorded, driven by acceleration in automation and higher demand for connected devices across residential, commercial, and industrial sectors. Equipped with the capability to streamline motor-driven application performance and enhance their energy efficiency, VFDs present value-rich, cost-effective solutions to both established companies and emerging businesses in the manufacturing, paper and pulp, heavy machinery and chemical industries.

The pressing need for reliable and stable transmission and distribution networks has sparked a positive transformation in the power infrastructure sector, bolstering the adoption of VFDs. Coupled with favorable government regulations promoting energy conservation, increased penetration of the Internet of Things (IoT) in industrial applications, and the advent of Industry 4.0, these factors are amplifying the scope of VFD utilization. This comprehensive market research report provides detailed and actionable insights into the global variable frequency drives market, promising to advance strategy development and decision-making processes.

The global variable frequency drives (vfd) market size reached US$ 29.2 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 40.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.5% during 2023-2028.

A variable frequency drive (VFD) is an electrical device that controls the speed of an alternating current (AC) motor according to the requirements of a particular application. By changing the applied voltage supplied to the motor, it helps to control the operating speed, reduce energy consumption and minimize operational costs for a variety of motor-driven applications. VFDs are equipped with sensors that measure important parameters, such as temperature and pressure in order to streamline performance and prevent motor damage. Moreover, the usage of a VFD in conjunction with a machine allows for the utilization of software solutions to monitor the functioning of speed, thus improving overall efficiency, simplifying the system, reducing downtime and improving mechanical resonance. As a result, VFDs are extensively used in conveyors, fans, pumps, fans, blowers, compressors, coolers, grinders, crushers, and chippers.

Variable Frequency Drives Market Trends:

The market is majorly driven by the rising demand for connected devices in commercial, industrial, and residential sectors due to rapid automation. Moreover, the escalating need for stable and reliable transmission and distribution (T&D) networks due to the increasing energy demand on the global level are resulting in the modernization of power infrastructure, which, in turn, is creating a positive market outlook. Also, an enhanced focus on sustainable development is leading to a higher product uptake in a wide range of end use industries, primarily manufacturing, chemical and petrochemical, paper and pulp, and heavy machinery, for diverse applications. Some of the other factors further contributing to the market growth include the increasing penetration of the internet of things (IoT) in industrial applications, favorable government regulations promoting energy conservation, rapid industrialization and the advent of Industry 4.0.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global variable frequency drives market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on product type, power range, application and end use.

Breakup by Product Type:

  • AC Drives
  • DC Drives
  • Servo Drives

Breakup by Power Range:

  • Micro (0-5 kW)
  • Low (6-40 kW)
  • Medium (41-200 kW)
  • High (>200 kW)

Breakup by Application:

  • Pumps
  • Fans
  • Conveyors
  • HVAC
  • Extruders
  • Others

Breakup by End Use:

  • Oil and Gas
  • Power Generation
  • Industrial
  • Infrastructure
  • Automotive
  • Food and Beverages
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Danfoss A/S, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Hitachi Ltd., Honeywell International Inc., Johnson Controls International PLC, Mitsubishi Electric Corporation, Nidec Motor Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Toshiba Corporation and Yaskawa Electric Corporation.

Key Questions Answered in This Report:

  • How has the global variable frequency drives market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global variable frequency drives market?
  • What are the key regional markets?
  • What is the breakup of the market based on the product type?
  • What is the breakup of the market based on the power range?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the end use?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global variable frequency drives market and who are the key players?
  • What is the degree of competition in the industry?
Frequently Asked Questions about the Global Variable Frequency Drives Market

What is the estimated value of the Global Variable Frequency Drives Market?

The Global Variable Frequency Drives Market was estimated to be valued at $29.2 Billion in 2022.

What is the growth rate of the Global Variable Frequency Drives Market?

The growth rate of the Global Variable Frequency Drives Market is 5.7%, with an estimated value of $40.7 Billion by 2028.

What is the forecasted size of the Global Variable Frequency Drives Market?

The Global Variable Frequency Drives Market is estimated to be worth $40.7 Billion by 2028.

Who are the key companies in the Global Variable Frequency Drives Market?

Key companies in the Global Variable Frequency Drives Market include ABB Ltd., Danfoss A/S, Eaton Corporation PLC, Fuji Electric Co. Ltd., General Electric Company, Hitachi Ltd., Honeywell International Inc., Johnson Controls International PLC, Mitsubishi Electric Corporation and Nidec Motor Corporation.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Variable Frequency Drives Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product Type
6.1 AC Drives
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 DC Drives
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Servo Drives
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Power Range
7.1 Micro (0-5 kW)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Low (6-40 kW)
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Medium (41-200 kW)
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 High (>200 kW)
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Pumps
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Fans
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Conveyors
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 HVAC
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Extruders
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by End Use
9.1 Oil and Gas
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Power Generation
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Industrial
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Infrastructure
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Automotive
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Food and Beverages
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Others
9.7.1 Market Trends
9.7.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Danfoss A/S
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 SWOT Analysis
15.3.3 Eaton Corporation PLC
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fuji Electric Co. Ltd.
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.4.3 Financials
15.3.4.4 SWOT Analysis
15.3.5 General Electric Company
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.5.4 SWOT Analysis
15.3.6 Hitachi Ltd.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Honeywell International Inc.
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.8 Johnson Controls International PLC
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Mitsubishi Electric Corporation
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 Nidec Motor Corporation
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
15.3.11 Rockwell Automation Inc.
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.11.3 Financials
15.3.11.4 SWOT Analysis
15.3.12 Schneider Electric SE
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials
15.3.12.4 SWOT Analysis
15.3.13 Siemens AG
15.3.13.1 Company Overview
15.3.13.2 Product Portfolio
15.3.13.3 Financials
15.3.13.4 SWOT Analysis
15.3.14 Toshiba Corporation
15.3.14.1 Company Overview
15.3.14.2 Product Portfolio
15.3.14.3 Financials
15.3.14.4 SWOT Analysis
15.3.15 Yaskawa Electric Corporation
15.3.15.1 Company Overview
15.3.15.2 Product Portfolio
15.3.15.3 Financials

Companies Mentioned

  • ABB Ltd.
  • Danfoss A/S
  • Eaton Corporation PLC
  • Fuji Electric Co. Ltd.
  • General Electric Company
  • Hitachi Ltd.
  • Honeywell International Inc.
  • Johnson Controls International PLC
  • Mitsubishi Electric Corporation
  • Nidec Motor Corporation
  • Rockwell Automation Inc.
  • Schneider Electric SE
  • Siemens AG
  • Toshiba Corporation
  • Yaskawa Electric Corporation

Methodology

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