Global Variable Frequency Drives (VFD) Market - Growth, Trends, and Forecast (Outlook to 2028)

Global Variable Frequency Drives (VFD) Market - Growth, Trends, and Forecast (Outlook to 2028)

Market Research Reports | Q1 2024 | Report ID: BR0350

About the Report

Market overview

 

Increasing adoption of automation to reduce downtime, increased demand for automated and motor-driven equipment, government regulations for energy optimization, and low carbon dioxide emissions drive the market's growth.

 

A variable frequency drive is a device that regulates the speed of an electrical motor to enhance process control, minimize energy use and mechanical stress in motor control applications, and maximize the performance of the numerous applications that rely on electric motors.

 

A variable frequency drive (VFD) employs an AC motor to regulate pumps and fans in a system without valves and dampers. Variable frequency drives may provide the same energy without the high pressure and power necessary to change the flow, resulting in considerable energy savings.

 

The necessity for energy conservation to preserve the environment is a driving force behind the development of speed control devices. Variable frequency drives give the best means of adjusting the speed of electrical motors to match load demand. Even minor adjustments in motor speed can have a significant impact on energy usage.

 

Advantages of variable frequency drive:

 

  • Save energy and improve system efficiency
  • Match the drive speed to the process needs
  • Match a drive's torque or power to the process needs
  • Lower noise levels
  • Reduced mechanical stress to extend their lifetime

 

Variable frequency drives are utilized in various applications such as compressors, conveyors, extruders, fans, pumps, etc. They are widely utilized in a wide range of industries, including chemicals and petrochemicals, metals and mining, oil and gas, power generation, water and wastewater, and so on.

 

The textile and paper industry consists of various processes, and the requirements for drives vary according to the application. The textile and paper industry, for example, have winder control in the spinning process. The winder in textiles uses a roll to wind the stretched yarn, and it is required to manage the tension and pace of the yarn bundle while it travels at high speed.

 

Paper equipment also includes a winder and unwinder operation, with the number of rotations regulated by the tension of the paper. The variable frequency drive can easily change the motor speed and torque by changing the frequency, enabling highly accurate winder control.

 

Market developments and trends

 

  • Variable frequency drives in Asia, Australia, and Europe are in demand due to the growing construction and mining markets. Residential construction activity is expanding in emerging nations like China and India, resulting in a significant demand for variable frequency drives.
  • Germany and Russia have increasing opportunities for variable frequency drives in the cement industry. Variable frequency drives for the pulp and paper sector are anticipated to be popular in Germany.
  • In Asia, investments in the energy-intensive sectors and manufacturing, while simultaneously focusing on energy conservation and renewable energy sources to curtail costs, are likely to drive the market's long-term growth.
  • The oil and gas industry uses pipelines to transport petroleum products from refineries to demand areas and crude oil from sources to inland refineries. Due to the increase in activities in oil and gas industries globally, the demand for variable frequency drives is increasing because of its ability to control flow efficiently and optimize energy use. The United Kingdom, Germany, Italy, and Norway are the key European countries investing in the production and development of oil and gas to lessen their reliance on other nations, which benefits the variable frequency drive industry.
  • ABB, a Swiss engineering firm, has teamed with the world's largest wastewater treatment plant, the Bahr El Bakar facility in Egypt's Sinai Peninsula, to assist the country tackle water scarcity challenges in 2021. ABB will provide a variety of high-end solutions as part of an integrated offer to the project, including technology from its Electrification, Motion, and Process Automation business areas.
  • Mitsubishi Electric Automation Inc. introduced the FR-E800 Series variable frequency drive portfolio in 2020. The FR-E800 Series is intended for engineering, technology, and product management in sectors such as material handling, packaging, food and beverage, and pumping. The micro-drive has an integrated PLC and will contain safety functionality and compatibility for multiple networks such as Ethernet/IP, MODBUS/TCP, and CC-Link IE TSN.
  • Emerson introduced the Copeland variable frequency drive product line, which is available in two series, in 2021. The Copeland EVM variable frequency drive series is intended for chillers, medical refrigeration, displays, and other applications that need limited control capabilities.
  • Eaton has introduced the PowerXL DM1 micro variable frequency drive in 2021, aimed at commercial, industrial, and OEM clients. The new variable frequency drive provides the highest value in its class through inbuilt Ethernet-based connectivity, IoT, Bluetooth, safe torque off, and other features.

 

Opportunities

 

  • Compressors have been attracting attention in recent years because of their large power consumption at plants and offices. By controlling the number of motor revolutions according to the amount of air used with variable frequency drives, these compressors are highly effective in saving energy. Since the demand for compressors is likely to increase, opportunity for the manufacturers lies in installing a compressor with a variable frequency drive or retrofitting the existing compressors with variable frequency drives.
  • Rapidly growing food and beverage industry have high growth potential. variable frequency drives are widely used in this sector because they enable the end-to-end operation of food and beverage applications, from raw material handling through processing and conveying to packing and storage, all while assuring the highest quality.

 

Blackridge Research's variable frequency drives market report provides insights into the current global and regional market demand environment and prognosis.

 

The study offers a thorough examination of the many factors that impact the variable frequency drives market growth. The study also comprehensively analyses the variable frequency drives market by segmenting it based on geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).

 

The report also discusses current, and future market possibilities, market trends, advancements, and the effect of Covid-19 on the variable frequency drives market, essential developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, the variable frequency drives market size and demand forecast, growth rates will also be provided in the report.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Regional Market Analysis

  • 5.1 Asia Pacific
  • 5.2 North America
  • 5.3 Africa
  • 5.4 Europe
  • 5.5 Rest of the World

6. Key Company Profiles

  • 6.1 ABB Ltd.
  • 6.2 Danfoss Group
  • 6.3 Emerson Electric Co.
  • 6.4 Hitachi Ltd.
  • 6.5 Mitsubishi Electric Co.
  • 6.6 Rockwell Automation Inc.
  • 6.7 Schneider Electric SE
  • 6.8 Siemens AG
  • 6.9 Yaskawa Electric Corporation
  • 6.10 WEG SA

7. Competitive Landscape

  • 7.1 List of Notable Players in the Market
  • 7.2 M&A, JV, and Agreements
  • 7.3 Market Share Analysis
  • 7.4 Strategies of Key Players

8. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

  This report helps to:-

  • Gain a deeper understanding of the impact of COVID 19 on the variable frequency drives market.
  • Equip yourself with rigorous analysis and forward-looking insight into the variable frequency drives market across various regions.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JVs, and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • Manufacturers and Distributors
  • Investor Community
  • Government Bodies & Industry Organizations
  • Others

  What's included

Report - Global Variable Frequency Drives Market Outlook to 2030.pdf
Market Data - Global Variable Frequency Drives Market Outlook to 2028.xls

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