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 exhibited substantial resilience, underpinned by a diverse supplier base and a robust business-to-business network spanning the entire value chain. In fortifying their market position, industry suppliers have actively pursued acquisition and regional expansion strategies, cultivating strong partnerships across various geographical regions. Empowered by heightened brand recognition and proactive marketing endeavors, these suppliers have entrenched their market leadership, erecting significant barriers for prospective entrants seeking to establish themselves in the fiercely competitive VFD sector.
In recent years, the variable frequency drives market has maintained noteworthy stability, primarily propelled by burgeoning opportunities for infrastructural development in emerging economies, thereby stimulating the demand for heating and ventilation systems. Driven by the imperatives of cost containment and operational continuity, the trajectory of the variable frequency drives market is presently veering towards the customization of industry-specific solutions, thereby sparking a wave of innovations among manufacturers.
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Industry stakeholders consistently emphasize the paramount importance of cost optimization, reducing total cost of ownership, and enhancing energy efficiency, particularly in managing heavy workloads. Consequently, the global Variable Frequency Drives (VFD) market experienced a significant surge in volume sales, surpassing 32 million units in 2020.
According to the latest study by Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, the report meticulously tracks global variable frequency drive sales across more than 20 high-growth markets. It also offers 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.
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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 expected to maintain a significant share of the global market, accounting for more than three-quarters of the market throughout 2021. The presence of key Original Equipment Manufacturers (OEMs) serves as a significant driver for growth in the region’s market.
According to projections by Future Market Insights, approximately a quarter of the revenue generated in the United States market is anticipated to originate from the oil and gas segment. In 2019, the country recorded a record high extraction of 4.46 billion barrels of crude oil, with natural gas production reaching 34 trillion cubic feet. A compound annual growth rate (CAGR) of over 6% is forecasted for the U.S. market.
In Germany, the variable frequency drives market is expected to expand at an annual rate exceeding 7% through 2021, primarily due to increased applications in Heating, Ventilation, and Air Conditioning (HVAC) systems within the automotive segment. Globally, Germany holds a prominent position in the automotive market, with 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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