The demand for heating and ventilation systems has increased opportunities for infrastructure development in emerging regions, which has led to significant growth in the variable frequency drives (VFD) market in recent years. With the aim of lowering costs and decreasing operational downtime, VFD development is currently shifting towards providing industry-specific solutions, spurring a slew of manufacturer innovations.
In Industry 4.0 (IIot), variable frequency drives particularly in critical environments and the industrial internet of things are becoming more prevalent. Variable speed drives with embedded logic as onboard programmable logic controllers are becoming more widespread as factories embrace automation.
One of the IIoT advantages of using VFDs is improved remote access. Technicians can remotely monitor project and equipment conditions, and workers receive alerts faster, allowing them to correct anomalies on time. It is also possible to perform predictive maintenance and real-time monitoring.
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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, the 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 Billion as of 2019.
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 to 2031, 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.
As a result of these advancements, leading manufacturers are increasing R&D to produce smart VFDs. For example, Applied Machine & Motion Control (AMMC) sells the Yaskawa Microdrive collections J1000 and V1000. Such developments are expected.
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Key Takeaways of Variable Frequency Drives Market Study:
AC drives adoption surging in popularity by drive type; set to acquire 260 BPS by 2031-end U.S. and Germany to emerge as highly lucrative markets, owing to growing EV sales Growing concerns over excessive power consumption compelling automotive manufacturers to invest in low-voltage VFDs Regenerative applications to find growing applications, reaching nearly US$ 15 Billion by 2021-end Pumps and HVAC systems to collectively expand at a value CAGR worth 13% from 2021 to 2031
“Rapidly expanding infrastructure for capital projects are attracting frequent capital investments, attributed to the increasing scale of urbanization. Hence, automotive sales are rising, leading to widening revenue pools for VFD manufacturers,” says the FMI analyst.
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 make it challenging for new entrants in the variable frequency drives market.
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Variable frequency drives Market : Segmentation:
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)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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