The Variable Frequency Drive (VFD) Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Variable Frequency Drive (VFD)market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Variable Frequency Drive (VFD). It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2031. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The Variable Frequency Drive (VFD) Market has demonstrated considerable resilience, supported by a diverse supplier base and a robust business-to-business network spanning the entire value chain. To strengthen their market position, industry suppliers have actively pursued acquisition and regional expansion strategies, fostering strong partnerships across different geographical regions. Bolstered by heightened brand awareness and proactive marketing initiatives, these suppliers have solidified their market dominance, creating significant barriers for new entrants aiming to establish themselves in the fiercely competitive VFD sector.
In recent years, the variable frequency drives market has sustained notable stability, primarily driven by the increasing opportunities for infrastructural development in emerging economies, consequently spurring the demand for heating and ventilation systems. Motivated by the objectives of cost reduction and minimizing operational disruptions, the trajectory of the variable frequency drives market is currently shifting towards tailoring industry-specific solutions, thereby catalyzing a surge of innovations among manufacturers.
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Industry participants have consistently emphasized the importance of cost optimization, reducing total cost of ownership, and enhancing energy efficiency, particularly when dealing with heavy workloads. Consequently, the global market for Variable Frequency Drives (VFD) witnessed a substantial surge in volume sales, exceeding 32 million units in 2020.
As per the latest study conducted by Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, the report meticulously monitors the global sales of variable frequency drives in over 20 high-growth markets. It also provides a comprehensive analysis of the broader impact of the COVID-19 pandemic on the electronics industry, with a specific focus on the variable frequency drives segment.
Key Takeaways
- When operating with heavy loads, it is crucial to keep some parameters in account such as cost optimization, reducing total cost of ownership, and energy conservation. These attributes have registered volume sales exceeding 32 million units in 2020 in the global VFD market.
- With consistent improvements and enhanced performance, variable frequency drivers have been positively impacting industrial growth throughout the assessment period.
- Manufacturers are likely to experience widening profit margins across the South Asia & Pacific region, with China emerging at the forefront in the wake of exploding construction and automotive sectors.
- Germany and the United States are also expected to yield immense opportunities. Based on these trends, the VFD market is poised to grow at a value CAGR exceeding 5% through 2031.
Competitive Landscape
ABB Ltd, Siemens AG, Danfoss A/S, Rockwell Automation, GE Energy Power Conversion, Toshiba International Corporation, Schneider Electric, Mitsubishi Electric Corporation, Honeywell International Inc., Emerson Industrial Automation, Fuji Electric Co. Ltd, Johnson Controls Inc., Eaton PLC, Hitachi Ltd are some of the key companies profiled in the full version of the report.
A large supplier base and strong B2B networks define the robustness of the market with strong partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a firm foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.
More Insights into the Variable Frequency Drive (VFD) Market
The United States is poised to remain highly lucrative, capturing over three-quarters of the global market share throughout 2021. The presence of key OEMs is an important growth catalyst for the region’s market.
According to estimations projected by Future Market Insights nearly a quarter of the revenue generated across the United States market is likely to be from the oil & gas segment. As of 2019, it extracted a record high 4.46 billion barrels of crude oil while natural gas production amounted to 34 trillion cubic feet. A volume CAGR of over 6% is projected for the U.S market.
The German variable frequency drives market is likely to expand at an annual rate exceeding 7% through 2021, attributed to heightened HVAC systems applications across the automotive segment. Globally, Germany is a leading automotive market, generating an output of nearly 6 million vehicles in 2017.
According to the China Association of Automobile Manufacturers, car sales spiked by over 6% annual growth rate to nearly 3 million units by 2020-end. Sales of new energy vehicles such as battery-powered electric, plug-in hybrid Electric Vehicles and hydrogen fuel-cell vehicles also surged by a whopping 11% compared to 2019. Hence, VFD manufacturers have been experiencing credible investment opportunities.
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Variable frequency drives Market: Segmentation
Drive Type
- AC Drive
- DC Drive
Voltage Range
- Low Voltage
- High Voltage
Application Type
- Standard
- Regenerative
End-use Application
- Pumps
- Fan
- Compressor
- Conveyor
- HVAC
- Others
End-use Industry
- Oil & Gas
- Food processing
- Automotive
- Mining & Metals
- Pulp & Paper
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
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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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