The global variable frequency drive market is predicted to gain momentum in its growth in the forecast period 2021-2028. By Application, the HVAC sub-segment is predicted to dominate the market. The Asia-Pacific regional market is expected to be the most lucrative.
New York, USA, Nov. 08, 2021 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global variable frequency drive market is anticipated to witness a rise in revenue from $18,190.1 million in 2020 to over $26,897.3 million by 2028 rising at a stable CAGR of 5.2% from 2021-2028.
Growth: Variable frequency drives are primarily used to improve the energy efficiency of electronic devices such as fans, motors, and pumps. The drive works on regulating the supply of voltage to the motors. Its functions also include maintaining the motor’s fan speed which also helps in lowering the quantity of power used. There has been a growing need for optimizing energy systems which is delivered by VFDs. These factors are predicted to assist in the growth of the market.
Restraints: There are various sectors that use the variable frequency devices extensively such as water filtration in commercial buildings, controlling the torque in electronic devices and more. But, the installation process and devices themselves are extremely pricey which is anticipated to hamper the growth of the market in the analysis period.
Opportunities: Implementation of advanced technology such as Industrial Internet of Things (IIOT to improve the functioning of frequency drives has been boosting the growth of the market. Its widespread use during the peak stages of the COVID-19 pandemic helped technicians access the controls remotely. This was primarily beneficial when governments implemented social distancing guidelines all over the world. These factors have provide the market with an opportunity of growth in the forecast period.
Impact of COVID-19 on the Market
The pandemic had a considerable effect on multiple industries around the world due to which there were also multiple changes that were implemented to keep the functioning normal. The variable frequency drive market was also initially affected by the pandemic due to which it faced a drop in the industrial requirements. To tackle this situation, companies such as ABB which is a prominent engineering and automation organization initiated the ABB Ability Collaborative Operations. A form of digital solutions meant for the metal based industry they were able to use these solutions to enhance their operations and contribute to the recovery of the market.
The report categorizes the variable frequency drive market into various segments namely by type, power range, application, end user, and region.
AC Drive Sub-segment Anticipated to Garner Highest Revenue
By type, the AC drive sub-segment in the global variable frequency drive market is predicted to witness a rise in revenue from $9,079.8 million in 2020 to over $12,347.9 million by 2028. This equipment is primarily used in motors to control the electric motors speed which also helps in producing the right amount of energy required using turbines. It is extensively used in multiple industries such as robotics, oil and gas, agriculture and steel as well. These factors are set to further initiate the growth of the sub-segment.
Low Range Sub-segment Predicted to be Most Lucrative
By power range, the low range sub-segment of the global variable frequency drive market is set to garner a significant revenue of $8,437.4 million by 2028, rising from $5,451.9 million in 2020. These devices do not require regular maintenance and are also responsible for improving process control. The utilization of low range devices in sectors such as water and sewage, petrochemical as well as sugarcane processing is predicted to propel the growth of the sub-segment.
HVAC Sub-segment Anticipated to Portray Enhanced Growth
By application, the HVAC sub-segment of the global variable frequency drive market is expected to garner revenue of $7,911.8 million by 2028 rising from $5,205.1 million in 2020 at a CAGR of 5.5% in the analysis period. This growth is due to the increasing demand to implement energy efficient HVAC systems in residential and commercial buildings. The variable frequency drives help in reducing the amount of power consumed while supplying the same amount of ventilation and heating to the structure.
Infrastructure Sub-segment Expected to Dominate the Market
By end user, the infrastructure sub-segment is predicted to dominate the variable frequency market with an increase in revenue from $4,868.1 million in 2020 to over $7,519.2 million by 2028 at a CAGR of 5.8%. Industries have been experiencing an increase in demand for appliances such as lifts, conveyors, mixers and centrifuges which are predicted to be used in the development of dams and bridges. These factors are expected to ensure the rapid growth of the sub-segment.
The Asia-Pacific variable frequency drive market is anticipated to garner a significant revenue of $10,304.4 million by 2028 rising from $6,768.5 million in 2020 at a steady CAGR of 5.6%. The region has noticed the focus being set on improving industrial policies and investments. These developments are being made in several sectors such as construction, oil and gas, as well as manufacture of industrial infrastructure. This can especially be noticed in Asian nations as Japan, China, South Korea and India, These factors are anticipated to boost the growth of the global variable frequency market in the region.
Major Market Players
The report also provides a list of key market players of the global variable frequency drive market. They are as given below:
Johnson Controls International plc
Honeywell International Inc
These players are currently focusing on R&D activities, mergers & acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
In August 2020, a prominent manufacturer of variable frequency drives – Invertek Drives launched a new device termed as the Optidrive Coolvert variable frequency drive (VFD) which are primarily used in CO2 condensing systems. The equipment is built to be compact which is particularly beneficial for engune manufacturers that have a smaller space.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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