Global Variable Frequency Drive (VFD) Market By Product Type (AC Drives, DC Drives and Servo Drives) By Power Range (Low, Medium, Micro and High) By Application (Pumps, Electric Fans, HVAC, Conveyers and Extruders & Others) By End User (Oil & Gas, Industrial, Food & Beverages, Power Generation, Infrastructure, Automotive and Others) By Region, Industry Analysis and Forecast, 2019 - 2025
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Market Report Description
The Global Variable Frequency Drive (VFD) Market size is expected to reach $31.3 billion by 2025, rising at a market growth of 6% CAGR during the forecast period. A Variable Frequency Drive (VFD) is a kind of motor controller that drives an electric motor through changing the supplied frequency and voltage to the motor. Variable speed drive, adjustable frequency drive, adjustable speed drive, AC drive, microdrive, and inverter are the other names for a VFD. Frequency (or hertz) is directly associated with the speed of the motor (RPMs).
Global Variable Frequency Drive (VFD) Market Size
The introduction of advanced microprocessors has allowed the VFD to function as an extremely versatile system that not only controls the motor's speed, but also protects against overcurrent during ramp-up and ramp-down circumstances. In addition, new VFDs include braking methods, power boost during ramp-up, and a range of controls during ramp-down. The biggest advantage the VFD offers is that it can ensure that when it starts, the engine does not pull unnecessary current, so that the overall demand factor for the entire plant can be managed to keep the utility bill as low as possible.
Variable Frequency Drive (VFD) Market Share
Currently, the VFD is by far the most prevalent kind of output or load for a control system. When applications become more sophisticated, the VFD can control the motor speed, the way the motor shaft turns the torque the motor gives to a load and any other motor parameters that can be sensed. Latest VFDs have a number of parameters which can be controlled or downloaded from the other microprocessor-controlled systems such as a programmable controller (PLC). These VFDs often come in smaller sizes that are cost-effective and take up less space.
Based on Product Type, the market is segmented into AC Drives, DC Drives and Servo Drives. Based on Power Range, the market is segmented into Low, Medium, Micro and High. Based on Application, the market is segmented into Pumps, Electric Fans, HVAC, Conveyers and Extruders & Others. Based on End User, the market is segmented into Oil & Gas, Industrial, Food & Beverages, Power Generation, Infrastructure, Automotive and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
Free Valuable Insights: Global Variable Frequency Drive (VFD) Market to reach a market size of $31.3 billion by 2025
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Hitachi, Ltd., Eaton Corporation PLC, Rockwell Automation, Inc., Nidec Corporation, Siemens AG, Schneider Electric SE, Mitsubishi Heavy Industries Ltd., Fuji Electric Co., Ltd., and The Danfoss Group.
Recent Strategies Deployed in Variable Frequency Drive (VFD) Market
» Partnerships, Collaborations, and Agreements:
- Feb-2020: Eaton teamed up with Enico Oy, a developer of comprehensive integrated energy storing solutions. The collaboration was aimed at developing an innovative easy-to-deploy battery system for minimization of houses’ footprint.
- Oct-2019: Schneider Electric partnered with Quantum Controls, a company engaged in developing and manufacturing high-quality Printed Circuit Board Assemblies (PCBA's). The partnership integrates Schneider Electric’s Altivar range of Variable Speed Drives (VSD) with Quantum Control’s onsite service offering and control panel building business. Together, the companies aimed at providing support, maintenance, repairs, updates, 24/7 onsite support, and first-fix guarantee to the customers.
- Feb-2018: Schneider Electric came into partnership with Sydney-based High Technology Control (HTC), a leading variable speed drive distributor. The partnership enabled the company in expanding its footprints to other countries and targeting a wide range of audiences.
» Acquisition and Mergers:
- Jan-2020: Siemens signed an agreement to acquire C&S Electric Limited, a provider of electrical and electronic equipment. The acquisition would strengthen Siemens’ position as a supplier of low-voltage power distribution and electrical installation technology.
- Jul-2019: Eaton acquired Innovative Switchgear Solutions (ISG), a specialty manufacturer of medium-voltage (MV) electrical equipment. The acquisition enabled the company to expand its product portfolio in electrical equipment. The company also signed an agreement to acquire Souriau-Sunbank Connection Technologies, a TransDigm Group business in Versailles, France.
- Dec-2018: Hitachi took over ABB’s power grids business. Through the acquisition, the former company cemented its position in the energy solutions sector.
- Jul-2018: ABB acquired GE Industrial Solutions (GEIS), GE’s electrification solutions business. The acquisition reinforced ABB's electrification business and accelerated the growth and competitiveness of the company.
- Jul-2017: ABB completed the acquisition of B&R, the largest independent provider focused on product and software-based, open-architecture solutions. Through this acquisition, the machine and factory automation business of ABB could be expanded significantly.
- Feb-2017: Nidec Corporation completed the acquisition of Leroy-Somer and Control Techniques, Emerson Electric’s motors, drives, and electric power generation businesses. The acquisition expanded Nidec’s motor offering and product lineup including variable speed drives.
» Geographical Expansions:
- Nov-2019: Schneider Electric expanded its foothold to India by opening a new factory in Bengaluru, Karnataka. The factory would manufacture industrial uninterruptible power supply (UPS) systems and variable speed drives, which regulates the rotation speed of an electric motor.
- Nov-2019: Nidec invested in its Monterrey, Mexico manufacturing facility. The company invested $2.3 million for expanding the facility by 60,000 square feet. The expansion resulted in increased production capacity and improved operations. The facility operates as a part of NMC’s Commercial Industrial Motors & Drives (CIMD) business.
- Mar-2018: Schneider Electric opened a new business in East Asia & Japan headquarters in Singapore. This business was aimed at developing tailored solutions for optimizing energy efficiencies for building, healthcare, data center, oil & gas, and utility segments.
» Product Launches and Product Expansions:
- Nov-2019: ABB upgraded its ABB Ability Digital Powertrain concept by launching a new Condition-Based Maintenance service option for drives. The option monitors the key components in variable speed drives continuously. This new option delivers the earliest warning of any abnormal conditions, which might cause a drive to fail prematurely.
- Nov-2019: Rockwell Automation launched Allen-Bradley Kinetix 5100 servo, a new Kinetix 5100 servo drive, Kinetix TLP motor, and cable. This drive has multiple control modes that are available for supporting a wider range of high-speed, low-power motion control applications.
- Aug-2019: Rockwell Automation introduced the Allen-Bradley PowerFlex 6000 Medium Voltage Variable Frequency Drive (VFD. This drive works well in any retrofit opportunity and can be applied in fan and pump applications in industries such as oil and gas, mining and water/wastewater.
- Jul-2019: ABB launched five new multi-functional power quality and energy storage solutions. These solutions have been designed for reducing the range of power quality problems for electrical networks. The solutions are as follows: PQflexC – variable reactive power controller; PQdynaC - ultra-fast reactive power and unbalance controller; PQactiF - active harmonic filter; PQStorI - battery storage inverter with power quality functions; and PQoptiM - controls and monitors power quality parameters.
- May-2019: Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), a JV company launched the Drive-Guardian, an outdoor enclosure for its popular TMdrive-MVe2 medium voltage (MV) variable frequency drive (VFD). This enclosure eradicates the need to house the drive in a temperature-controlled industrial control building or E-house.
- Apr-2019: Johnson Controls-Hitachi Air Conditioning launched a full range of innovative Hitachi scroll compressor products. These Hitachi scroll compressor products and technologies provide high efficiency, energy-saving performance, and exceptional reliability.
- Mar-2019: ABB introduced the DCS880 variable speed drive (VSD). This drive enables the users to have an option for continuing using DC technologies while aligning with modern AC advancements.
- Nov-2018: Rockwell Automation extended the power ranges and capabilities of TotalFORCE technology by launching Allen-Bradley PowerFlex 755T AC drives. The drives provide expanded power range and help engineers with applications from 10 to 6,000 horsepower, improve productivity and reduce their lifecycle costs.
- Nov-2018: Siemens introduced Sinamics Perfect Harmony GH180 Outdoor Duty Drive. This drive aims at improving efficiency and promoting longevity in challenging environments.
- Sep-2018: ABB unveiled ACQ580 variable frequency drive (VFD) for the water and wastewater industries. This drive improves system performance, facilitates commissioning and operation, and optimizes wire-to-water/-air efficiency.
- Sep-2018: Danfoss India unveiled an Enclosed Low Harmonic drive with passive filters. The drive helps in reducing the energy consumption of external components and reducing the loss of energy in the process.
Scope of the Variable Frequency Drive (VFD) Market Analysis
By Product Type
- AC Drives
- DC Drives
- Servo Drives
By Power Range
- Electric Fans
- Extruders & Others
By End User
- Oil & Gas
- Food & Beverages
- Power Generation
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- ABB Group
- Hitachi, Ltd.
- Eaton Corporation PLC
- Rockwell Automation, Inc.
- Nidec Corporation
- Siemens AG
- Schneider Electric SE
- Mitsubishi Heavy Industries Ltd.
- Fuji Electric Co., Ltd.
- The Danfoss Group
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Variable Frequency Drive (VFD) Market Related Reports:
What would be the size of variable frequency drive market in 2025?
According to a new report published by KBV Research, The global variable frequency drive market size is expected to reach $31.3 billion by 2025.
What factors are anticipated to drive variable frequency drive market trends?
The major factors that are anticipated to drive the variable frequency drive industry include Increased use of VFDs across major vertical industries.
Who are the leading players in variable frequency drive market?
Some of the key industry players are ABB Group, Hitachi, Ltd., Eaton Corporation PLC, Rockwell Automation, Inc., Nidec Corporation, Siemens AG, Schneider Electric SE, Mitsubishi Heavy Industries Ltd., Fuji Electric Co., Ltd., and The Danfoss Group.