Variable frequency drives demand is set to grow at over 4% in 2021, with growing emphasis on heating, ventilation and air conditioning (HVAC) systems and automotive pumps which are expected to generate substantial growth opportunities. The projections are based on the latest edition by Future Market Insights (FMI), an ESOMAR-certified research and consulting firm.
This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. Variable frequency drives are finding increasing applications in the industrial, power, and infrastructure sectors such as cement, chemical, and petrochemical, mining, oil & gas, pulp & paper, water & wastewater. Their major application areas include conveyors, fans, utility pumps, process pumps, fans, blowers, air compressors, process compressors, coolers, cooling tower fans, grinders, crushers, and chippers.
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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, 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.
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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
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 makes it challenging for new entrants in the variable frequency drives market.
Variable frequency drives Market : Segmentation
- AC Drive
- DC Drive
- Low Voltage
- High Voltage
- Oil & Gas
- Food processing
- Mining & Metals
- Pulp & Paper
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
More Insights on FMI’s VFD Market
A recent market study published by FMI on the variable frequency drives market includes global industry analysis for 2016-2020 & opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. The market has been segmented on the basis of drive (AC drive & DC drive), voltage range (low and medium), application type (standard and regenerative), end-use application (pump, fan, compressor, conveyor, HVAC and others) and end-use industry (oil & gas, food processing, automotive, mining & minerals, pulp & paper and others) across five major regions.