Variable Frequency Drive Market worth $30.36 billion by 2029 | MarketsandMarkets™
DELRAY BEACH, Fla., Dec. 12, 2024 /PRNewswire/ -- The global Variable Frequency Drive Market is anticipated to grow from estimated USD 23.46 billion in 2024 to USD 30.36 billion by 2029, at a CAGR of 5.3% during the forecast period. The growth in the VFD market is primarily driven by energy efficiency demand across industries, where reduced energy consumption is achieved by motor speed control. Gains in industrial automation as well as digitalization further boost market growth as companies seek more efficient and automated systems. Expanding sectors like oil and gas as well as manufacturing require VFDs to optimize operations, and cost reductions in VFDs are making them more accessible and attractive for various applications.
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Industrial segment by End User
Variable frequency drives are more largest in the industrial because industrial equipment uses variable frequency drives to optimize a lot of performance and efficiency. They control motor speed and torque as a way of improving the operation of processes such as pumping, conveyor systems, and HVAC applications. VFDs have also translated into energy savings, mainly through a reduction in consumption, especially for industries with fluctuating loads. The others include oil & gas, manufacturing, and chemical processing, which depend on these drives for smooth and efficient operations, thereby driving the demand in VFDs for industrial applications.
Compressors segment by application
The compressor segment is growing the most because of growth in compressed air demand across industries such as construction, food & beverage, and pharmaceuticals. Improved technology of portable energy-efficient compressors lifts growth further as companies are adapting to optimize operations. Growth in the construction industry, particularly in new markets, and air system reliability propel the adoption of compression technology rapidly.
Regional Analysis
Huge investments in infrastructure can be seen in APAC in the construction, water treatment, and transportation sectors, where VFDs are used to regulate motor speed and ensure system stability. The governments of countries such as China, Japan, and India are also working on plans to encourage energy-efficient technologies, thereby increasing the adoption rate of VFDs in various industries. The tendency toward sustainable practices and smart manufacturing solutions also boosts this momentum. Rising marine and shipping industries in this region have also driven the increase due to an enhanced need to reduce fuel consumption and emit less. The overall effect of all this is that APAC is a leading market and is also fast-growing for VFD.
Key Players
The report profiles key players such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell Automation (US).
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ABB is one of the leading companies offering power and automation solutions. The company gives a wide range of products, systems, solutions, and services to various industries like aluminum, automotive, cement, chemicals, data center, food & beverages, process automation, life sciences, marine, metals, mining, oil & gas, ports, power generation, pulp & paper, railway, smart cities, solar power, water treatment, and wind power. ABB carries out its operations in four business areas: Electrification, Motion, Industrial Automation, and Robotics & Discrete Automation. The company provides variable frequency drive products and services through its Motion business area. The Motion segment provides a wide range of electrical motors, generators, drives, services, and integrated digital powertrain solutions. The segment offers products, services and solutions through seven operating divisions: Drive Products, System Drives, Traction, IEC LV Motors, Large Motors and Generators, NEMA Motors and Service. The Service segment offers base services and spare parts, upgrades & replacements and smart solutions. The Drive Products and System Drives divisions offer low and medium AC drives and modules. ABB has a strong presence across North America, Europe, Asia Pacific, the Middle East, and Africa. The company has major operational hubs in US, Germany, China, and India and addresses a global client base through its well-established network of manufacturing facilities, R&D centers, and sales offices.
Siemens has a complete portfolio of products and solutions covering circuit protection, energy automation, and a variety of electrical systems, which become efficient in power distribution for industries, commercial sectors, or households. The electrical distribution portfolio by the company is designed with energy consumption optimization and compatibility with digital ecosystems that resonate well with the latest smart grid initiatives. The company is categorized into six business segments: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Digital Industries, and Portfolio Companies. Digital Industries offers variable frequency drive solutions to its customers.
Geographically, Siemens has its operations in over 190 countries. There is a vast production, research, and service network in Europe, the Americas, Asia Pacific, and the Middle East, underpinning its strength in the market. That's how Siemens can reach its various regional customers in different parts of the world to address the specific needs of each region while providing localized expertise in delivering targeted solutions in solving specific regional challenges in the power distribution segment.
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