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Variable Frequency Drive Market Worth USD 21.71 Billion at 5.9% by 2027 Owing to Increasing Investment in Industrial Infrastructure in Asia-Pacific

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Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) — The global variable frequency drive market size is expected to gain momentum by reaching USD 21.71 billion by 2027. This is attributable to the increasing adoption of energy-optimized products such as variable frequency drive across several industrial applications globally. This information is published by Fortune Business Insights, in its latest report, titled, “Variable Frequency Drive Market Size, Share & Covid-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others) and Regional Forecast, 2020-2027.” The report observes that the market stood at USD 17.40 billion in 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.Manufacturing & Processing Industry Experience Halting of Operations amid COVID-19The industrial applications such as power, automotive, manufacturing, transportation, and others are experiencing a negative impact owing to halting of operational and production activities across the globe. This is expected to hinder the growth of the market to some extent. However, supportive government policies and the rising investments in the energy and power sector will drive the market growth in the near future.Click here to get the short-term and long-term impact of COVID-19 on this Market.

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A variable frequency drive (VFD) is a type of motor controller equipment that propels an electric motor by varying the voltage and frequency of the power supply. This equipment has the ability to control motor ramp-up and ramp-down during starting or stopping process. In addition to this, they lead to fewer power line issues and adjusts torque limits, while conserving energy largely.What does the Report Include?The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027. DRIVING FACTORSGrowing Demand for Energy Optimization Products to Aid GrowthThe rapid-paced industrialization is propelling the demand for energy-optimized products across commercial, residential, and industrial sectors across the globe. Owing to several benefits of variable frequency drive such as energy-saving capability, along with less maintenance and reduced operational costs, is driving the demand for energy optimization products. This is expected to contribute to the growth of the VFD market during the forecast period.
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SEGMENTATIONMedium Segment Held 34.2% Market Share in 2019The medium segment, based on power range, held a market share of about 34.2% in 2019 and is anticipated to showcase a significant growth owing to the several benefits of medium-ranged variable frequency drive such as improved performance, energy efficiency, and compact size.REGIONAL INSIGHTSAsia-Pacific to Remain at the Forefront; Increasing Investments in Industrial Infrastructure to Favor GrowthAmong all the regions, the market in Asia-Pacific is expected to hold the highest position in the global VFD market during the forecast period. This is attributable to the increasing investment by companies to develop advanced industrial infrastructures that propels the demand for innovative variable frequency drive products in the region. Asia-Pacific stood at USD 5.82 billion in 2019.North America, on the other hand, is expected to hold the second position in the market owing to the increasing exploration activities across the oil & gas industry in countries such as the U.S. between 2020 and 2027.
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COMPETITIVE LANDSCAPEMajor Companies Focus on Product Expansion to Amplify Their Market PositionsThe global variable frequency drive market is fragmented by the presence of major companies that are striving to strengthen their positions by focusing on expanding their variable frequency drive product portfolio to cater the rising demand for energy-efficient solutions. Apart from this, key players operating in the market are adopting strategies such as joint ventures, collaboration, and partnership to maintain their stronghold in the fiercely competitive global marketplace.Industrial Development:September 2020 – Trane announced the launch of new variable frequency drive for its Airfinity rooftop air-to-air heat pump ranges. According to the company, the new units that adopt Adaptive Frequency Drive variable technology are available in 20 to 65kW capacities that are best suited for industrial and commercial buildings.List of Key Companies Profiled in Variable Frequency Drive Market:Eaton (Dublin, Ireland)Hitachi Hi-Rel Power Electronics (Gujarat, India)Rockwell Automation (Wisconsin, United States)Johnson Controls (Cork, Ireland)AnaheimAutomation Inc. (California, United States)WEG (Jaraguá do Sul, Brazil)ABB Electrification (Zurich, Switzerland)Nidec Motor Corporation (Kyoto, Japan)Siemens (Munich, Germany)Danfoss Drives (Nordborg, Denmark)Honeywell International Inc. (North Carolina, United States)TMEIC (Virginia, United States)Fuji Electric Corp. of America (Tokyo, Japan)Schneider Electric (Rueil-Malmaison, France)Yaskawa America, Inc. (Fukuoka, Japan)Toshiba International Corporation (Texas, United States)Mitsubishi Electric Automation, Inc. (Illinois, United States)
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Variable Frequency Drive MarketSteps Taken by the Government to Overcome the ImpactKey Developments by Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Variable Frequency Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeAC DriveDC DriveServo DriveMarket Analysis, Insights and Forecast – By Power RangeMicroLowMediumHighMarket Analysis, Insights and Forecast – By ApplicationPumpsConveyorsHVACElectric FanExtrudersOthersMarket Analysis, Insights and Forecast – By End-UserFood & BeverageOil & GasPower GenerationInfrastructureAgricultureMiningOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaLatin AmericaEuropeAsia PacificMiddle East and Africa
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