The VFD market is projected to grow at a CAGR of 5.87%, from 2018 to 2023. The VFD market is projected to reach USD 27.57 billion by 2023, from an estimated USD 20.73 billion in 2018, at a CAGR of 5.87%, from 2018 to 2023. This growth can be attributed to the increasing industrialization and urbanization and rising need of energy efficiency. Stagnant growth in the oil & gas industry due to declining oil prices can hinder the growth of the market.
The AC drives segment is expected to dominate the VFD market from 2018 to 2023. The AC drives segment held the largest market share in 2017 and is estimated to be the fastest-growing segment during the forecast period.The AC drives segment provides more advantages as compared with DC and servo drives.
The primary advantages of AC drives include increased energy savings and reduced levels of noise and vibrations. AC drives are mainly used for variable torque application in industries such as oil & gas, water & wastewater, and mining.
Asia Pacific: The fastest growing market for VFDs.
Asia Pacific is expected to be the largest market for VFDs in 2023 and is projected to grow at the highest CAGR, during the forecast period.China accounted for the largest share of the VFD market in the Asia Pacific region in 2017.
Moreover, in January 2017, the government of China planned to invest about USD 361 billion in clean energy by 2020 as China aims to supply 20% of power from non-fossil sources by 2030, which shows a positive growth for the VFD market. All these factors are expected to drive the growth of the VFD market in Asia Pacific.
Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: • By Company Type: Tier 1- 55%, Tier 2- 9%, and Tier 3- 36% • By Designation: C-Level- 9%, Managers- 18%, and Others- 73% • By Region: Asia Pacific- 82%, North America- 9%, and RoW- 9%
Note: Others includes product engineers, product specialists, and engineering leads. Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: The leading players in the VFD market include ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), and Rockwell (US).
Research Coverage: The report defines, describes, and forecasts the global VFD market by type, voltage, application, power ratings, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the VFD market.
Why Buy this Report? 1. The report identifies and addresses key markets for VFDs, which would help manufacturers review the growth in demand. 2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. 3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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