In recent years, the variable frequency drives market (VFD market) has received significant stimulus, growing on the back of heightened opportunities regarding infrastructure development across emerging regions, spurring demand for heating and ventilation systems. VFD development is presently transitioning towards offering industry specific solutions with the objective of minimizing costs and reducing operational downtime, prompting a slew of innovations on part of manufacturers.
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In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for variable frequency drives. The report tracks the global sales of variable frequency drives in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the electronics industry in general, and variable frequency drives in particular.
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.
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.
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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 Bn by 2021-end
- Pumps and HVAC systems to collectively expand at a value CAGR worth 13% from 2021-2031
“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.
- AC Drive
- DC Drive
- Low Voltage
- High Voltage
- Oil & Gas
- Food processing
- Mining & Metals
- Pulp & Paper
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
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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.