The global variable frequency drive (VFD) market is projected to grow at a CAGR of 5.94% from 2016 to 2021, to reach a market size of USD 24.8 Billion by 2021. This growth is attributed to the increasing infrastructural activities including construction of hospitals, and educational institutions, strict regulations related to energy efficiency, reduction of life cycle cost and optimized energy use.
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The report "Variable Frequency Drive Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, Conveyors, Extruders), Power Range, Voltage, and Region - Global Forecast to 2021", The variable frequency drive market is expected to grow from an estimated USD 18.61 Billion in 2016 to USD 24.8 Billion by 2021, registering a CAGR of 5.94% from 2016 to 2021.
Browse 84 market data tables and 48 figures spread through 171 pages and in-depth TOC on “Variable Frequency Drive Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, Conveyors, Extruders), Power Range, Voltage, and Region - Global Forecast to 2021"
The global market is witnessing significant growth due to increasing urbanization and industrialization in developing countries such as India, growing need for energy efficiency, increased activities in the construction, power transmission & distribution networks, regulations on energy efficiency, growing trend of industrial automation, regulations to ensure efficiency and utilization of energy.
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Low voltage segment the largest variable frequency drive market by voltage
Among the two major voltage segments of variable frequency drives: low voltage and medium voltage, the former held the largest market share in 2015.
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Low voltage variable frequency drives have become popular mainly because of their ease of operation and size which is 25-40% smaller than medium voltage drives. Moreover, medium voltage drives are complex and difficult to handle or replace in case of a failure during an operation.
Pumps was the largest application segment of the variable frequency drive market
Based on applications, pumps are expected to have maximum deployment of VFDs during the forecast period. This growth is attributed to rapidly increasing industrial activities and growth of the construction sector, especially in the Asia-Pacific and other developing countries and growing oil & gas production in the U.S.
and the Middle East. The Asia-Pacific showed the maximum demand for VFDs for pumps in 2015 and is expected to lead the market during the forecast period.
Asia-Pacific: The leading market for variable frequency drives
The Asia-Pacific is the largest market for variable frequency drives, driven by rapidly growing urbanization and industrialization in this region. Huge investments in infrastructure development are also bolstering the variable frequency drives market in the Asia-Pacific.
The other major drivers include increasing power demand, and strict government regulations on energy efficiency.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the variable frequency drives market, namely, ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation, Inc. (U.S.), WEG (Brazil), Yaskawa Electric Corporation (Japan), Eaton Corporation Plc. (Ireland), General Electric (U.S.), Emerson Electric Co. (U.S.), Hitachi, Ltd. (Japan), Crompton Greaves (India), Mitsubishi Electric Corporation (Japan), Fuji Electric Co., Ltd. (Japan), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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