DUBLIN--(BUSINESS WIRE)--The "Global Variable Frequency Drive (VFD) Market by Type (AC, DC, Servo), End-users (Industrial, Infrastructure, Oil & Gas, Power Generation), Application (Pumps, Fans, Compressors, Conveyors), Power Range, Voltage, and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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.
- High Demand in Wide Range of Industries such as Cement, Chemical, and Petrochemical, Mining, Oil & Gas, Pulp & Paper, Water & Wastewater
- Growing Need for Increasing Energy Efficiency and Decreasing Energy Consumption
- Supportive Regulatory Environment for Efficient and Effective Energy Utilization
- Stagnant Growth of Oil & Gas Industry and Decline in Exploration & Production Activities
- Upgradation of Power Infrastructure Across the Globe
- Industrial Internet of Things (IoT) Enables Analysis & Improves Application Remotely
- Availability of Low-Quality and Cheap Products in Gray Market
- Negative Impact of COVID-19 Pandemic
- A.S. Automation & Controls
- Anaheim Automation
- Crompton Greaves Power and Industrial Solution
- Delta Electronics
- Fuji Electric
- General Electric
- Honeywell International
- Inovance Technology
- Maven Automation
- Nord Drive Systems
- Parker Hannifin
- Rockwell Automation
- Saksun Industries
- Schneider Electric
- Shenzhen Gozuk
For more information about this report visit https://www.researchandmarkets.com/r/gei96s.
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