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.
The Asia-Pacific market is projected to grow at the highest CAGR from 2016 to 2021. The region is the largest market for the infrastructure and industrial sectors. Energy-intensive industries such as oil & gas, metals & mining, paper, cement, and water & wastewater are adopting these drives to reduce their energy consumption and CO2 emissions. These factors are expected to drive the VFD market globally. Therefore, increasing need for energy efficiency is expected to drive the VFD market worldwide.
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. 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.
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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.
Target Audience:
- VFD manufacturing companies
- State and national regulatory authorities
- Builders and contractors
- Process and manufacturing plants
- Power distribution utilities
- Government and industry associations
- State- or government-owned corporations
- Investment and consulting firms
Scope of the Report:
- By Power range
- Micro power drives
- Lower power drives
- Medium power drives
- High power drives
- By Voltage
- Low Voltage
- Medium Voltage
- By Type
- AC Drives
- DC Drives
- Servo Drives
- By Application
- Pumps
- Fans
- Compressors
- Conveyors
- Extruders
- Others*
- By End-User Application
- Industrial
- Infrastructure
- Oil & Gas
- Power Generation
- By Region
- Asia-Pacific
- Europe
- North America
- South America
- Middle East
- Africa
Leading players in the variable frequency drive market include ABB Ltd (Switzerland), Siemens AG (Germany), Schneider Electric (France), Danfoss (Denmark), WEG (Brazil), and Rockwell Automation, Inc. (U.S.).
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