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Variable Frequency Drive Market Report 2023: Rising Energy Demand Worldwide Bolsters Sector

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Global Variable Frequency Drive Market

Global Variable Frequency Drive Market
Global Variable Frequency Drive Market

Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The "Variable Frequency Drive Market Size, Share & Trends Analysis Report By Product Type (AC Drives, DC Drives, Servo Drives), By Power Range, By Application, By End Use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global variable frequency drive market size is expected to reach USD 39.66 billion by 2030 registering a CAGR of 5.6%. The rapid development of semiconductor technology and rising consumer awareness of the benefits of energy-efficient products are two factors anticipated to fuel the expansion of the market.

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Similarly, the rising energy demand worldwide and the use of variable frequency drives (VFDs) to regulate the flow and speed of the fan to prevent energy loss are anticipated to promote the growth of the global market in the years to come.

More than 90% of the energy expended in the U.S. is used by residential refrigeration and HVAC systems equipment. VFDs aid in managing the speed of the motor in HVAC systems and reduces power consumption, which is expected to boost the growth of the market.

Rising awareness about conserving energy and approaches to reducing excessive energy consumption is expected to increase demand for these devices. Additionally, rising demand for variable frequency drives from the food and beverage, automotive, and oil and gas industries are anticipated to promote market expansion.

The expansion of the market is anticipated to be hampered by the high cost of the product and maintenance. Furthermore, a workforce shortage is anticipated to pose a threat to market expansion. However, rising expenditure in the distribution and power generation industry as well as rising global oil & gas extraction operations are likely to open up new prospects for market participants in variable frequency drive in the years to come.

Variable Frequency Drive Market Report Highlights

  • The AC drives segment dominated the market with more than 68% share in 2022 and is expected to continue leading the market with increasing demand from the industrial sector for equipment with less noise and maintenance.

  • Asia Pacific is anticipated to grow at 5.8% CAGR during the forecast period. This can be attributed to rapid industrialization in emerging economies and increasing demand from the water treatment sector.

  • Since the outbreak of COVID-19, major players are inclining toward enhancing the customer base through the introduction of new products.

Report Attribute

Details

No. of Pages

120

Forecast Period

2023 - 2030

Estimated Market Value (USD) in 2023

$27.09 Billion

Forecasted Market Value (USD) by 2030

$39.66 Billion

Compound Annual Growth Rate

5.6%

Regions Covered

Global


Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Variable Frequency Drive Market Variables, Trends & Scope

Chapter 4. Variable Frequency Drive Market Product Type Outlook
4.1. Variable Frequency Drive Market Share by Product, 2022 & 2030 (USD Million)
4.2. AC Drives
4.3. DC Drives
4.4. Servo Drives

Chapter 5. Variable Frequency Drive Market Power Range Outlook
5.1. Variable Frequency Drive Market Share by power range, 2022 & 2030 (USD Million)
5.2. Micro (0-5 kW)
5.3. Low (6-40 kW)
5.4. Medium (41-200 kW)
5.5. High (>200 kW)

Chapter 6. Variable Frequency Drive Market Application Outlook
6.1. Variable Frequency Drive Market Share by Application, 2022 & 2030 (USD Million)
6.2. Pumps
6.3. Electric Fans
6.4. Conveyors
6.5. HVAC
6.6. Extruders
6.7. Others

Chapter 7. Variable Frequency Drive Market End-use Outlook
7.1. Variable Frequency Drive Market Share by End-use, 2022 & 2030 (USD Million)
7.2. Oil & Gas
7.3. Power Generation
7.4. Industrial
7.5. Infrastructure
7.6. Automotive
7.7. Food & Beverages
7.8. Others

Chapter 8. Variable Frequency Drive Market: Regional Outlook

Chapter 9. Competitive Landscape

Companies Mentioned

  • ABB

  • Eaton

  • General Electric

  • Hitachi Ltd.

  • Rockwell Automation Inc.

  • Schneider Electric

  • Siemens AG

  • The Danfoss Group

  • WEG S.A.

  • Yaskawa Electric Corporation

For more information about this report visit https://www.researchandmarkets.com/r/px752d

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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