In a new study, Future Market Insights (FMI), market research and consulting firm with ESOMAR certification, provides information about the major factors influencing demand for variable frequency drives. The report examines the effects that COVID-19 has had on the electronics industry in general and variable frequency drives in particular. It also tracks the global sales of variable-frequency drives in 20+ high-growth markets.
Capital Projects are Providing Stimulus to Variable Frequency Drive Manufacturers
Regular capital investments are essential for boosting economic growth because they promote urbanisation. The Global Infrastructure Outlook from Oxford Economics predicts that by 2040, infrastructure spending will likely total US$ 94 trillion, or US$ 3.7 trillion per person annually. Asia accounts for 54% of all investment needs out of the total global investment requirements. As a result, manufacturers are anticipated to make more inroads throughout the area.
Such expanding capital infrastructure projects have increased energy costs due to a sharp rise in power and electricity consumption. This has prompted the creation of machinery intended to reduce such high energy consumption, thus opening the door for increased VFD sales across the board. Applications are widespread in the HVAC industry.
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Additionally, variable frequency drives are being used in the mining, irrigation, and oil and gas industries. VFDs assist in regulating the speeds of motor-driven pumps and pumping systems, which are heavily used in production, distribution, and applications in the first case. Similarly, these support the latter’s high speed and control across excavators and conveyors.
“Industrie 4.0” to Usher in Significant Disruptions
Industry 4.0 is integrating variable frequency drives more and more, especially in critical environments and the industrial internet of things (IIot). Variable speed drives with embedded logic as well as onboard programmable logic controllers are becoming more and more common as factories embrace automation.
The IIoT gains from the use of VFDs include improved remote access. Workers receive alerts more quickly, enabling technicians to quickly fix anomalies. Technicians can remotely monitor project and equipment conditions. Real-time monitoring and predictive maintenance are also made possible.
Leading manufacturers are stepping up research and development to distribute smart VFDs in response to these developments. As an illustration, consider Applied Machine & Motion Control (AMMC), which sells the J1000 and V1000 collections of Yaskawa Microdrives, respectively. Such events are anticipated to accelerate the growth of the VFD market.
Variable Frequency Drives Demand: Manufacturing Revival
Countries are very optimistic about a potential revival of manufacturing industries as the world recovers from the COVID-19 pandemic crisis. Despite the perceived threat of a second infection wave, industrial growth prospects are likely to remain unaffected because industry 4.0 has become increasingly important since last year.
Opportunities are anticipated to be exceptionally strong throughout the Asian continent, with ASEAN, Japan, and India expected to recover significantly more quickly than other regions. The International Monetary Fund’s data shows that growth has increased since Q4 2020, opening the door for greater market penetration by VFD vendors.
Variable Frequency Drives Market in the United States
With more than 75% of the global market share in 2021, the United States is expected to remain very profitable.The market in the region benefits from the presence of important OEMs as a growth catalyst. Additionally, strong growth prospects for the production of electronics, such as wafers, chips, and power modules,
The market is also fueled by numerous applications throughout the oil and gas sector. ABB is a significant participant in this area. ABB medium voltage drives are built to last in the most extreme conditions for use in chemical, oil, and gas applications. The ACS 1000 (315 kW–5 MW), ACS 2000 (250–1,600 kW), and ACS 5000 (2–32 MW) are a few of the products in its portfolio.
According to Future Market Insights’ forecasts, the oil and gas sector will probably account for close to a quarter of the market’s overall revenue. As of 2019, it produced 34 trillion cubic feet of natural gas and extracted 4.46 billion barrels of crude oil, both records. The American market is expected to grow in volume at a rate of over 6%.
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Competitive Landscape
The global and regional players who offer products at competitive prices dominate the highly competitive market for variable frequency drives. While tier-1 players hold nearly half of the global market share, tier-2 players generate more than three-fifths of the revenue.
Strong partnerships across the value chain define the market’s robustness, along with a large supplier base and robust B2B networks. Variable frequency drive suppliers use acquisition and regional expansion strategies to build a solid foundation. It is difficult for new entrants in the market for variable frequency drives because of brand awareness and aggressive marketing.
Some of the leading companies operating in the market are:
- ABB Ltd
- Siemens AG
- Danfoss A/S
- Rockwell Automation
- Power Conversion by GE Energy
- 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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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