Global Variable Frequency Drive Market Predicted to Garner a Significant Revenue of $26,897.3 Million, Growing at a CAGR of 5.2% from 2021-2028 - Exclusive Report [280 Pages] By Research Dive
The extensive use of variable frequency drives to balance the use of energy is expected to boost the growth of the global variable frequency market by 2028. Asia-Pacific market set to dominate the market in the analysis period.
NEW YORK, Sept. 28, 2021 /PRNewswire/ -- A recently published report by Research Dive states that the Global Variable Frequency Drive Market is anticipated to garner revenue of $26,897.3 million by 2028 rising from $18,190.1 million in 2020 at a CAGR of 5.2% from 2021-2028.
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Market Dynamics
Electronic devices such as motors, fans and pumps extract a large amount of energy which need to be regulated for energy efficiency purposes. Variable frequency devices assist in reducing the amount of power that devices use. The market is thus anticipated to witness growth in the analysis period.
Several industries use variable frequency devices for a myriad of functions such as controlling the momentum of the electronic equipment and also to assist in sustainable filtration of water. One of the major drawbacks of the VFD devices is their high cost of as well as the soaring cost of implementation. These factors are anticipated to restrain the growth of the market in the estimated time period.
Most of the industries today use advanced forms of technology which include the Industrial Internet of Things (IIOT) which support the improvement and functioning of frequency drives. They were also majorly used during the peak of the COVID-19 pandemic where technicians could remotely access the equipment. These instances provided the global variable frequency market with an opportunity of growth.
Impact of COVID-19 on the Global Variable Frequency Drive Market
The severity of the pandemic was felt across a multitude of industries as many of them switched to working remotely or shutting down operations temporarily. The variable frequency drive market noticed a considerable drop in growth in the market, but several initiatives were put in place to handle the situation. For instance, ABB, a renowned organization in the automation domain launched the ABB Ability Collaborative Operations a strategy to provide digital solutions for the benefit of the metal based industry. By using these methods, the industry was gradually able to pick up pace which in turn added to the recovery of the market.
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Key Segments of the Global Variable Frequency Drive Market
The report is also categorized into a series of sub-segments namely, application, type, end user, power range, and region.
- By application, the conveyors sub-segment is expected to garner revenue of $5,626.5 million by 2028. Various countries around the world have been witnessing the tremendous rise of the e-commerce sector. It is one of the prominent industries that use conveyor systems for transportation of products from one area of the ware to another. They are an essential to the e-commerce countries to ensure smooth and timely supply of products. These factors are predicted to further propel the growth of the sub-segment in the analysis period.
- By type, the servo drive sub-segment in the variable frequency drive market is predicted to generate revenue of $11,490.6 million by 2028. These devices are primarily used to improve the accuracy and speed to other electronic equipment such as central processing units (CPU) and robotics.
- By end user, the infrastructure sub-segment is set to garner revenue of $7,519.2 million by 2028. The VFD devices are also prominently used in several infrastructural projects such as construction of dams, railways and more. These elements are predicted to propel the growth of the sub-segment in the forecast period.
- By power range, the low range sub-segment predicted to be the most lucrative displaying a revenue collection of $8,437.4 million by 2028. Low range drives are predominantly used sugarcane, oil and gas, water and sewage owing to the enhanced control process along with lowered energy consumption.
- By region, the Asia-Pacific variable frequency drive market is anticipated to garner a significant revenue of $10,304.4 million by 2028. Variable frequency devices are largely found to be used in construction and oil and gas sectors of the region.
Top 10 Key Players of the Variable Frequency Drive Market
The report also provides a list of key market players of the global variable frequency drive market namely –
- Eaton Corporation plc.
- Danfoss
- Rockwell Automation, Inc.
- Amtech
- ABB
- Schneider Electric
- Siemens
- General Electric
- Honeywell International, Inc.
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In July 2020, Servo Products Co, a renowned brand in the domain of machine tools, developed a VFD along with VFD Plus kits. These devices help shift the mechanically controlled mills into electrically controlled ones.
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
More about Variable Frequency Drive Market:
- Global Variable Frequency Drive Market to Experience a Boost Owing to the Growing Demand for Efficient Energy Systems in the Market
- The Increasing Importance of Energy Optimization by Systems to Act as a Catalyst for the Growth of the Global Variable Frequency Drive Market
- Variable Frequency Drive: An Effective Source of Energy Consumption and Automation
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