Variable Frequency Drive Market By Product Type (AC, DC, Servo), By Power Range(Micro, Low, Medium, High), By Application (Pumps, Electric Fans, Conveyors, HVAC, Extruders), End User and Region Forecast to 2030

Format: PDF | Pages: 333 | Report ID: MRS1095

Report Description

The global variable frequency drive market size was valued at USD 20,800.3 million in 2022, expanding at a CAGR 5.8% from 2023-2030 to reach 23,908.7 Million USD in 2030.

Market Dynamics

Rising penetration of connected devices in several sectors including industrial, commercial, and residential, the demand for variable frequency drive (VFD) is growing constantly. In addition, VFD is utilized by boiler feed pumps, conveyors, induction, service water pumps, and forced draft fans that offer adjustable speed, dynamic torque control, and energy-saving. Thus, such factors are essential for power generation, oil & gas, and the automotive industry. As a result, such elements are anticipated to propel the market growth.

Moreover, rising investment in infrastructure development is another crucial factor to propel the variable frequency market growth. As investment is increasing demand for HVAC systems. HVAC systems are utilized to energy efficiency of buildings because it is expected to achieve power savings. Thereby, these system demands are also projected to drive market growth. Further, than ever before industrialization is making its way faster across the world. Particularly, in developing economies rapid industrialization is underway which eventually results in manufacturing and industrial sector growth. This factor would, in turn, support the variable frequency market development.

Regional Insights

The Asia Pacific is estimated to dominate the global market in the coming years. Supportive business policies by the government, growing construction activities, and rapid industrialization among emerging countries are major factors attributed to support regional market growth. Additionally, the adoption of VFD from energy producers is expected to increase due to increasing energy demand. Moreover, Latin America is likely to enhance the market globally. Further, increase in demand from several industries such as pulp, chemicals, and cement is anticipated to support VFD market.

Segment Dynamics

The Variable Frequency Drive market is fragmented into the product type, power range, application, and end-user segments. Based on the product type, the AC drives segment is anticipated to hold the largest market. By power range, the low-power range segment is projected to grow at the highest CAGR during the forecast period. By application, the pumps segment is expected to dominate the market share. By end-user, the oil & gas segment is likely to maintain its dominance over the forecast period.

Competitive Insights

The variable frequency propel market is highly competitive owing to the presence of various small and large players. Market players are focusing on enhancing the business and raising the customer base by introducing product enhancement and new products. For instance, in October 2022, Rockwell Automation introduced the increase of VFD Output Frequency for High-speed Motor Applications.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):

Mitsubishi Electric Corporation
Rockwell Automation
Johnson Controls Inc.
Danfoss A/S
Schneider Electric
ABB Ltd
Fuji Electric Co. Ltd
Eaton PLC
Hitachi Ltd
Siemens AG
Emerson Industrial Automation
Toshiba International Corporation
Honeywell International Inc.
GE Energy Power Conversion

Product Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

AC Drives
DC Drives
Servo Drives

Power Range Coverage (Market Size & Forecast, Main Consumer Analysis etc.):

Micro (0-5 kW)
Low (6-40 kW)
Medium (41-200 kW)
High (>200 kW)

Application Coverage (Market Size & Forecast, Main Consumer Analysis etc.):

Pumps
Electric Fans
Conveyors
HVAC
Extruders

End-User Coverage (Market Size & Forecast, Main Consumer Analysis etc.):

Power Generation
Industrial
Infrastructure
Automotive
Food & Beverages
Others

Region Coverage (Regional Consumption, Demand & Forecast by Countries etc.):

North America (U.S., and Canada)
Europe (Germany, U.K., France, Italy, Spain etc.)
Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
South America (Brazil, Mexico, Argentina etc.)
Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)

Table Of Content

TABLE OF CONTENT

Variable Frequency Drive Market Overview
1. Product Overview and Scope of Variable Frequency Drive
2. Global Market Growth Prospects and Revenue Estimates
3. Global Variable Frequency Drive Market Size Growth Rate Analysis by Product Type, 2022 VS 2030
  1. AC Drives
  2. DC Drives
  3. Servo Drives
4. Global Variable Frequency Drive Consumption Comparison by Power Range: 2022 VS 2030
  1. Micro (0-5 kW)
  2. Low (6-40 kW)
  3. Medium (41-200 kW)
  4. High (>200 kW)
5. Global Variable Frequency Drive Consumption Comparison by Application: 2022 VS 2030
  1. Pumps
  2. Electric Fans
  3. Conveyors
  4. HVAC
  5. Extruders
6. Others Global Variable Frequency Drive Consumption Comparison by End-User: 2022 VS 2030
  1. Power Generation
  2. Industrial
  3. Infrastructure
  4. Automotive
  5. Food & Beverages
  6. Others
7. Global Variable Frequency Drive Market Size Estimates and Forecasts by Region: 2022 VS 2030
  1. North America Variable Frequency Drive Estimates
  2. Europe Variable Frequency Drive Estimates
  3. China Variable Frequency Drive Estimates
  4. Japan Variable Frequency Drive Estimates
Market Competition by Manufacturers
1. Global Variable Frequency Drive Revenue Market Share by Manufacturers (2021)
2. Variable Frequency Drive Market Share by Company Product Type(Tier 1, Tier 2 and Tier 3)
3. Global Variable Frequency Drive Average Price by Manufacturers (2018-2022)
4. Manufacturers Variable Frequency Drive Production Sites, Area Served, Product Types
5. Variable Frequency Drive Market Competitive Situation and Trends
  1. Variable Frequency Drive Market Concentration Rate
  2. Mergers & Acquisitions, Expansion
Global Variable Frequency Drive Consumption by Region (2018-2022)
1. Global Variable Frequency Drive Consumption by Region
2. Global Variable Frequency Drive Consumption Market Share by Region
  1. North America
  2. North America Variable Frequency Drive Consumption Growth Rate (2018-2022)
  3. North America Variable Frequency Drive Consumption, Price and Gross Margin (2018-2022)
  4. North America Variable Frequency Drive Consumption by Country
    1. U.S.
    2. Canada
  5. Europe
  6. Europe Variable Frequency Drive Consumption Growth Rate (2018-2022)
  7. Europe Variable Frequency Drive Consumption, Price and Gross Margin (2018-2022)
  8. Europe Variable Frequency Drive Consumption by Country
    1. Germany
    2. U.K.
    3. France
    4. Italy
    5. Spain
  9. Asia Pacific
  10. Asia Pacific Variable Frequency Drive Consumption Growth Rate (2018-2022)
  11. Asia Pacific Variable Frequency Drive Consumption, Price and Gross Margin (2018-2022)
  12. Asia Pacific Variable Frequency Drive Consumption by Country
    1. China
    2. India
    3. Japan
    4. Indonesia
    5. Malaysia
    6. Australia
    7. South Korea
  13. South America
  14. South America Variable Frequency Drive Consumption Growth Rate (2018-2022)
  15. South America Variable Frequency Drive Consumption, Price and Gross Margin (2018-2022)
  16. South America Variable Frequency Drive Consumption by Country
    1. Brazil
    2. Mexico
    3. Argentina
  17. Middle East and Africa
  18. Middle East and Africa Variable Frequency Drive Consumption Growth Rate (2018-2022)
  19. Middle East and Africa Variable Frequency Drive Consumption, Price and Gross Margin (2018-2022)
  20. Middle East and Africa Variable Frequency Drive Consumption by Country
    1. Saudi Arabia
    2. Kuwait
    3. UAE
    4. South Africa
Global Variable Frequency Drive Consumption by Product Type(2018-2022)
1. Global Variable Frequency Drive Price by Product Type(2018-2022)
2. Global Variable Frequency Drive Revenue Market Share by Product Type(2018-2022)
  1. AC Drives
  2. DC Drives
  3. Servo Drives
Global Variable Frequency Drive Consumption by Power Range (2018-2022)
1. Global Variable Frequency Drive Price by Power Range (2018-2022)
2. Global Variable Frequency Drive Revenue Market Share by Power Range (2018-2022)
  1. Micro (0-5 kW)
  2. Low (6-40 kW)
  3. Medium (41-200 kW)
  4. High (>200 kW)
Global Variable Frequency Drive Consumption by Application (2018-2022)
1. Global Variable Frequency Drive Price by Application (2018-2022)
2. Global Variable Frequency Drive Revenue Market Share by Application (2018-2022)
  1. Pumps
  2. Electric Fans
  3. Conveyors
  4. HVAC
  5. Extruders
Global Variable Frequency Drive Consumption by End-User (2018-2022)
1. Global Variable Frequency Drive Price by Application (2018-2022)
2. Global Variable Frequency Drive Revenue Market Share by Application (2018-2022)
  1. Power Generation
  2. Industrial
  3. Infrastructure
  4. Automotive
  5. Food & Beverages
  6. Others
Key Companies Profiled
1. Mitsubishi Electric Corporation
  1. Mitsubishi Electrical Corporation Variable Frequency Drive Corporation Information
  2. Mitsubishi Electrical Corporation Variable Frequency Drive Product Portfolio
  3. Mitsubishi Electrical Corporation Variable Frequency Drive Consumption, Price and Gross Margin (2018-2022)
  4. Mitsubishi Electrical Corporation Main Business and Markets Served
  5. Mitsubishi Electrical Corporation Recent Developments/Updates
2. Rockwell Automation
3. Johnson Controls Inc.
4. Danfoss A/S
5. Schneider Electric
6. ABB Ltd
7. Fuji Electric Co. Ltd
8. Eaton PLC
9. Hitachi Ltd
10. Siemens AG
11. Emerson Industrial Automation
12. Toshiba International Corporation
13. Honeywell International Inc.
14. GE Energy Power Conversion
Marketing Channel, Distributors and Customers
1. Marketing Channel
2. Variable Frequency Drive Distributors List
3. Variable Frequency Drive Customers
Market Dynamics
1. Variable Frequency Drive Industry Trends
2. Variable Frequency Drive Growth Drivers
3. Variable Frequency Drive Market Challenges
4. Variable Frequency Drive Market Restraints
Global Variable Frequency Drive Consumption and Demand Forecast, by Region (2023-2030)
1. Global Forecasted Demand Analysis of Variable Frequency Drive, by Regions and Country
  1. North America Forecasted Consumption of Variable Frequency Drive by Country
  2. Europe Market Forecasted Consumption of Variable Frequency Drive by Country
  3. Asia Pacific Market Forecasted Consumption of Variable Frequency Drive by Region
  4. Latin America Forecasted Consumption of Variable Frequency Drive by Country
  5. Middle East and Africa Forecasted Consumption of Variable Frequency Drive by Country
Global Variable Frequency Drive Consumption and Demand Forecast, by Product Type Segments (2023-2030)
1. Global Forecasted Consumption of Variable Frequency Drive by Product Type Segments (2023-2030)
2. Global Consumption and Price Forecast by Product Type Segments (2023-2030)
3. Global Forecasted Growth Rate of Variable Frequency Drive by Product Type Segments (2023-2030)
Global Variable Frequency Drive Consumption and Demand Forecast, by Power Range Segments (2023-2030)
1. Global Forecasted Consumption of Variable Frequency Drive by Power Range Segments (2023-2030)
2. Global Consumption and Price Forecast by Power Range Segments (2023-2030)
3. Global Forecasted Growth Rate of Variable Frequency Drive by Power Range Segments (2023-2030)
Global Variable Frequency Drive Consumption and Demand Forecast, by Application Segments (2023-2030)
1. Global Forecasted Consumption of Variable Frequency Drive by Application Segments (2023-2030)
2. Global Consumption and Price Forecast by Application Segments (2023-2030)
3. Global Forecasted Growth Rate of Variable Frequency Drive by Application Segments (2023-2030)
Global Variable Frequency Drive Consumption and Demand Forecast, by End-User Segments (2023-2030)
1. Global Forecasted Consumption of Variable Frequency Drive by End-user Segments (2023-2030)
2. Global Consumption and Price Forecast by End-user Segments (2023-2030)
3. Global Forecasted Growth Rate of Variable Frequency Drive by End-user Segments (2023-2030)
Research Finding and Conclusion
Methodology and Data Source
1. Methodology/Research Approach
  1. Research Programs/Product Type
  2. Market Size Estimation
  3. Market Breakdown and Data Triangulation
2. Data Source
  1. Secondary Sources
  2. Primary Sources
3. Author List
4. Disclaimer

Research Methodology

Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-

Secondary Research-

Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.

Primary Research-

The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.

Subject Matter Advice-

The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.

Quality Check-

The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.

Final Review-

After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.

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Frequently Asked Questions

How big do you think the world market is?

In 2022, the market for variable frequency drives was estimated to be worth USD 20,800.3 million. From 2023 to 2030, it grew at a CAGR of 5.8%, reaching USD 23,908.7 million.

Which area of the global market generates the most revenue?

North America generated the most revenue in 2021, and it is anticipated that it will hold this position throughout the study period.

What CAGR is expected for the global market during the forecast period (2023-2030)?

The global variable frequency drive market size is expanding at a CAGR 5.8% from 2023-2030 to reach 23,908.7 Million USD in 2030.

Which region will grow at the fastest CAGR during the forecast period?

Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.

Who are the leading players and how is the competitive landscape in terms of global as well as regional markets?

ABB, Rockwell Automation Inc., Johnson Controls International plc, Honeywell International Inc., Eaton Corporation plc, General Electric, Schneider Electric, Danfoss

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