Redding, California - August 8, 2024
Variable Frequency Drive Market to be Worth $34.2 Billion by 2031
Variable Frequency Drive Market by Phase Type, Drive Type (AC Drive, DC Drive), Voltage Rating (Low-voltage Drive), Application (HAVAC, Conveyors), End-use Industry (Oil & Gas, Power Generation) and Geography - Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Variable Frequency Drive Market by Phase Type, Drive Type (AC Drive, DC Drive), Voltage Rating (Low-voltage Drive), Application (HVAC, Conveyors), End-use Industry (Oil & Gas, Power Generation) and Geography - Global Forecast to 2031’,
The variable frequency drive market is estimated to reach $34.2 billion by 2031, at a CAGR of 5.1% during the forecast period of 2024–2031.The growing emphasis on energy efficiency and the increasing need for variable frequency drives in the industrial sector primarily drives the growth of the variable frequency drive market. However, the high installation cost of variable frequency drive may restrain the growth of this market.
Moreover, the modernization of power infrastructure is expected to generate growth opportunities for the players operating in this market. However, a shortage of components and parts due to supply chain disruptions is a challenge impacting the growth of the variable frequency drive market.
The variable frequency drive market is categorized by phase type (single-phase VFDs, three-phase VFDs), drive type (AC drive, DC drive, servo drives), voltage rating (low-voltage drive, medium-voltage drive, and high-voltage drive), application (pumps, conveyors, fans, HVAC, extruder, mixers, blowers, chillers, and other applications), and end-use industry (oil & gas, power generation, food & beverage, pulp & paper, automotive, mining & metals, marine & offshore, chemical, water and wastewater treatment, and other end-use industries). This study also evaluates industry competitors and analyzes the market at the regional and country levels.
On the basis of phase type, this market is categorized into single-phase VFDs and three-phase VFDs. In 2024, the three-phase VFDs category is expected to account for the largest share of the variable frequency drive market. This category's substantial market share is due to the growing requirement for three-phase VFDs to minimize energy consumption, the growing need for advanced control systems, and the growing use of three-phase VFDs in the chemical, pharmaceutical, and food & beverage sectors. Moreover, this category is also expected to register a higher CAGR during the forecast period.
On the basis of drive type, this market is categorized into AC drives, DC drives, and servo drives. In 2024, the AC drive category is expected to account for the largest share of over 83.0% of the variable frequency drive market. The category’s large share is attributed to the increasing need for energy efficiency, the growing trend towards industrial automation and smart manufacturing, and the rising adoption of AC drive in oil & gas, water & wastewater treatment, and metal & mining industries. Moreover, this category is expected to grow at a higher CAGR during the forecast period.
On the basis of voltage rating, this market is categorized into low-voltage drive, medium-voltage drive, and high-voltage drive. In 2024, the low-voltage drive category is expected to account for the largest share of over 71.0% of the variable frequency drive market. The category's large market share is due to the growing demand for high-performance, compact size, and low-temperature low-voltage variable frequency drives, increased investment in R&D activities, growing demand for customized low-voltage VFD solutions, and rising adoption of low-voltage drives in wind turbine power generation and HVAC systems.
However, the medium-voltage drive category is expected to register the highest CAGR during the forecast period. The rising adoption of medium-voltage drives for better control and efficiency, the rising need for medium-voltage drives to improve energy management and reduce operational costs, and the rising demand for medium-voltage drives in the industrial sector are expected to support the growth of this category.
On the basis of application, this market is categorized into pumps, conveyors, fans, HVAC, extruders, mixers, blowers, chillers, and other applications. In 2024, the pumps category is expected to account for the largest share of over 39.0% of the variable frequency drive market. However, the HVAC category is expected to grow at a higher CAGR during the forecast period. The rapid increase in residential and commercial construction activities, the rising need for precise control over HVAC systems leading to better temperature regulation and improved air quality, and the rising need for enhanced energy efficiency are expected to support the growth of this category.
On the basis of end-use industry, this market is categorized into oil & gas, power generation, food & beverage, pulp & paper, automotive, mining & metals, marine & offshore, chemical, water and wastewater treatment, and other end-use industries. In 2024, the oil & gas industry is expected to account for the larger share of over 28.0% of the variable frequency drive market. This category's significant market share is due to continued expenditures in oil & gas infrastructure, the growing need to reduce energy waste and enhance overall system efficiency, and the growing need for customized VFD solutions in the oil & gas industry. Moreover, this category is estimated to register the highest CAGR during the forecast period.
On the basis of geography, this market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, APAC is expected to account for the largest share of over 43.0% of the variable frequency drive market. Moreover, APAC is also anticipated to register the highest CAGR of 6.5% during the forecast period. This region's rapid progress is primarily driven by a growing emphasis on energy management and sustainability, a growing need for tailored VFD solutions for specific applications and sectors, and the upgrading of power infrastructure. Moreover, the increasing growth of this regional market is attributed to the expansion of regional economies and rapid infrastructure development, particularly in Japan, South Korea, and India.
Key Players
The key players operating in the variable frequency drive market are ABB Ltd. (Switzerland), Siemens AG (Germany), Danfoss (Denmark), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), TMEIC (Japan), Delta Electronics, Inc. (Taiwan), Parker Hannifin Corporation (U.S.), General Electric (U.S.), Eaton Corporation plc (Ireland), Honeywell International, Inc. (U.S.), Yaskawa Electric Corporation (Japan), Nidec Motor Corporation (Japan), and Anaheim Automation, Inc. (U.S.).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5989
Key Questions Answered in the Report:
- Which are the high-growth market categories in terms of phase type, drive type, voltage rating, application, and end-use industry?
- What was the historical market size for variable frequency drive globally?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the variable frequency drive market?
- Who are the major players in the variable frequency drive market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the variable frequency drive market?
- What are the various growth strategies adopted by major market players?
- What are the major market trends, and which are the high-growth countries?
- Who are the local emerging players in the variable frequency drive market, and how do they compete with other players?
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
