Product Code: GVR-2-68038-187-0
Variable Frequency Drive Market Growth & Trends:
The global variable frequency drive market size is expected to reach USD 39.66 billion by 2030 registering a CAGR of 5.6%, according to a new study by Grand View Research, Inc. 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. 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.
The global COVID-19 pandemic has had a big impact on the growth of the VFD market. In the industrial sector, variable frequency drives are frequently employed. The government's stringent lockdown and the closure of factories, however, reduced demand for variable frequency drives. In the 2nd quarter of 2022, the market for VFDs is anticipated to expand as previously halted production activities resume, thus reviving the market growth.
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.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Methodology Segmentation & Scope
- 1.2. Information Procurement
- 1.2.1. Purchased database
- 1.2.2. GVR's internal database
- 1.2.3. Secondary sources & third-party perspectives
- 1.2.4. Primary research
- 1.3. Information Analysis
- 1.3.1. Data analysis models
- 1.4. Market Formulation & Data Visualization
- 1.5. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Variable Frequency Drive Market - Industry Snapshot, 2018 - 2030
Chapter 3. Variable Frequency Drive Market Variables, Trends & Scope
- 3.1. Market Size and Growth Prospects, 2018-2030
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint/Challenge Analysis
- 3.3.3. Market Opportunity Analysis
- 3.4. Penetration & Growth Prospect Mapping (Key Opportunities Prioritized)
- 3.5. Business Environment Analysis Tools
- 3.5.1. Industry Analysis - Porter's Five Forces Analysis
- 3.5.2. PEST Analysis
- 3.5.3. COVID-19 Impact Analysis
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
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.2.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 4.3. DC Drives
- 4.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 4.3.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 4.4. Servo Drives
- 4.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 4.4.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
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)
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.2.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 5.3. Low (6-40 kW)
- 5.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 5.3.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 5.4. Medium (41-200 kW)
- 5.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 5.4.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 5.5. High (>200 kW)
- 5.5.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 5.5.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
Chapter 6. Variable Frequency Drive Market Application Outlook
- 6.1. Variable Frequency Drive Market Share by Application, 2022 & 2030 (USD Million)
- 6.2. Pumps
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.2.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 6.3. Electric Fans
- 6.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.3.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 6.4. Conveyors
- 6.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.4.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 6.5. HVAC
- 6.5.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.5.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 6.6. Extruders
- 6.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.6.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 6.7. Others
- 6.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 6.7.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
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
- 7.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 7.3. Power Generation
- 7.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 7.3.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 7.4. Industrial
- 7.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 7.4.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 7.5. Infrastructure
- 7.5.1. Market Size Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 7.6. Automotive
- 7.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 7.6.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 7.7. Food & Beverages
- 7.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 7.7.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
- 7.8. Others
- 7.8.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 7.8.2. Market estimates and forecast by region, 2018 - 2030 (USD Million)
Chapter 8. Variable Frequency Drive Market: Regional Outlook
- 8.1. Variable Frequency Drive Market Share by Region, 2022 & 2030 (USD Million)
- 8.2. North America
- 8.2.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.2.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.2.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.2.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.2.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.2.6. U.S.
- 8.2.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.2.6.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.2.6.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.2.6.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.2.6.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.2.7. Canada
- 8.2.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.2.7.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.2.7.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.2.7.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.2.7.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.3.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.3.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.3.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.3.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.3.6. U.K.
- 8.3.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.3.6.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.3.6.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.3.6.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.3.6.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.3.7. Germany
- 8.3.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.3.7.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.3.7.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.3.7.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.3.7.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.3.8. Rest of Europe
- 8.3.8.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.3.8.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.3.8.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.3.8.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.3.8.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.4.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.4.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.4.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.4.6. China
- 8.4.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4.6.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.4.6.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.4.6.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.4.6.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.4.7. India
- 8.4.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4.7.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.4.7.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.4.7.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.4.7.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.4.8. Japan
- 8.4.8.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4.8.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.4.8.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.4.8.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.4.8.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.4.9. South Korea
- 8.4.9.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4.9.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.4.9.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.4.9.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.4.9.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.4.10. Rest of Asia Pacific
- 8.4.10.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.4.10.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.4.10.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.4.10.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.4.10.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.5.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.5.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.5.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.5.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.5.6. Brazil
- 8.5.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.5.6.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.5.6.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.5.6.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.5.6.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.5.7. Mexico
- 8.5.7.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.5.7.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.5.7.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.5.7.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.5.7.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.5.8. Rest of Latin America
- 8.5.8.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.5.8.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.5.8.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.5.8.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.5.8.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
- 8.6. Middle East & Africa
- 8.6.1. Market estimates and forecast, 2018 - 2030 (USD Million)
- 8.6.2. Market estimates and forecast by product type, 2018 - 2030 (USD Million)
- 8.6.3. Market estimates and forecast by power range, 2018 - 2030 (USD Million)
- 8.6.4. Market estimates and forecast by application, 2018 - 2030 (USD Million)
- 8.6.5. Market estimates and forecast by end-use, 2018 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. ABB
- 9.1.1. Company overview
- 9.1.2. Financial performance
- 9.1.3. Product benchmarking
- 9.1.4. Recent developments
- 9.2. Eaton
- 9.2.1. Company overview
- 9.2.2. Financial performance
- 9.2.3. Product benchmarking
- 9.2.4. Recent developments
- 9.3. General Electric
- 9.3.1. Company overview
- 9.3.2. Financial performance
- 9.3.3. Product benchmarking
- 9.3.4. Recent developments
- 9.4. Hitachi Ltd.
- 9.4.1. Company overview
- 9.4.2. Financial performance
- 9.4.3. Product benchmarking
- 9.4.4. Recent developments
- 9.5. Rockwell Automation Inc.
- 9.5.1. Company overview
- 9.5.2. Financial performance
- 9.5.3. Product benchmarking
- 9.5.4. Recent developments
- 9.6. Schneider Electric
- 9.6.1. Company overview
- 9.6.2. Financial performance
- 9.6.3. Product benchmarking
- 9.6.4. Recent developments
- 9.7. Siemens AG
- 9.7.1. Company overview
- 9.7.2. Financial performance
- 9.7.3. Product benchmarking
- 9.7.4. Recent developmentsDaiichi J
- 9.8. The Danfoss Group
- 9.8.1. Company overview
- 9.8.2. Financial performance
- 9.8.3. Product benchmarking
- 9.8.4. Recent developments
- 9.9. WEG S.A.
- 9.9.1. Company overview
- 9.9.2. Financial performance
- 9.9.3. Product benchmarking
- 9.9.4. Recent developments
- 9.10. Yaskawa Electric Corporation
- 9.10.1. Company overview
- 9.10.2. Financial performance
- 9.10.3. Product benchmarking
- 9.10.4. Recent developments