The variable frequency drives (VFD) market has seen significant growth as a result of increased opportunities for infrastructure development across emerging regions, driving demand for heating and ventilation systems. VFD development is currently shifting toward offering industry-specific solutions with the goal of lowering costs and reducing operational downtime, prompting a slew of manufacturer innovations.
In a new study, Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, provides insights into key factors driving demand for variable frequency drives. The report investigates the impact of COVID-19 on the electronics industry in general and variable frequency drives in particular, as well as global variable frequency drive sales in 20+ high-growth markets.
Manufacturers in South Asia and the Pacific region are likely to see higher profit margins, with China emerging as the leader as the construction and automotive industries boom. Furthermore, Germany and the United States are expected to offer a plethora of opportunities. Based on the trends discussed above, the VFD market is expected to grow at a value CAGR of more than 5% through 2031.
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In recent years, the global automotive industry has made significant advances. The autonomous market is characterised by the emergence of a plethora of start-up investments as it emerges as a multibillion-dollar industry. As a result, the use of high-end HVAC systems and pumps has increased significantly. According to FMI projections, the aforementioned segments were worth nearly US$ 10 billion in 2019.
Because of the rapidly expanding automotive industry in China, there are numerous opportunities for growth. According to Future Market Insights, the economic behemoth will produce 4.5 million variable frequency drives by the end of 2021, as production cycles return to normalcy following the coronavirus crisis. As a result, manufacturers are launching a slew of technological innovations to capitalise on this ever-expanding opportunity, resulting in powerful revenue ecosystems.
Key Takeaways of Variable Frequency Drives Market Study:
AC drives adoption surging in popularity by drive type; set to acquire 260 BPS by 2031-end U.S. and Germany to emerge as highly lucrative markets, owing to growing EV sales Growing concerns over excessive power consumption compelling automotive manufacturers to invest in low-voltage VFDs Regenerative applications to find growing applications, reaching nearly US$ 15 Bn by 2021-end Pumps and HVAC systems to collectively expand at a value CAGR worth 13% from 2021-2031
“Rapidly expanding infrastructure for capital projects are attracting frequent capital investments, attributed to the increasing scale of urbanization. Hence, automotive sales are rising, leading to widening revenue pools for VFD manufacturers,” says the FMI analyst.
Competitive Landscape
The variable frequency drives market is a highly competitive market, with a sizeable presence of both global as well as domestic players. However, key players account for nearly half of the market share. It is characterized by large supplier base and strong B2B networks.
The market has robust partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.
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More Insights on FMI’s VFD Market
A recent market study published by FMI on the variable frequency drives market includes a global industry analysis for 2016-2020 & opportunity assessment for 2021-2031 and delivers a comprehensive assessment of the most important market dynamics. The market has been segmented on the basis of the drive (AC drive & DC drive), voltage range (low and medium), application type (standard and regenerative), end-use application (pump, fan, compressor, conveyor, HVAC and others) and end-use industry (oil & gas, food processing, automotive, mining & minerals, pulp & paper and others) across five major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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