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.
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.
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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.
Variable frequency drives have been consistently improving system reliability and performance for the past 40 years. They will continue to impact industrial growth during the assessment period.
Manufacturers are likely to experience widening profit margins across the South Asia & Pacific region, with China emerging at the forefront in the wake of exploding construction and automotive sectors. Besides, Germany and the United States are also expected to yield immense opportunities. Based on these aforementioned trends, the VFD market is poised to grow at a value CAGR exceeding 5% through 2031.
Competitive Landscape
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.
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Major Key Player:
Some of the leading companies operating in the market are:
- ABB Ltd
- Siemens AG
- Danfoss A/S
- Rockwell Automation
- GE Energy Power Conversion
- Toshiba International Corporation
- Schneider Electric
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Emerson Industrial Automation
- Fuji Electric Co. Ltd
- Johnson Controls Inc.,
- Eaton PLC
- Hitachi Ltd
While variable frequency devices yield substantial returns on investments, payback period varies based on motor-type and applications. For instance, in heavy duty applications, regular VFD maintenance is imperative which requires separate troubleshooting programs, leading to significantly elevated costs. Hence, end-users tend to opt for inexpensive alternatives, restraining growth prospects.
Furthermore, although the International Energy Conservation Code of 2015 has affirmed and documented motor efficiency requirements, specific provisions concerning variable frequency drives have not been elaborated upon. This has left a grey area in terms of the most suitable VFD design.
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By Segment:
Drive Type
- AC Drive
- DC Drive
Voltage Range
- Low Voltage
- High Voltage
Application Type
- Standard
- Regenerative
End-use Application
- Pumps
- Fan
- Compressor
- Conveyor
- HVAC
- Others
End-use Industry
- Oil & Gas
- Food processing
- Automotive
- Mining & Metals
- Pulp & Paper
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)