Variable Frequency Drive (VFD) Industry Analysis, Size, Share, Growth, Trends by 2031
The variable frequency drives (VFD) market has grown significantly in recent years, owing to increased infrastructure development opportunities in emerging regions, which has increased demand for heating and ventilation systems. VFD development is currently shifting toward offering industry-specific solutions in order to reduce costs and operational downtime, prompting a slew of manufacturer innovations.
Variable frequency drives are becoming more common in Industry 4.0, particularly in critical environments and the industrial internet of things (IIot). Variable speed drives with embedded logic as onboard programmable logic controllers are becoming more common as factories embrace automation.
Improved remote access is one of the IIoT benefits of using VFDs. Technicians can remotely monitor project and equipment conditions, and workers receive alerts faster, allowing them to address issues as they arise. Predictive maintenance and real-time monitoring are also options.
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The global automotive industry has made prolific advances in the recent past. Emerging as a multibillion-dollar industry, the autonomous market is characterized by the emergence of a plethora of start-up investments. Consequently, the adoption of high-end HVAC systems and pumps has registered an impressive uptick. According to FMI’s projections, the aforementioned segments collectively accounted for nearly US$ 10 Bn as of 2019.
Prolific growth opportunities exist in the Chinese market, owing to an ever mushrooming automotive industry. Future Market Insights estimates the economic giant to produce 4.5 million variable frequency drives by 2021-end, as production cycles revert to normalcy in the aftermath of the coronavirus crisis. Hence, manufacturers are introducing a slew of technological innovations to tap this ever-expanding opportunity, thus generating powerful revenue ecosystems across the forecast period.
As a result of these advancements, leading manufacturers are increasing R&D to produce smart VFDs. For example, Applied Machine & Motion Control (AMMC) sells the Yaskawa Microdrive collections J1000 and V1000. Such developments are expected.
Key Takeaways of Variable Frequency Drives Market Study:
AC drives adoption surging in popularity by drive type; set to acquire 260 BPS by 2031-end U.S. and Germany to emerge as highly lucrative markets, owing to growing EV sales Growing concerns over excessive power consumption compelling automotive manufacturers to invest in low-voltage VFDs Regenerative applications to find growing applications, reaching nearly US$ 15 Bn by 2021-end Pumps and HVAC systems to collectively expand at a value CAGR worth 13% from 2021-2031
“Rapidly expanding infrastructure for capital projects are attracting frequent capital investments, attributed to the increasing scale of urbanization. Hence, automotive sales are rising, leading to widening revenue pools for VFD manufacturers,” says the FMI analyst.
Competitive Landscape
The variable frequency drives market is a highly competitive market, with a sizeable presence of both global as well as domestic players. However, key players account for nearly half of the market share. It is characterized by large supplier base and strong B2B networks.
The market has robust partnerships throughout the value chain. Suppliers of variable frequency drives adopt acquisition and regional expansion strategies to establish a foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the variable frequency drives market.
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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)