Global Variable Frequency Drive Market By Type (Ac Drives, Dc Drives, Servo Drives), Voltage (Low Voltage, Medium Voltage), Application (Pumps, Fans, Compressors, Conveyers, Others), Power Range (Micro Power Drives, Low Power Drives, Medium Power Drives, High Power Drives), End- User (Industrial, Infrastructure, Power Generation, Oil &Gas), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026.
Major Market Competitors/Players
Few of the major competitors currently working in the global variable frequency drive market are ABB, Siemens, Schneider Electric, Rockwell Automation, Inc., cgglobal.com., Eaton., Fuji Electric Co., Ltd., Hitachi Hi-Rel Power Electronics Pvt. Ltd., Nidec Motor Corporation, TMEIC, WEG., Yaskawa America, Inc., Danfoss, veikong, VFD Solutions Inc., Amtech, LARSEN & TOUBRO LIMITED, Franklin Control Systems., Arrow Speed Controls., Mitsubishi Electric Corporation, and others.
Market Analysis: Global Variable Frequency Drive Market
Global variable frequency drive market is set to witness a substantial CAGR of 5.64% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Rise of IoT in variable frequency drive and aging power infrastructure are the factor for the growth of this market.
Market Definition: Global Variable Frequency Drive Market
Variable frequency drive is a kind of a motor controller whose main function is to drive the electric motor by managing the voltage and frequency which is provided to the electric motor. Ac drives, Dc drives and servo drives are some of the common types of the variable frequency drive. They are mainly used so that the mechanical stress on the machines can be reduces which will eventually increases their shelf life. These VFD are widely used in applications such as fans, compressors, conveyers and others. The benefit of the VFD is that it improve the performance of the machine and is energy saving.
- Rising demand of VFD from various end user will drive market growth
- Increasing need for energy efficiency will also propel growth of the market
- Growing prevalence for process optimization will also accelerate the market growth
- Increasing urbanization and industrialization has led to increasing demand for infrastructure; which is also driving the market growth
- Technological advancement and development will also drive the market growth
- Increasing concern associated with cybersecurity will restrain market growth
- High investment cost will also hamper the growth of this market
- Lack of skilled and trained labour will also hindering the market growth
- Complexity associated with the technical irregularities and heating problem will also restrict the growth of this market
Segmentation: Global Variable Frequency Drive Market
- Ac Drives
- Dc Drives
- Servo Drives
- Low Voltage (Up to 690 V)
- Medium Voltage (> 690 V)
By Power Range
- Micro Power Drives
- Low Power Drives
- Medium Power Drives
- High Power Drives
By End- User
- Power Generation
- Oil &Gas
Key Developments in the Market:
- In July 2018, Unitronics announced the launch of their new range of Variable Frequency Drives so that they can meet the rising demand of the customer for the better motion and motor control solutions. The main aim of the launch is to help the customer so that they can get PLCs, HMI and VFD all by a single supplier
- In April 2016, Schneider Electric announced the launch of their new Altivar 320 Machine Drive which is specially designed so that it can provide simplicity, reliability and other features to the customers. This new device has the ability to provide better performance at less time with lower machine costs. This Altivar 320 meet the demand of machine from 0.25Hp to 20Hp
Global variable frequency drive market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of variable frequency drive market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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