The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period. 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. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.
The AC Drives segment, by type, is expected to be the largest market from 2020 to 2025 The AC Drives segment, by type, is estimated to be the largest and fastest growing segment during the forecast period. “AC” stands for alternating current. AC drives are also known as adjustable frequency drives, adjustable speed drives, and variable speed drives. They are electronic devices that convert a fixed frequency and voltage to an adjustable frequency and AC voltage source. AC drives are used to drive the AC motors, especially the three-phase induction motors, as these are predominant over other motors in a majority of the industries and are used in a wide range of application, which eventually is driving the market during the forecast period.
The medium voltage, by voltage, is expected to be the fastest market from 2020 to 2025 The medium voltage segment, by voltage, is the fastest growing segment during the forecast period.Medium voltage variable frequency drives account for a voltage range of more than 690 V.
These are majorly used to minimize the operating and maintenance costs associated with relatively large rotating equipment, which can range in size from 200 Hp to 100,000 Hp. Medium voltage variable frequency drives are used for retrofit installations, and they also adapt to the motor speed to the actual need, thus optimizing energy consumption and reducing CO2 emissions leading to an increase in the demand for medium voltage variable frequency drives.
Asia Pacific: The largest variable frequency drive market The Asia Pacific region is projected to be the largest variable frequency drives market by 2025.Countries such as China, India, Japan, and South Korea are among the major countries considered as the main manufacturing hubs for variable frequency drives.
It is expected that this region will undergo rapid economic development and industrialization, which will further lead to an increase in power consumption.It is also expected that this region will experience a rise in the construction activities because of the growing population, increased industrialization, and expansion of the distribution networks in the developing countries.
The renewable energy generation in countries such as China, South Korea, Japan, and India is taking place at a humongous rate. This needs to be incorporated in the existing national grid, leading to the introduction of additional electrical infrastructure, which will eventually drive the variable frequency drive market.
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 the future market prospects. The distribution of primary interviews is as follows: • By Company Type: Tier 1- 56%, Tier- 25%, and Tier- 19% • By Designation: C-Level- 35%, Director Level- 30%, and Others- 35%
By Region: Asia Pacific- 42%, Europe- 18%, North America- 22%, Middle East- 10%, South America- 5%, and Africa-3% Note: Others includes sales managers, marketing managers, product managers, and product engineers. The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: The global variable frequency drive market is dominated by a few major players that have a wide regional presence. The leading players in the variable frequency drive market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Danfoss (Denmark), Rockwell Automation (US).
Study Coverage: The report defines, describes, and forecasts the global variable frequency drive market, end user, application, power rating, type, voltage, 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 the analysis of the competitive landscape, market dynamics, market estimates, in terms of value and future trends in the variable frequency drive market.
Why Buy this Report? 1. The report identifies and addresses the key markets for variable frequency drive sales, which would help equipment manufacturers and service providers review the demand growth. 2. The report helps the variable frequency drive manufacturers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. 3. The report would help the key players understand the strategies of their competitors better and help them in making wiser strategic decisions.
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